Question 4091:

• WAEC 2019

(a) State Professor Robbins’ definition of Economics.
(b) Explain the following concepts:
(i) opportunity cost;
(ii) scale of preference;
(iii) production possibility curve.
(c) Outline three reasons for the study of Economics as a Subject.

Question 4092:

• WAEC 2019

(a) Define labour force.
(b) Explain the following concepts with an example each:
(i) occupational mobility of labour;
(ii) geographical mobility of labour.
(c) Outline four factors that can influence the size of the labour force in a country

Question 4093:

• WAEC 2019

(a) What is money?
(b) Outline any three characteristics of money.
(c) Explain an effect of inflation on each of the functions of money.

Question 4094:

• WAEC 2019

(a) What is unemployment of labour?.
(b) With an example each, explain the following types of unemployment:
(i) frictional unemployment;
(ii) structural unemployment;
(iii) seasonal unemployment.
(c) Outline any four causes of unemployment in a country.

Question 4095:

• WAEC 2019

(a) Explain any four causes of demand-pull inflation.
(b) Outline any four undesirable effects of inflation.