Economics Past Questions and Answers

(a) Distinguish between wants and demand <br/>(b) With the aid of diagrams show the effect on demand when (i) there is a reduction in the number of 2200 consumers (ii) prices of substitutes increase<br/>(iii) there is a decrease in 0-16 years the price of the commodity

(a) What is an economic system?<br/>(b) Outline any four features of a capitalist economy.

(a) What is population census? <br/>(b) Describe the problems faced in conducting a population census in your country.

(a) What is elasticity of supply? <br/>(b) when is supply elastic? <br/>(c) Explain any four factors that influence elasticity of supply.

(a) Why would a producer (i) enter a competitive market? (ii) leave a competitive market? <br/>(b) In what two ways do consumers benefit from perfect competition? <br/>(c) Give the two conditions necessary for profit maximization for a perfectly competitive firm.