There is scarcity when

Points within a Production Possibilities Curve (PPC) indicate

Which of the following is not a feature of labour?

The pursuit of private profits is a feature of

A major feature of the socialist economic system is

If the budget on education is $50 m out of an annual national budget of $300 m. The sector of a pie chart representing education is

Price elasticity of demand is the responsiveness of quantity demanded to a change in

When total revenue increases as price falls, the coefficient of price elasticity of demand is

If the quantity demanded of rice decreased from 150 bags to 100 bags, the percentage change in quantity demanded is

The law of demand will not hold when

The diagram below shows the demand for milk. Use it to answer questions 11 and 12.

The movement from point x to z might have been caused by

The diagram below shows the demand for milk. Use it to answer questions 11 and 12.

If demand for postal services decline as a result of increased use of e-mails, then the two services are in

Other things being equal, an increase in the demand for land in the short-run will cause an increase in the

If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is

The negative slope of the demand curve is best explained by

Minimum price legislation is used to protect the interests of

The table below shows the supply and demand schedule for apples. Use it to answer question 17.

At what price is excess supply equal to 25

Which of the following best explains diseconomies of scale? Increase in output causes the

In the short-run, a firm can increase output by

The fixed cost of producing 100 units of a good is $600. If the variable cost is $400, the average total cost of one unit of the good is

Firms in perfect competition break even in the long-run because

The government policy that encourages private investment to operate profitably is

Separation of ownership from control is more pronounced in a

Warehousing of goods in the process of distribution is the function of

The supply of labour to an occupation will tend to rise when

Malthus’ predictions did not come to pass mainly because

In determining the growth of a country’s population, infant mortality is a component of

The low productivity per worker in agriculture experienced in West African countries is due to

What will be the likely effect if agriculture is fully mechanized in West Africa?

Locating firms in urban areas may

An advantage a small firm has over a large firm is that the former can better

National income estimates will be understated as a result of the activities of

Use the table below to answer questions 33 and 34.

Gross National Product.  5400 m
Depreciation                     $100 m
Total population.              25 m

The value of Net National Product is

Use the table below to answer questions 33 and 34.

Gross National Product.  5400 m
Depreciation                     $100 m
Total population.              25 m

The value of per capita income is

One effect of inflation is that

The function of money that enables credit purchases of goods and services is

Supply of money is best defined as the

Capital market operators deal in the

Money supply will increase when the Central Bank

Expansionary fiscal policy implies

A commodity with perfectly inelastic demand burden the burden of tax borne by

An increase in a country’s production capacity usually leads to economic

One indicator of the low level of capital formation in developing countries is

Balance of payments is defined as the

Devaluation of currency will help to correct balance of payments deficit if a country’s

Terms of trade is favourable when the

Short-term deficits in the current account of the balance of payments can be financed by balancing

Harmonised monetary and fiscal policies is a feature of

One major achievement of the Economic Commission for Africa (ECA) is the

Exploitation of solid minerals in developing countries can stabilize their revenue base mainly because it helps in