Economics Past Questions and Answers

The Table below relates to the supply of labour in response to the given wage rates Use the information in the table to answer the questions that follow .

Wage rate ($ per hour)	Hours worked (per day)	Income per day (S)
10	-	10
20	-	60
30	-	150
40	6	-
50	4	-
60	3	-

(a) Determine the number of hours of work per day if the wage rate is (i) $10 per day (ii) $20 per day (16) $30 per day
(b) Calculate the income per day when the wage rate is (i) $40 (ii) $50 (iii) 60
(c) (i) Which wage rate per hour attracts the highest earnings?
(ii) Name the type of supply curve that can be associated with the data in the table.
(iii) Explain the nature of the supply curve named in (c)(ii)

(a) What are capital goods.
(b) Explain the problems associated with the distribution of goods in your country.

(a) Explain the term net migration.
(b) Describe any four economic effects of rural to urban migration in your country.

(a) Outline any two differences between monopoly and perfect competition
(b) State any four entry barriers that can prevent the emergence of competitive firms.

(a) Distinguish between a public company and a public corporation
(b) What are the problems of public corporations in your country?