Economics Past Questions and Answers

(a) With the aid of a diagram, explain a minimum price. [5 marks]
(b) State any five measures by which a minimum price for an agricultural produce can be made effective. [15 marks]

(a) What is a supply schedule? [2 marks]
(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. [12 marks]
(c) State three examples of exceptional demand. [6 marks]

Distinguish between the following:
(a) wants and effective demand; [5 marks]
(b) demand schedule and demand e; [5 marks]
(c) individual demand and market demand, [5 marks]
(d) change in demand and change in quantity demanded. [5 marks]

The action of government to forgo road construction in order to provide more health facilities denotes

The action of government to forgo road construction in order to provide more health facilities denotes