(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.
(a) Explain any four causes of demand-pull inflation.
(b) Outline any four undesirable effects of inflation.
(a) What is economic integration?
(b) Distinguish between a free trade area and a customs union.
(c) Describe two advantages and two disadvantages of free trade area
The diagram below represents the equilibrium position of a firm in a perfectly competitive industry. Study it and answer the questions that follow.
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WAEC 2019
The extract from a country’s balance of payments account is shown below.
| Item | Import ($ million) | Export ($ million) |
| Agricultural products | ------ | 200 |
| Mineral products | ----- | 300 |
| Consumer goods | 250 | ---- |
| Capital goods | 400 | ---- |
| Insurance | 50 | 25 |
| Banking | 75 | 30 |
| Transportation | 85 | 25 |
| Loans | 150 | 60 |
Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.
