Economics Past Questions and Answers

one benefit a country can derive from the extraction of crude oil is increase in?

which of the following cannot be classified as a natural resource

<table class='tbn'>use the table to answer the following question<tbody><tr><td> quantity </td><td> total cost </td></tr><tr><td> 0 </td><td> 20 </td></tr><tr><td> 1 </td><td> 25 </td></tr><tr><td> 2 </td><td> 28 </td></tr><tr><td> 3 </td><td> 30 </td></tr><tr><td> 4 </td><td> 38 </td></tr><tr><td> 5 </td><td> 55 </td></tr><tr><td> 6 </td><td> 92 </td></tr><tr><td> 7 </td><td> 135 </td></tr></tbody></table><br/><br/><br/> <br/><br/><br/>the total fixed cost is?

<table class='tbn'>use the table to answer the following question<tbody><tr><td> quantity </td><td> total cost </td></tr><tr><td> 0 </td><td> 20 </td></tr><tr><td> 1 </td><td> 25 </td></tr><tr><td> 2 </td><td> 28 </td></tr><tr><td> 3 </td><td> 30 </td></tr><tr><td> 4 </td><td> 38 </td></tr><tr><td> 5 </td><td> 55 </td></tr><tr><td> 6 </td><td> 92 </td></tr><tr><td> 7 </td><td> 135 </td></tr></tbody></table><br/><br/><br/> <br/><br/><br/>at output level 5, the total variable cost is?

The table below shows the composition of exports and imports of a hypothetical country. Use the information in the table to answer the questions that follow.<br/><table class='tbn'><tbody><tr><td> Exports </td><td> Amount $ </td><td> Imports </td><td> Amounts $ </td></tr><tr><td> Crude Oil </td><td> 120,000,000 </td><td> Rice and Flour </td><td> 140,000,000 </td></tr><tr><td> Groundnuts </td><td> 40,000,000 </td><td> Petroleum Product </td><td> 80,000,000 </td></tr><tr><td> Tourism </td><td> 45,000,000 </td><td> Vehicles and Accessories </td><td> 50,000,000 </td></tr><tr><td> Shipping & Insurance </td><td> 60,000,000 </td><td> Banking Services </td><td> 60,000,000 </td></tr><tr><td> Bauxite </td><td> 80,000,000 </td><td> Freight and Insurance </td><td> 40,000,000 </td></tr></tbody></table><br/><br/><br/>(a) Calculate the value of visible exports.<br/>(b) Calculate the balance of trade for the country.<br/>(c) List the items of invisible exports and imports.<br/>(d) Calculate the current account balance of the country.<br/>(e) Is the country developed or developing? Give one reason for your answer.