Economics Past Questions and Answers

(a) (i) Define distribution of goods.
(ii) Illustrate the normal chain of distribution of goods.
(b) Describe a consumers’ cooperative society.
(c) Outline any four roles performed by a consumers’ cooperative society

(a) What is an industry?
(b) Explain the following:
(i) division of labour;
(ii) economies of scale.
(c) Outline any four internal economies of scale.

(a) Define joint venture.
(b) Identify any three merits of a private company over a partnership.
(c) State any three sources of finance to a public enterprise.

(a) Distinguish between the following pairs of concepts:
(i) elastic demand and inelastic demand
(ii) income elasticity of demand and cross elasticity of demand.
(b) Using diagrams, explain how an increase in price will affect the total revenue of a producer if the demand for his product is:
(i) price elastic;
(ii) price elastic

(a) What is public debt?
(b) Outline any three reasons why countries borrow.
(c) Highlight any three effects of a huge national debt on the economy of a country.