Economics Past Questions and Answers

Balance of payment surplus implies that the value of the country’s

The Economic Commission for Africa is an agency of the

The demand function for a commodity is given as Qd = 21 - 3p.<br/>(a) Use the demand function to complete the table below. [6 marks]<br/><table class='tbn'><tbody><tr><td> Price $ </td><td> 0 </td><td> 1 </td><td> 3 </td><td> 4 </td><td> 5 </td><td> 6 </td></tr><tr><td> Quantity demanded (Kg) </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></tbody></table><br/><br/><br/>(b) Draw the demand curve for the completed schedule in 1(a) (Use of graph sheet is essential) [8 marks] <br/>(c) Outline any three factors affecting demand [6 marks]

The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.<br/><table class='tbn'><tbody><tr><td> Sectors </td><td> Amount ( $ Million) </td></tr><tr><td> Education </td><td> 6,250 </td></tr><tr><td> Mining </td><td> 2,150 </td></tr><tr><td> Agriculture </td><td> 4,300 </td></tr><tr><td> Communication </td><td> 2,400 </td></tr><tr><td> Health </td><td> 2,900 </td></tr></tbody></table><br/><br/><br/>(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks] <br/>(b) Distinguish between a budget surplus and a budget deficit. [8 marks]

Outline any five effects of high dependency ratio [20 marks]