Economics Past Questions and Answers

(a) With the aid of a diagram, explain a minimum price. [5 marks]<br/>(b) State any five measures by which a minimum price for an agricultural produce can be made effective. [15 marks]

(a) What is a supply schedule? [2 marks]<br/>(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. [12 marks]<br/>(c) State<b> three</b> examples of exceptional demand. [6 marks]

Distinguish between the following:<br/>(a) wants and effective demand; [5 marks]<br/>(b) demand schedule and demand e; [5 marks]<br/>(c) individual demand and market demand, [5 marks]<br/>(d) change in demand and change in quantity demanded. [5 marks]

The action of government to forgo road construction in order to provide more health facilities denotes

In Economics , a market is defined as any