Economics Past Questions and Answers

(a) Define land as a factor of production.<br/>(b) State three features of land.<br/>(c) Explain four ways in which land contributes to the economic development of your country

(a) What is subsistence farming?<br/>(b) Distinguish between crop farming and livestock farming with specific examples.<br/>(c) Identify four measures that the government of your country can adopt to boost agricultural production.

(a) State two features each of:<br/>(i) perfect competition; (ii)monopolistic competition.<br/>(b) What does it mean for a firm to be a : (i) price taker; (ii)price maker?<br/>(c) Explain the following sources of monopoly power: (i) acts of parliament; (ii) copyright; (iii) natural monopoly; (iv) cartel

(a) Define inflation.<br/>(b) Identify any three causes of: (i) demand-pull inflation; (ii) cost-push inflation .

(a) What is economic development?<br/>(b) State three features of a developing country.<br/>(c) Explain any four factors that can speed up the economic development of your country.