Wassce hits questions ECONOMICS Question 1 The demand for a firm’s product is presented as Qd = 28 – 4p. Prices over the period are $2.50; $3.50; $4.50; $5.50 and $7.00. Calculate: 1. the quantity demanded at each price; 2. the total revenue at each price; 3. (i) what is the coefficient of price elasticity of demand when price increased from $2.50 to $3.50? (ii) is the demand elastic or inelastic ? (iii) state the reason for your answer in 1(c)ii Question 2 The table below shows the national income of a country in 1998. Use the data to answer the questions that follow: ITEMS $ MILLIONS Personal consumption expenditure Gross Private Domestic Investment Government expenditure Exports of goods and services Imports of goods and services Subsidies Indirect business taxes Consumption of fixed capital Net property income from abroad 640.00 180.00 220.00 175.00 202.00 48.00 322.00 115.00 80.00 1. Define Gross Domestic Product (GDP) 1. Calculate the: 2. Gross Domestic Product (GDP) 3. Gross National Product (GNP) 4. Net National Product (NNP) 1. (i) Determine the National Income at factor cost from the Net National Product (NNP). (ii) Give two reasons for your answer. Question 3 Define free trade. (b) State any two reasons why free trade exists. (c) Describe any four instruments of trade restriction. Question 4 (a) What is meant by the value of money ? (b) State any four qualities of money. (c) Explain the motives for holding money. Question 5 (a) Differentiate between natural growth rate of population and rate of growth of population. (b) Explain any five measures that the government of your country can adopt to check the high rate of population growth. Question 6 (a) In what four ways can a monopoly arise? (b) With the aid of a suitable diagram, explain how the monopolist achieves equilibrium in the short run.
Posted on: Wed, 19 Mar 2014 13:01:12 +0000
Trending Topics
Recently Viewed Topics
© 2015