Economics Past Questions and Answers

Use this above diagram to answer this question. From the table, the mean of the distribution is

Use this above diagram to answer this question. What is the median of the distribution?

The table below shows an extract from balance of payments for country A. Use the table to answer the questions that follow:<br/>Balance of payments items<br/> <br/><table class='tbn'><tbody><tr><td> </td><td> <b>Items of transaction</b> </td><td> <b>Receipts ($)</b> </td><td> <b> Payment ($)</b> </td></tr><tr><td> 1 </td><td> Merchandise (visible trade) </td><td> 52,000.00 </td><td> 4,000.00 </td></tr><tr><td> 2 </td><td> Shipping, other transport and travel </td><td> 4,000.00 </td><td> 8,000.00 </td></tr><tr><td> 3 </td><td> Investment income </td><td> 20,000.00 </td><td> 5,000.00 </td></tr><tr><td> 4 </td><td> Other services </td><td> 2,500.00 </td><td> 7,500.00 </td></tr><tr><td> 5 </td><td> Unrequired transfers </td><td> 22,800.00 </td><td> 7,000.00 </td></tr><tr><td> 6 </td><td> Direct investment </td><td> 50,000.00 </td><td> 26,000.00 </td></tr><tr><td> 7 </td><td> Other long-term capital </td><td> 254,000.00 </td><td> 289,000.00 </td></tr><tr><td> 8 </td><td> Short-term capital </td><td> 221,000.00 </td><td> 238,000.00 </td></tr></tbody></table><br/><br/><br/>Calculate the:<br/>(a) balance of trade (3 marks)<br/>(b) balance on current account (8 marks)<br/>(c) balance on capital account (6 marks)<br/>(d) balance of payment (3 marks)

The table below presents the price and quantity supplied by a palm oil producer. Use the information in the table to answer the following questions.<br/> <br/><table class='tbn'><tbody><tr><td> <b>Price ($)</b> </td><td> <b>Quantity Supplied (gallons)</b> </td></tr><tr><td> 6 </td><td> 200 </td></tr><tr><td> 12 </td><td> 300 </td></tr><tr><td> 18 </td><td> 400 </td></tr><tr><td> 20 </td><td> 500 </td></tr><tr><td> 24 </td><td> 600 </td></tr></tbody></table><br/><br/><br/>(a) If the price of palm oil falls from $20.00 to $18.00, calculate the price elasticity of supply. (4 arks)<br/>(b) Interpret your answer in question 2(a) above. (2 marks)<br/>(c) Study the extract below and answer the following questions. The price of palm oil remains at $6.00 per gallon and an increase in the price of a related product causes an increase in the supply of palm oil:<br/>(i) Give a graphical presentation to illustrate this change. (6 marks)<br/>(ii) Indicate the type of supply for the two products. (2 marks)<br/>(d) State reasons that can cause a change in supply. (6 marks)<br/> <br/>

(a) Define occupational mobility of labour. (2 marks)<br/>(b) Identify any four barriers to occupational mobility of labour. (12 marks)<br/>(c) State any <b>two</b> factors that will make labour efficient. (6 marks)