Economics Past Questions and Answers

(a) What is price elasticity of demand?<br/>(b) With carefully labeled diagrams, illustrate each of the following:<br/>(i) perfectly inelastic demand<br/>(ii) unitary elastic demand<br/>(iii) fairly elastic demand<br/>(iv) perfectly elastic demand. <br/>

Explain any four of the following terms:<br/>(a) Nationalization<br/>(b) Commercialization<br/>(c) Privatization<br/>(d) Indigenization<br/>(e) Joint Ventures. <br/>

(a) Distinguish between cost-push inflation and demand pull inflation.<br/>(b) Explain any four ways of controlling inflation. <br/>

(a) Define the term unemployment.<br/>(b) Highlight the effects of unemployment on an economy. <br/>

Write notes on each of the following:<br/>(a) Savings account<br/>(b) Current account<br/>(c) Fixed deposit account. <br/>