Economics Past Questions and Answers

(a) Give two major views of Rev. Thomas Malthus in population theory. <br/>(b) How relevant are his views to the economic realities of West African countries?

(a) What is an Economic system? <br/>(b) Explain any three characteristics of a mixed economic system. <br/>(c) State any two disadvantages of a mixed economic system.

(a) Define elasticity of supply <br/>(b) When is supply described as (i) elastic (ii) inelastic <br/>(c) Outline any two factors that influence elasticity of supply.

(a) State the law of diminishing return <br/>(b) What is (i) marginal product (ii) average product? <br/>(c) Explain any three factors that determine the size of firms.

(a) Distinguish between labour and labour force.<br/>(b) State four reasons for the differences in earnings among workers.