Economics Past Questions and Answers

When governments wants to discourage consumption, they tax goods whose demand is

A rise in government expenditure can lead to

The supply situation for rice in country X over a period as shown in the table below. Use the information in the table to answer the questions that follow.<br/> <br/><table class='tbn'><tbody><tr><td> Period </td><td> Price ($) </td><td> Quantity supplied (bags) </td></tr><tr><td> December 2004 </td><td> 30 </td><td> 100 </td></tr><tr><td> January 2007 </td><td> 40 </td><td> 150 </td></tr><tr><td> April 2009 </td><td> 50 </td><td> 160 </td></tr></tbody></table><br/><br/><br/>(a) Calculate the co-efficient of price elasticity of supply for rice between December 2004 and January 2007.<br/>(b) Is the supply of rice elastic? Give a reason for your answer. <br/>(c) State any three reasons which may cause an increase in the supply of rice, <br/>

The following are the loans granted by a commercial bank to different categories of individuals. Use the information to answer the questions that follow: Bankers $8,000, Farmers $8,000, Miners $7,000, Retailers $5,000, Tailors $4,000 Teachers $6,000, Drivers $4,000, Fishermen $3 000.<br/>(a) Arrange the information in the form of a table grouping the individuals into: (i) Primary sector; (ii) Secondary sector; (iii) Tertiary sector. <br/>(b) Express the loan to each sector of a ratio of the total loan granted <br/>(c) Present the total loans granted to the sectors in a simple bar chart, (Use of graph sheet is essential)

(a) What is centrally planned economy? <br/>(b) Outline any four features of a capitalist economy.