2014 - WAEC Economics Past Questions and Answers - page 5

Inflation erodes the value of money; it does not keep its value. Something that costs a certain amount today will cost more tomorrow. This affects everything from the timing of transactions to the amount required for future payments (interest rates).

Precautionary motive; A desire to hold cash in order to be able to deal effectively with unexpected events that require cash outlay.

Taking over of all forms of industries by the government will not aid the development of industries in a country or region on a wide scale as most government owned enterprises are monopolistic in nature and are mostly characterized by low performance and yield.

Localisation means the concentration of a certain industry in a particular area, locality or region. Localisation is related to the territorial division of labour, that is, specialisation by areas or regions. 

Under population exists when a population is too small, therefore unable to fully utilise the available resource endowments. This is not an effect of the discovery mineral resources in an area, in most cases, more people move to areas with rich natural resources.

mean refers to the mean or average that is used to derive the central tendency of the data in question. It is determined by adding all the data points in a population and then dividing the total by the number of points. The resulting number is known as the mean or the average.Thus we have;

1+2+2+2+3+4+5+5 = 24 ÷ 8 = 3

sum = 2+5+2+1=10
median 10 ÷ 2 = 5th position

Re-arranging the numbers we have;
2,2,3,3,3,3,3,4,4,5
3+3 = 3
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