Economics Past Questions and Answers

<table class='tbn'><tbody><tr><td> <b>Countries</b> </td><td> <b>Population (in million)</b> </td><td> <b>Gross National product (in million Dollars)</b> </td></tr><tr><td> R </td><td> 120 </td><td> 2,500 </td></tr><tr><td> S </td><td> 180 </td><td> 12,000 </td></tr><tr><td> T </td><td> 60 </td><td> 4,000 </td></tr><tr><td> U </td><td> 100 </td><td> 6,500 </td></tr><tr><td> V </td><td> 25 </td><td> 2,500 </td></tr></tbody></table><br/><br/><br/>(a)(i) Calculate the per capita incomes of countries R, S, T, U and V.<br/>(ii) Determine the range of the per capita incomes of the five countries.<br/>(iii) Which one of the countries enjoyed the highest standard of living?<br/>(b) Express the population of each of countries R, S, T, U and V as a percentage of the total population of all the countries.<br/>(c) Draw a simple bar chart showing all the countries and their respective per capita incomes. <br/>

Why are many West African countries trying to adopt a free market system? <br/>

(a) What is under-population?<br/>(b) Under what conditions will it be advantageous for a country to promote population growth? <br/>

(a) Explain the concept of diminishing marginal utility.<br/>(b) How is utility maximized? <br/>

What are the instruments used by the Central Bank to control the supply of money in any economy? <br/>