(a) State two features each of: (i) free trade area; (ii) common markets.
(b) outline two advantage and two disadvantage of a common market.
(a) What is economic development?
(b) State three features of a developing country.
(c) Explain any four factors that can speed up the economic development of your country.
(a) Define inflation.
(b) Identify any three causes of: (i) demand-pull inflation; (ii) cost-push inflation .
(a) State two features each of:
(i) perfect competition; (ii)monopolistic competition.
(b) What does it mean for a firm to be a : (i) price taker; (ii)price maker?
(c) Explain the following sources of monopoly power: (i) acts of parliament; (ii) copyright; (iii) natural monopoly; (iv) cartel
(a) What is subsistence farming?
(b) Distinguish between crop farming and livestock farming with specific examples.
(c) Identify four measures that the government of your country can adopt to boost agricultural production.
(a) Define land as a factor of production.
(b) State three features of land.
(c) Explain four ways in which land contributes to the economic development of your country
The market for apples is represented by the following demand and supply functions:
Qd = 30 – p;
Qs = 15 + 2p.
(a) Prepare a demand and supply schedule for the market, given the prices $2.00, $4.00 and $7.00.
(b) (i) Determine the equilibrium price and equilibrium quantity of apples in the market.
(ii) If the price of apple is fixed at $3.00, what will be the excess demand or excess supply.
(c) Suppose the demand function changed to Qd = 40 – p. Using the prices in (a) above:
(i) prepare a new demand schedule;
(ii) does it represent an increase or a decrease in demand?
(iii) explain your answer in (c) (ii) above.
A dealer in deep freezers increased the price of his product from $450 to $500 and sales dropped from 800 units to 600 units a week.
Use the information above to answer the questions that follow.
(a)(i) Calculate the price elasticity of demand
(ii) What type of elasticity is it? Explain your answer
(b)Calculate the (i) total revenue of the company before and after price increase; (ii) change in total revenue.
(c) What is the effect of the increase in price on the total revenue?
(d) State two factors influencing price elasticity of demand.
the negative effects of mining in wast A frica does not include?
- A. Reafforestation in rural communities
- B. land degradation
- C. destruction of farm lands
- D. pollution of water bodies
Which of the following resources is renewable
- A. coal
- B. iron ore
- C. rice
- D. limestone
one objective of organisation of patroleum exporting countries (OPEC) is to?
- A. harmonize and stabilize oil prizes
- B. ensure excess supply of oil to consuming countries
- C. subsidize oil prices in member countries
- D. assist member countries to exploit oil resources
one problem facing the economic integration of countries in west Africa is the
- A. presence of large and developed market
- B. uneven development among west African countries
- C. existence of different central banks in the countries
- D. fairly of labour to move freely in the country
which of the following terms of trade is recorded in a country’s current account section of the balance of payments
- A. investment income
- B. foreign direct investment
- C. longterm capital flows
- D. long-term loans
Modern international trade is based on the principle of?
- A. absolute cost advantage
- B. comparative advantage
- C. terms of trade
- D. balance of trade
Infant industries can be described as?
- A. newly established industries
- B. industries enjoying tax holidays
- C. industries producing baby products
- D. newly commercialized industries
Dumping in international occurs when a foreign firm sells
- A. above its cost of production at home and abroad
- B. below its cost of production at home and abroad
- C. more goods to a country than the country has need of
- D. below its cost of production in a foreign market
one way of speeding up the economic development of a country is by encouraging
- A. the consumption of consumer goods
- B. early marriage
- C. the importation of more consumer goods
- D. savings and investment
which of the following is not a feature of economic underdevelopment
- A. monocultural economy
- B. high productivity
- C. low life expectancy
- D. income inequality
The control of aggregate demand through changes in government spending and tax rates is referred to as?
- A. monetary policy
- B. government policy
- C. income policy
- D. fiscal policy
Direct taxes include?
- A. excise duty
- B. ad valorem tax
- C. specific tax
- D. capital gain tax
The function that distinguishes commercial banks from the central bank is that the former
- A. is a lender of last resort
- B. accepts deposits from the public
- C. services the public debt
- D. regulates foreign exchange