Economics Past Questions and Answers

Natural resources that are renewable are found in the _____________

The table below shows the cost of production and output of maize. The price of maize is fixed $20.00. <i>Use the information to answer the questions that follow.</i><br/><table class='tbn'><tbody><tr><td> Maize (bags) </td><td> Total Variables ($) </td><td> Total cost ($) </td><td> Total Revenue ($) </td></tr><tr><td> 0 </td><td> 0 </td><td> 10 </td><td> 0 </td></tr><tr><td> 1 </td><td> 8 </td><td> w </td><td> 20 </td></tr><tr><td> 2 </td><td> 10 </td><td> x </td><td> 40 </td></tr><tr><td> 3 </td><td> u </td><td> 25 </td><td> y </td></tr><tr><td> 4 </td><td> v </td><td> 32 </td><td> z </td></tr><tr><td> 5 </td><td> 28 </td><td> 38 </td><td> 100 </td></tr></tbody></table><br/><br/><br/>a. what is the value of total cost? Give a reason for your answer.<br/>b. Calculate the values of u,v,w,x,y and z<br/>c. Calculate the profit levels 1 and 4<br/>d. In what market structure is the firm operating? Give a reason for your answer.

The table below shows the percentage age distribution of population of country Y in 2010. The population was 200,000. <i>Use the information in the table to answer the questions that follow</i>.<br/><table class='tbn'><tbody><tr><td> Age group (year) </td><td> 0 - 18 </td><td> 19 - 40 </td><td> 41 - 60 </td><td> 60 and above </td></tr><tr><td> percentage distribution pf population </td><td> 30% </td><td> 35% </td><td> 25% </td><td> 10% </td></tr></tbody></table><br/><br/><br/>(a) Calculate the size of the<br/> i. working population<br/>ii. dependent population<br/>(b) If the population (0 -18) years is increased by 2% and 0.5% of the ages 61 years and above have died, what is the natural increase in the population.<br/>(c) How will you describe the age distribution of the population? Give a reason for your answer..

(a) State Professor Robbins’ definition of Economics.<br/>(b) Explain the following concepts:<br/> (i) opportunity cost;<br/>(ii) scale of preference;<br/>(iii) production possibility curve.<br/>(c) Outline <b>three</b> reasons for the study of Economics as a Subject.

<i>(a)</i> Define labour force.<br/><i>(b)</i> Explain the following concepts with an example each:<br/>(i) occupational mobility of labour;<br/>(ii) geographical mobility of labour.<br/><i>(c) </i>Outline four factors that can influence the size of the labour force in a country