Economics Past Questions and Answers

(a) Define elasticity of supply
(b) When is supply described as (i) elastic (ii) inelastic
(c) Outline any two factors that influence elasticity of supply.

(a) State the law of diminishing return
(b) What is (i) marginal product (ii) average product?
(c) Explain any three factors that determine the size of firms.

(a) Distinguish between labour and labour force.
(b) State four reasons for the differences in earnings among workers.

Explain each of the following: (a) Nationalization, (b) Commercialization, (c) Privatization and (d) Joint ventures.

(a) Outline any three disadvantages of monopoly
(b) In what two ways can monopoly be controlled?