Economics Past Questions and Answers

Where is the headquarter of the African Development Bank (ADB) located?

International trade takes place because of difference in

Table of Input and Output;<br/><table class='tbn'><tbody><tr><td> Variable units of labour </td><td> Fixed Assets (Hecteres of Land) </td><td> Total Product (kg) </td><td> Average Product (kg) </td><td> Marginal product (kg) </td></tr><tr><td> 1 </td><td> 3 </td><td> 8 </td><td> 8 </td><td> - </td></tr><tr><td> 2 </td><td> 3 </td><td> 18 </td><td> 9 </td><td> 10 </td></tr><tr><td> 3 </td><td> 3 </td><td> 36 </td><td> P </td><td> 18 </td></tr><tr><td> 4 </td><td> 3 </td><td> 48 </td><td> 12 </td><td> 12 </td></tr><tr><td> 5 </td><td> 3 </td><td> 55 </td><td> 11 </td><td> 7 </td></tr><tr><td> 6 </td><td> 3 </td><td> 60 </td><td> Q </td><td> 5 </td></tr><tr><td> 7 </td><td> 3 </td><td> 60 </td><td> 8.6 </td><td> S </td></tr><tr><td> 8 </td><td> 3 </td><td> 56 </td><td> 7 </td><td> T </td></tr></tbody></table><br/><br/><br/>Use the table to answer the following questions:<br/>(a) Complete table by calculating the missing figures P, Q, R, S, T.<br/>(b) Draw the Total Product (TP) and Marginal Product (MP) curve in one diagram. (No graph sheet is required).<br/>(c) Explain the relationship between TP and MP.

Use the schedule to answer the follow-ing questions:<br/><table class='tbn'><tbody><tr><td> Price per annum </td><td> Quantity Demanded </td><td> Quantity Supplied per week </td></tr><tr><td> 5 </td><td> 500 </td><td> 60 </td></tr><tr><td> 6 </td><td> 400 </td><td> 150 </td></tr><tr><td> 7 </td><td> 300 </td><td> 300 </td></tr><tr><td> 8 </td><td> 250 </td><td> 400 </td></tr><tr><td> 9 </td><td> 150 </td><td> 500 </td></tr><tr><td> 10 </td><td> 50 </td><td> 600 </td></tr></tbody></table><br/><br/><br/>(a) At what price and quantity does the market attain equilibrium and why?<br/>(b) At what prices does the market exhibit excess demand and by how many units?<br/>(c) At what prices does the market exhibit excess supply and by how many units?<br/>(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that <br/>

(a) What is meant by the supply of a commodity?<br/>(b) What are the probable factors that can bring about changes in the supply of beans?