Economics Past Questions and Answers

The cost and output schedule of a firm is shown in the table below.<br/><table class='tbn'><tbody><tr><td> Output (kg) </td><td> 0 </td><td> 15 </td><td> 35 </td><td> 60 </td><td> 85 </td></tr><tr><td> Variable cost ($) </td><td> 0 </td><td> 30 </td><td> 55 </td><td> 75 </td><td> 90 </td></tr><tr><td> Total cost ($) </td><td> 15 </td><td> 45 </td><td> 70 </td><td> 90 </td><td> 105 </td></tr><tr><td> Total revenue ($) </td><td> 0 </td><td> 30 </td><td> 70 </td><td> 120 </td><td> 170 </td></tr></tbody></table><br/><br/><br/>(a) Using the data in the table, at each level of output, calculate the firm's<br/>(i) marginal revenue<br/>(ii) marginal cost.<br/>(b) At what output level did the firm:<br/>(i) break even<br/>(ii) make the highest profit<br/>(iii) attain equilibrium<br/>(c) Identify the market structure in which the firm operates

(a) Define optimum population.<br/>(b) In what <b>three ways </b>can rapid population growth slow down the rate of economic development?<br/>(c) Describe any three measures that can be adopted to control rapid population growth.

(a) What are state-owned enterprises?<br/>(b) State any<b> three </b>reasons for the establishment of state-owned enterprises.<br/>(c) Highlight any <b>four</b> problems associated with state-owned enterprises.

(a) Differentiate between unemployment and underemployment.<br/>(b) With <b>one</b> example <b>each</b>, explain the following <br/>(i) Seasonal unemployment<br/>(ii) Structural unemployment<br/>(iii) Frictional unemployment<br/>(iv) Cyclical unemployment

(a) What is commodity money?<br/>(b) Identify any<b> three </b>problems associated with trade by barter.<br/>(c) Explain any<b> three</b> ways by which the advent of money has solved the problems of the barter system.