(a) What are natural resources?
(b) Identify any three contributions of forest resources to the economic development of your country.
(c) Describe any three negative effects of the exploitation of mineral resources.
(a) What is a tax?
(b) Distinguish between tax evasion and tax avoidance.
(c) Identify any four benefits of tariffs.
(a)Define economies of scale.
(b) Explain the following:
(i) managerial economies;
(ii) technical economies.
(c) Describe any four disadvantages of large scale production.
(a) Outline two feature each of:
(i) capitalist economic system;
(ii) socialist economic system.
(b) Explain any four weaknesses of capitalist economic system.
(a) What is net migration?
(b) Explain any four economic consequences of rural-urban migration in your country.
(c) Identify any two measures government can adopt to minimize rural-urban migration in your country.
(a) Define maximum price legislation.
(b) Explain any three reasons for fixing price floors on agricultural produce.
(c) Outline any three effects of price ceiling.
The table below shows the total revenue schedule of a farmer who produces maizze. Use the informatiom in the table to answer the qeston that follows;
| Output (in bags) | Total Revenue ($) |
| 0 | 0 |
| 1 | 6 |
| 2 | 12 |
| 3 | 18 |
| 4 | 24 |
| 5 | 30 |
| 6 | 36 |
(a) At each level of output, calculate the farmer’s marginal revenue (MR).
(b) What is the price of a bag of maize? Explain your answer.
(c) In what market structure is the farmer operating? Give a reason for your answer.
The demand schedule for a product is shown below. Use the information in the tabe to answer the question that follows;
| price ($) | 5 | 10 | 15 | 20 | 25 | 30 |
| Quantity ($) | 60 | 50 | 40 | 30 | 20 | 10 |
(a) Calculate the total revenue at each price.
(b) calculate the total revenue at each price
(i) $5 to $10
(ii) $250 to $30
(c) classify the elasticities calculated in (b) above
(d) What is the relationship between the total revenue and elasticity coefficient calculated in (b)(i) and (ii)
(a) What is a tax?
(b) Describe the following rates of taxation.
(i) Progressive tax
(ii) Proportional tax
(iii) Regressive tax
(c) Explain the following principles of a good tax system:
(i) Equity
(ii) Convenience
(iii) Economy
(a) What is a demand schedule?
(b) State the law of demand.
(c) Using appropriate examples, explain the following types of demand:
(i) Competitive demand
(ii) Derived demand
(iii) Joint demand
(iv) Composite demand
(a) What is commodity money?
(b) Identify any three problems associated with trade by barter.
(c) Explain any three ways by which the advent of money has solved the problems of the barter system.
(a) Differentiate between unemployment and underemployment.
(b) With one example each, explain the following
(i) Seasonal unemployment
(ii) Structural unemployment
(iii) Frictional unemployment
(iv) Cyclical unemployment
(a) What are state-owned enterprises?
(b) State any three reasons for the establishment of state-owned enterprises.
(c) Highlight any four problems associated with state-owned enterprises.
(a) Define optimum population.
(b) In what three ways can rapid population growth slow down the rate of economic development?
(c) Describe any three measures that can be adopted to control rapid population growth.
The cost and output schedule of a firm is shown in the table below.
| Output (kg) | 0 | 15 | 35 | 60 | 85 |
| Variable cost ($) | 0 | 30 | 55 | 75 | 90 |
| Total cost ($) | 15 | 45 | 70 | 90 | 105 |
| Total revenue ($) | 0 | 30 | 70 | 120 | 170 |
(a) Using the data in the table, at each level of output, calculate the firm’s
(i) marginal revenue
(ii) marginal cost.
(b) At what output level did the firm:
(i) break even
(ii) make the highest profit
(iii) attain equilibrium
(c) Identify the market structure in which the firm operates
The table below shows the composition of exports and imports of a hypothetical country. Use the information in the table to answer the questions that follow.
| Exports | Amount $ | Imports | Amounts $ |
| Crude Oil | 120,000,000 | Rice and Flour | 140,000,000 |
| Groundnuts | 40,000,000 | Petroleum Product | 80,000,000 |
| Tourism | 45,000,000 | Vehicles and Accessories | 50,000,000 |
| Shipping & Insurance | 60,000,000 | Banking Services | 60,000,000 |
| Bauxite | 80,000,000 | Freight and Insurance | 40,000,000 |
(a) Calculate the value of visible exports.
(b) Calculate the balance of trade for the country.
(c) List the items of invisible exports and imports.
(d) Calculate the current account balance of the country.
(e) Is the country developed or developing? Give one reason for your answer.
| quantity | total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
at output level 5, the total variable cost is?
- A. $5.00
- B. $20,00
- C. $55.00
- D. $35.00
| quantity | total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
the total fixed cost is?
- A. $7.00
- B. $30.00
- C. $20.00
- D. $135.00
which of the following cannot be classified as a natural resource
- A. iron rod
- B. wild life
- C. solar energy
- D. gold
one benefit a country can derive from the extraction of crude oil is increase in?
- A. population
- B. employment
- C. money
- D. demand for imports
An electrical engineer who is teaching physics in a secondary school is said to be
- A. under-employed
- B. unemployed
- C. fully employed
- D. technically unemployed