Economics Past Questions and Answers

Table 1 below shows the distribution of the population of a country in various occupations.<br/>Study it and answer the questions that follow.<br/><table class='tbn'><tbody><tr><td> OCCUPATION </td><td> TOTAL </td></tr><tr><td> Shoe ProductionBankingFish ProcessingWarehousingMiningFish FarmingFood Crop ProductionBakingLaundry </td><td> 30 million37 million19 million12.2 million16.1 million10.8 million15.6 million19 million10.3 million </td></tr></tbody></table><br/><br/><br/> <br/>a) Calculate the size of the entire labour force in the country<br/>b) What percentage of the labour force is engaged in the<br/>(i) Primary sector<br/>(ii) Secondary sector<br/>(iii) Tertiary sector<br/>c) Calculate the ratio of the workers in mining to the workers in shoe production<br/>d) Calculate the percentage of the people engaged in warehousing<br/>e) (i) Identify the type of economy depicted in the table<br/>(ii) Give a reason for your answer in (e)(i)

Table 2 below show the unit prices and quantities of hats produced by a firm<br/>Study it and answer the questions that follows<br/><table class='tbn'><tbody><tr><td> Quantity </td><td> Unit Price (S) </td><td> Total Revenue (S) </td><td> Marginal Revenue (S) </td><td> Average Revenue (S) </td></tr><tr><td> 10 </td><td> 180 </td><td> 1800 </td><td> - </td><td> 180 </td></tr><tr><td> 20 </td><td> 150 </td><td> 3000 </td><td> 120 </td><td> <b> X</b> </td></tr><tr><td> 30 </td><td> <b> U</b> </td><td> 3600 </td><td> 60 </td><td> 120 </td></tr><tr><td> 40 </td><td> 100 </td><td> <b> V</b> </td><td> <b> W</b> </td><td> <b> Y</b> </td></tr><tr><td> 50 </td><td> 80 </td><td> 4000 </td><td> 0 </td><td> 80 </td></tr><tr><td> 60 </td><td> 60 </td><td> 3600 </td><td> 40 </td><td> 60 </td></tr></tbody></table><br/><br/><br/>a) Compute the values of U, V, W, X and Y<br/>b) In what type of market is the firm operating? Explain your answer<br/>c) If the firm's marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer<br/>d) If a total cos of $600,00 is incurred when 50 units of hats are produced. Determine the margin of profit or loss made.<br/>e) What is another name for marginal cost?

(a) What Is economies of scale?<br/>(b) Outline three internal economics of scale a firm can enjoy<br/>(c) State three factors that can influence where a firm is sited.

(a) Define product retailing<br/>(b) Outline any three roles performed by the wholesaler to the manufacturer<br/>(C) ldentify any three problems associated with distribution ol products

(a) Define price elasticity of demand<br/>(b) Distinguish between elastic demand and Inelastic demand<br/>(C) Using diagrams. explain what happens to a traders total revenue demand for his product is:<br/>(i) elastic<br/>(ii) inelastic