Economics Past Questions and Answers

(a) Why is scarcity a fundamental problem in Economics? [6 marks] <br/>(b) Give a reason on why Economics is a (i) science; (ii) social science [3 marks each] <br/>(c) How do governments solve the problem of scarcity? [8 marks

(a) Outline the chain of distribution for manufactured consumer goods. [4marks] <br/>(b) Explain the functions of the (i) wholesaler; (ii) retailer. [8 marks each]

(a) Define labour [4 marks]<br/>(b) Give four factors that affect the efficiency of labour in your country. [16 marks]

(a) With examples. distinguish between direct and indirect tax, [8 marks] <br/>(b) Explain any four problems of tax collection in any West African country. [12 marks]

(a) Distinguish between the following pairs of cost concepts. <br/> (i) Fixed cost and variable cost. (ii) Real cost and money cost <br/> (iii) Implicit cost and explicit cost. [5 marks each]<br/>(b) (I) What would you recommend to a firm whose average cost is greater than its price? [2 marks] <br/>(ii) Give a reason for your answer In (b)(i) above. [3 marks]