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2007 WAEC Economics Theory Explain: (a) (i) supply of money (ii) Value of money   (b) highlight the three...

Economics
WAEC 2007

Explain:
(a) (i) supply of money (ii) Value of money  
(b) highlight the three motives for holding money. 

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Explanation

(a) Food crops are produced basically to provide food for the population while cash crops are produced basically for exports to earn income or foreign exchange for the economy and for industrial uses.

(b) The problem of economic integration include: 
(i) Agriculture provides employment for a large proportion of the labour force of the economy. 
(ii) It provides food for the teeming population
(iii) It serves as a source of foreign exchange earner. (iv) It supplies raw materials which aid industrial output.
(v) Agriculture conserves foreign exchange by producing imported substitutes. 
(vi) Agriculture provides market for industrial products.
(vii) It is a source of government revenue I.e export tax on agricultural product. 
(viii) Agriculture contributes to capital accumulation i e, investments by farmers on their farms, savings by farmer In banks, etc contribute to capital accumulation in the country


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WAEC offline past questions - with all answers and explanations in one app - Download for free
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709