Economics Past Questions and Answers

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 demand for his product is:<br/>i. price elastic<br/>ii. price inelastic

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

a. Distinguish between:<br/>i. Growing population and a declining population<br/>ii. overpopulation and underpopulation.<br/>b. Explain any four disadvantages of a rapidly growing population in an economy

Organization and entrepreneurship are vested in diferrent persons in a ____________

The public sector in a mixed economy is not always because of ____________