Economics Past Questions and Answers

Distinguish between:<br/>(a) Fixed Cost and Variable Cost;<br/>(b) Marginal Cost and Marginal Revenue;<br/>(c) Total Cost and Total Revenue;<br/>(d) Average Cost and Average Revenue <br/>

(a) Define labour as a factor of production.<br/>(b) Explain five characteristics of labour. <br/>

What factors determine the size of a firm?

(a) What is economic integration?<br/>(b) Outline the characteristics of a customs union. <br/>

Distinguish between a perfect market and a monopolistic market. <br/>