Economics Past Questions and Answers

An economic system in which most means of production are owned and controlled by the State is known as a

In what ways can the government improve agricultural production in Nigeria?

Define ageing population and explain its effects on an economy.

Explain any three weapons that can be used by a trade union and any two weapons that can be used by an Employers' Association during a trade dispute.

Utility schedule

Quantity of goods consumed	Total Utility	Marginal Utility
0	0	0
1	10	10
2	16	-
3	-	4
4	-	-
5	23	1
6	23	-

(a) Complete the above utility schedule
(b) Draw the marginal utility curve
C(i) At what quantity does TU equal MU?
(II) What is the value of MU when TU reaches the maximum?
(iii) What happens to the values of TU as the quantity consumed increases?
(iv) What happens to the values of MU as the quantity consumed increases?