Economics Past Questions and Answers

Invisible trade refers to trade in

Balance of payment surplus implies that the value of the country’s

The Economic Commission for Africa is an agency of the

The demand function for a commodity is given as Qd = 21 - 3p.
(a) Use the demand function to complete the table below. [6 marks]

Price $	0	1	3	4	5	6
Quantity demanded (Kg)

(b) Draw the demand curve for the completed schedule in 1(a) (Use of graph sheet is essential) [8 marks]
(c) Outline any three factors affecting demand [6 marks]

The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.

Sectors	Amount ( $ Million)
Education	6,250
Mining	2,150
Agriculture	4,300
Communication	2,400
Health	2,900

(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks]
(b) Distinguish between a budget surplus and a budget deficit. [8 marks]