Economics Past Questions and Answers

(a) Define the profit of a firm [4 marks] <br/>(b) With appropriate formula, explain the following revenue and cost concepts: <br/>(i) total revenue (TR); [4 marks]<br/>(ii) average revenue (AR): [4 marks]<br/>(iii) marginal revenue (MR); [4 marks]<br/>(iv) average fixed cost (AFC). [4 marks]

Explain the following systems of agriculture as practiced in your country:<br/>(a) subsistence farming; [4 marks] <br/>(b) co-operative agriculture; [4 marks]<br/>(c) plantation agriculture; [4 marks]<br/>(d) mechanized agriculture; [4 marks]<br/>(e) peasant farming. [4 marks]

(a) Distinguish between a cheque and a bank note [8 marks]<br/>(b) What are the main problems of trade by barter? [12 marks]

» the study of economics becomes necessary because of the

The concept of opportunity cost is also referred to as