Economics Past Questions and Answers

The total fixed cost (TFC) and total cost (TC) functions of a hypothetical firm are shown in the graph below. Study it and answer the questions that follow:
(a) Determine the firm's
(i) variable cost at output levels 2, 4 and 6
(ii) average total cost at output levels 2 and 3
(iii) marginal cost at output levels 4 and 6
(b) If the price of the firm's product is $40, calculate the firm's profit or loss when the following units are sold:
(i) 2 units; (ii) 4 units

The table below shows the incomes and rates of income tax levied on four professionals in an economy.

Profession	Income per month($)	Tax rate %	Disposable income ($)
Doctor	8,000	10
Engineer	7,000	12
Civil servant	5,000	18
Nurse	6,000	15

Use the above data to answer the questions that follows:
(a) Calculate the disposable incomes of the four individuals
(b) What system of taxtation was employed?
(c) Give reasons for your answer in 2(b)
(d) With the aid of a diagram, explain the system of taxation employed in 2(b)

(a) What is a trade union?
(b) Describe any four functions of trade unions.
(c) Outline any two weapons used by trade unions to achieve their objectives.

(a) Outline any four objectives of a price control policy.
(b) Highlight any four effects of a maximum price control policy.

(a) What are infant industries?
(b) State any four reasons for protecting infant industries.
(c) Outline any three ways by which industries can be financed in West Africa.