Waec 2020 Economics Questions and Answers Expo/Runs (obj/theory)

Waec 2020 Economics Questions and Answers Expo/Runs (obj/theory)
Waec 2020 Economics Questions and Answers Expo/Runs (obj/theory)
Wednesday 19th August 2020
Economics 2(Essay) – 9:30am – 11:30am
Economics 1(objective) – 11:30 am – 12:30pm
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(1)
Waec 2020 Economics Questions and Answers Expo/Runs (obj/theory) 

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(6a)
Money is any commodity that is generally accepted in payment for goods and services or settlement of debt. It is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy and at the same time acts as a measure and store of value.

(6bi)
Value of money: This simply means the quantity of goods and services that money can purchase at a particular time. Value of money refers to what money can buy. It depends on the purchasing power of money. There is an inverse relationship between price and value of money. the higher the level of price, the lower the value of money and vice versa.

(6bii)
Demand for money: This is the desired holding of financial assets in the form of money. In other words, it is cash or bank deposits rather than investments. It is sometimes referred to as liquidity preference.

(6c)
(i) The price of the good or service.
(ii) The income of buyers.
(iii) Interest rates.
(iv) The tastes or preferences of consumers

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