Economics Past Questions and Answers

<table class='tbn'>EXPECTED REVENUE<tbody><tr><td> Items </td><td> Amount ($m) </td></tr><tr><td> Rents and royalties </td><td> 75.00 </td></tr><tr><td> Company income tax </td><td> 150.00 </td></tr><tr><td> Custom and excise duties </td><td> 300.20 </td></tr><tr><td> personal income tax </td><td> 80.00 </td></tr><tr><td> Fees and fines </td><td> 60.00 </td></tr><tr><td> value added tax </td><td> 100.00 </td></tr></tbody></table><br/><br/><br/>Use the information to answer the following question <br/><br/><br/>what is the total revenue from indirect tax

<table class='tbn'>EXPECTED REVENUE<tbody><tr><td> Items </td><td> Amount ($m) </td></tr><tr><td> Rents and royalties </td><td> 75.00 </td></tr><tr><td> Company income tax </td><td> 150.00 </td></tr><tr><td> Custom and excise duties </td><td> 300.20 </td></tr><tr><td> personal income tax </td><td> 80.00 </td></tr><tr><td> Fees and fines </td><td> 60.00 </td></tr><tr><td> value added tax </td><td> 100.00 </td></tr></tbody></table><br/><br/><br/>Use the information to answer the following question <br/><br/><br/>what is the total revenue from non tax sources

The total fixed cost (TFC) and total cost (TC) functions of a hypothetical firm are shown in the graph below. Study it and answer the questions that follow:<br/>(a) Determine the firm's<br/>(i) variable cost at output levels 2, 4 and 6<br/>(ii) average total cost at output levels 2 and 3<br/>(iii) marginal cost at output levels 4 and 6<br/>(b) If the price of the firm's product is $40, calculate the firm's profit or loss when the following units are sold:<br/>(i) 2 units; (ii) 4 units

The table below shows the incomes and rates of income tax levied on four professionals in an economy.<br/> <br/><table class='tbn'><tbody><tr><td> <b>Profession</b> </td><td> <b> Income per month($)</b> </td><td> <b>Tax rate %</b> </td><td> <b>Disposable income ($)</b> </td></tr><tr><td> Doctor </td><td> 8,000 </td><td> 10 </td><td> </td></tr><tr><td> Engineer </td><td> 7,000 </td><td> 12 </td><td> </td></tr><tr><td> Civil servant </td><td> 5,000 </td><td> 18 </td><td> </td></tr><tr><td> Nurse </td><td> 6,000 </td><td> 15 </td><td> </td></tr></tbody></table><br/><br/><br/>Use the above data to answer the questions that follows: <br/>(a) Calculate the disposable incomes of the four individuals<br/>(b) What system of taxtation was employed?<br/>(c) Give reasons for your answer in 2(b)<br/>(d) With the aid of a diagram, explain the system of taxation employed in 2(b)

(a) What is a trade union?<br/>(b) Describe any four functions of trade unions.<br/>(c) Outline any two weapons used by trade unions to achieve their objectives.