Economics Past Questions and Answers

(a) What is elasticity of supply?
(b) when is supply elastic?
(c) Explain any four factors that influence elasticity of supply.

(a) Why would a producer (i) enter a competitive market? (ii) leave a competitive market?
(b) In what two ways do consumers benefit from perfect competition?
(c) Give the two conditions necessary for profit maximization for a perfectly competitive firm.

(a) Explain the following strategies of industrialization:
(i) import substitution (ii) export promotion
(b) Highlight any four objectives of industrial development programmes in your country.

(a) Explain the following: (i) Peasant farming (ii) commercial farming (iii) State farming
(b) In what two ways will increased commercial farming contribute to the development of the economy of your country?

(a) What is (i) commodity money? (ii) token money? (iii) fiduciary issue? (iv) quasi money?
(b) State any four functions of money.