Economics Past Questions and Answers

(a) Stale three characteristics of perfect competition,<br/>(b) With the aid of diagrams, explain equilibrium positions of a perfectly competitive firm in the: (i) short-run: (ii) long-run

(a) Explain how the Central Bank controls money supply through the use of: (i) open market operation (ii) bank rate.<br/>(b) Outline four functions performed by the Central Bank of your country.

(a) Distinguish between domestic trade and external trade.<br/>(b) Distinguish between terms of trade and balance of trade<br/>(c) Outline four causes of balance of payments deficit in a country

If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

Which of the following factors will NOT account for an outward shift of production possibility curve?