Economics Past Questions and Answers

Gross Domestic Product (GDP) at market price plus net factor income from abroad gives

An economic system in which the state owns and controls the means of production is known as

The table below shows the supply and demand for kilograms of maize per month in thousands. Use the information in the table to answer the questions that follow. <br/><table class='tbn'><tbody><tr><td> Quantity supplied (000) </td><td> Price per thousand kilogram ($) </td><td> Quantity Demanded (000) </td></tr><tr><td> 16 </td><td> 3.00 </td><td> 3 </td></tr><tr><td> 13 </td><td> 2.50 </td><td> 5 </td></tr><tr><td> 9 </td><td> 2.00 </td><td> 9 </td></tr><tr><td> 6 </td><td> 1.50 </td><td> 14 </td></tr><tr><td> 3 </td><td> 1.00 </td><td> 19 </td></tr><tr><td> 1 </td><td> 0.50 </td><td> 26 </td></tr></tbody></table><br/><br/><br/>(a) (i) If the government fixed the price of maize at $1.50 per thousand kilogram, what will be the excess demand for maize<br/>(ii) If the government fails to enforce the fixed price, what will happen to the price of maize<br/>(b) How can the government maintain a fixed price of $3.00 per thousand kilogram for maize?<br/>(c) In relation to the equilibrium price, what will be the effects on the quantities demanded and supplied if the government enforced a fixed price of $1.00? <br/>

The following data relate to a closed economy of a country where all production takes place in two firms. Use the information in the table to answer the questions that follow:<br/><table class='tbn'><tbody><tr><td> <b>Items</b> </td><td> <b>Firm A (in 000 Dollars)</b> </td><td> <b>Firm B (in 000 Dollars)</b> </td></tr><tr><td> Sales </td><td> 200 </td><td> 400 </td></tr><tr><td> Raw material </td><td> 100 </td><td> 60 </td></tr><tr><td> Labour costs </td><td> 80 </td><td> 160 </td></tr><tr><td> Depression </td><td> 16 </td><td> 40 </td></tr><tr><td> Profits </td><td> 4 </td><td> 140 </td></tr></tbody></table><br/><br/><br/>(a)(i) Which of the items listed above is an intermediate input?<br/>(ii) What happens to intermediate inputs in the calculation of the national income?<br/>(iii) Calculate the Gross Domestic Product (GDP) of the country.<br/>(b)(i) Calculate the total amount of depreciation of the country<br/>(ii) Calculate the Net Domestic Product of the country. <br/>

What factors limit the size of indigenous firms in West Africa<br/>