Find below a summary of the reasons why there are many petty traders in West African economies. You can use these points to answer any question on why many small-scale firms or businesses still exist in West Africa. YOU MIGHT ALSO LIKE: 24 Causes of Inflation with Examples
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Foremost among the policy measures the government can implement to reduce inflation in a country are a reduction in government spending, increased income tax rates, targeted subsidies, increase in interest rates, central bank open market operations and an increase in reserve requirements for banks. In this post, we shall discuss the various fiscal and monetary
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The commonest effects of inflation on any economy are a reduction in real wages, increased cost of living, reduced savings and investment, overall slowdown in economic growth, social unrest and political instability. But the above are not the only effects of inflation on the economy. Also, while there are many negative effects of inflation, a
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Today, we will identify and explain the various types of inflation such as demand-pull inflation, cost-push inflation, creeping inflation and galloping inflation. In all, you will get a full explanation of 8 key types of inflation with very simple, practical examples to match. Are you ready to have a clear understanding of the major types
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The major causes of inflation are uncontrolled public expenditure leading to excess money supply, depreciation of the local currency, increase in indirect taxes, imported inflation, natural disasters, unreliable energy supply, external global events and low agricultural production due to factors such as bad weather and lack of farming inputs. But the above are far from
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Among the July 2002 WAEC Economics questions are well-known high school Economics concepts like opportunity cost, types of demand, the elasticity of supply and economies of scale. There are other topics from the secondary school Economics syllabus such as agriculture, industrialization, demand for money and depreciation. But there is more than that. With this post,
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The November-December 2001 WAEC Economics questions feature key high school Economics topics like scarcity, the price mechanism, production and economic cooperation. Are you searching for past questions and answers from the November 2001 WAEC WASSCE Economics objective test paper? Then you are in the right place. In this post, you will have all the Nov-Dec
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In the WASSCE 2000 Economics past questions are such important topics as international trade, monetary policy and inflation. Remember that this year’s WAEC Economics questions will follow a similar pattern just as it was in previous years. In other words, the 2023 WASSCE Economics questions as well as the 2024 WAEC Economics questions will definitely
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The WASSCE 2002 Economics past questions include objective test questions on such key senior high school Economics topics as consumer behaviour, taxation, money and inflation. You will also find questions on population, economic systems and mobility of labour. But that is definitely not all. In this post, I will give you both the questions and
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The topics to look out for in the Senior High School WAEC 1999 Economics questions are the importance of statistical data and graphs in Economics, factors of production, the theory of cost, consumer behaviour, industrialization and location of industry. Other topics in the WAEC/SHS Economics syllabus that keep showing up in most WAEC/WASSCE Economics past
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The WAEC 1998 Economics questions, just like many others, include objective questions on the law of diminishing returns, national income and the types of demand. Additionally, look out for regular high school Economics questions on inflation, fiscal policy and monetary policy. Another topic that takes centre stage in the below WAEC 1998 Economics questions and
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In this post on the WAEC 1997 Economics questions and answers, you will find high school level Economics questions on the elasticity of demand, price controls, the definition of Economics, demand for money and economies of scale. One topic that keeps coming up in the Economics objective test is depreciation or exchange rate. Apart from
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