Economics Past Questions and Answers

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 demand for his product is:
i. price elastic
ii. price inelastic

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

a. Distinguish between:
i. Growing population and a declining population
ii. overpopulation and underpopulation.
b. Explain any four disadvantages of a rapidly growing population in an economy

Organization and entrepreneurship are vested in diferrent persons in a ____________

The public sector in a mixed economy is not always because of ____________