2015 - WAEC Economics Past Questions and Answers - page 4

In national income accounting, net national income (NNI) is net nationalproduct (NNP) minus indirect taxes. Net national income encompasses theincome of households, businesses, and the government.

token money; money where the face value of notes or coins is unrelated to the value of the material of which they are composed. In economics, Token money, or Token, is money that has little intrinsic value compared to its face value.

The token is a small amount of money (compared to the market value of theproperty) that has to be paid by the buyer as an indication of serious intent to purchase a property.

primary sector; the sector of the economy concerned with or relating to primary industry. Examples include mining, quarrying, farming, fishing and forestry, all of which produce raw materials that can be processed in to a finished product. 

An industry; economic activity concerned with the processing of raw materials and manufacture of goods in factories.

In financial markets, a share is a unit used as mutual funds, limited partnerships, and real estate investment trusts. The owner of shares in the corporation/company is a shareholder of the corporation. A share is an indivisible unit of capital, expressing the ownership relationship between the company and the shareholder

Demand deposit; is a deposit of money that can be withdrawn without prior notice, e.g. in a current account.  A demand deposit is money that you deposit into a bank account from which you can withdraw on demand, at any time, without any advance notice to the bank.

Economic planning  consist of economic decisions, schemes formed to meet certain pre-determined economic objectives and a road map of directions to achieve specific goals within specific period of time.By the conscious decisions of Central and State Government, based on in-depth study of the existing and potential resources of a country through surveys and a careful study of the needs of the people the planning takes place.

One popular method of controlling inflation is through a contractionary monetary policy. The goal of a contractionary policy is to reduce the money supply within an economy by decreasing bond prices and increasing interest rates.

 if the demand for a foreign currency exceeds its supply, the exchange rate will increase rate will increase. This will cause the local currency to suffer. because more of the local currency will be used to exchange for less of the foreign currency

A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished products, energy, or intermediate materials which are feedstock for future finished products.As feedstock, the term connotes these materials are bottleneck assets and are highly important with regard to producing other products.