Economics Past Questions and Answers

(a) What is a market? [4 marks]
(b) Explain the main features of a perfectly competitive market. [16 marks]

(a) Define the profit of a firm [4 marks]
(b) With appropriate formula, explain the following revenue and cost concepts:
(i) total revenue (TR); [4 marks]
(ii) average revenue (AR): [4 marks]
(iii) marginal revenue (MR); [4 marks]
(iv) average fixed cost (AFC). [4 marks]

Explain the following systems of agriculture as practiced in your country:
(a) subsistence farming; [4 marks]
(b) co-operative agriculture; [4 marks]
(c) plantation agriculture; [4 marks]
(d) mechanized agriculture; [4 marks]
(e) peasant farming. [4 marks]

(a) Distinguish between a cheque and a bank note [8 marks]
(b) What are the main problems of trade by barter? [12 marks]

» the study of economics becomes necessary because of the