Economics Past Questions and Answers

An economic system in which most means of production are owned and controlled by the State is known as a

In what ways can the government improve agricultural production in Nigeria?

Define ageing population and explain its effects on an economy.

Explain any three weapons that can be used by a trade union and any two weapons that can be used by an Employers' Association during a trade dispute.

Utility schedule<br/><table class='tbn'><tbody><tr><td> Quantity of goods consumed </td><td> Total Utility </td><td> Marginal Utility </td></tr><tr><td> 0 </td><td> 0 </td><td> 0 </td></tr><tr><td> 1 </td><td> 10 </td><td> 10 </td></tr><tr><td> 2 </td><td> 16 </td><td> - </td></tr><tr><td> 3 </td><td> - </td><td> 4 </td></tr><tr><td> 4 </td><td> - </td><td> - </td></tr><tr><td> 5 </td><td> 23 </td><td> 1 </td></tr><tr><td> 6 </td><td> 23 </td><td> - </td></tr></tbody></table><br/><br/><br/>(a) Complete the above utility schedule<br/>(b) Draw the marginal utility curve<br/>C(i) At what quantity does TU equal MU?<br/>(II) What is the value of MU when TU reaches the maximum?<br/>(iii) What happens to the values of TU as the quantity consumed increases?<br/>(iv) What happens to the values of MU as the quantity consumed increases?