WAEC Economics 2011 Theory — Question 5

Question 5 of 25 from the West African Examinations Council (WAEC) Economics 2011 Theory paper, with the correct answer and a full explanation.

2(b) Express the loan to each sector of a ratio of the total loan granted.

Model answer

Total loan granted = $18,000 + $4,000 + $23,000 = $45,000. Ratio of primary sector = $18,000/$45,000 = 2/5 = 2.5. Secondary sector = $4,000/$45,000 = 4/45 = 4:45. Tertiary sector = $23,000/$45,000 = 23/45 = 23:45.

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