Economics Past Questions and Answers

(a) (i) Define distribution of goods.<br/> (ii) Illustrate the normal chain of distribution of goods.<br/>(b) Describe a consumers’ cooperative society.<br/>(c) Outline any four roles performed by a consumers’ cooperative society

(a) What is an industry?<br/>(b) Explain the following:<br/>(i) division of labour;<br/>(ii) economies of scale.<br/>(c) Outline any four internal economies of scale.

(a) Define joint venture.<br/>(b) Identify any three merits of a private company over a partnership.<br/>(c) State any three sources of finance to a public enterprise.

(a) Distinguish between the following pairs of concepts:<br/>(i) elastic demand and inelastic demand<br/>(ii) income elasticity of demand and cross elasticity of demand.<br/>(b) Using diagrams, explain how an increase in price will affect the total revenue of a producer if the demand for his product is:<br/>(i) price elastic;<br/>(ii) price elastic

(a) What is public debt?<br/>(b) Outline any three reasons why countries borrow.<br/>(c) Highlight any three effects of a huge national debt on the economy of a country.