Economics Past Questions and Answers

(a) Define increase in supply. [4 marks] <br/>(b) With the aid of diagrams, explain the effect of an increase in the supply of fish on the price of beef [16 marks]

(a) What is the equilibrium of a consumer? [5 marks] <br/>(b) Explain how a consumer attains equilibrium in spending his income. [15 marks]

(a) Explain with examples the following types of production (i) Primary [4 marks] (ii) Secondary [4 marks] (iii) Tertiary [4 mark] <br/>(b) Give two reasons why primary production pre-dominates in developing countries [8 marks]

(a) What is a partnership? [4 marks) <br/>(b) State any two advantages and any two disadvantages of a partnership [16 marks]

(a) What is privatization? [4 marks] <br/>(b) Give four reasons for government participation in economic activities in your country [16 marks]