Economics Past Questions and Answers

(a) What is <i>competitive supply</i>?<br/>(b) With the aid of illustrations, differentiate between a supply schedule and a supply curve.<br/>(c) Explain how the supply of a commodity is affected by the following:<br/>(i) an improvement in technology;<br/>(ii) a rise in input prices;<br/>(iii) a rise in the prices of other commodities;<br/>(iv) an increase in government subsidies on production.

(a) State<b> two</b> characteristics of <i>monopolistic competition</i>.<br/>(b) With the aid of diagram(s), explain why a firm in monopolistic competition is unable to earn abnormal profits in the long run.<br/>(c) Differentiate between natural monopoly and legal monopoly.

(a) Highlight the difference between <i>creeping inflation</i> and <i>hyper inflation</i>.<br/>(b) List any <b>four</b> negative effects of inflation.<br/>(c) Outline <b>four </b>ways in which the government of your country can control inflation.

(a) What is perfect competition?<br/>(b) With the aid of diagrams, compare the short run equilibrium positions of a perfect competitor and an imperfect competitor.<br/>(c) State any <b>two</b> features of an imperfect market.

(a) Distinguish between cash ratio and special deposits.<br/>(b) Explain how cash ratio and special deposits are used as instruments of monetary policy.<br/>(c) Describe any<b> two</b> instruments of fiscal policy in West Africa.