Describe the ways in which an entrepreneur may increase the productivity ofland as a factor of production in agriculture.
Describe the factors that would influence a firm to change a high price for its product.
One of the possible structures that a market can assume is the perfect competition. Describe the features of this market structure. There are certain functions that commercial banks perform for business enterprises. Describe these functions. Describe the different types of elasticity of supply. These are certain limitations associated with the use at national income figures for making comparisons on the economic performance performance of different countries. Describe these limitations. There are certain factors that may determine the lzonsumption fuction in a country. Explains the different factorsJCountryr 2 has been experiencing a persistence balance of payments deficits. Explain the measures that the country could take to alleviate the problem. In ordinary conversation, the word ego' is generally used to mean an individual's degree of self-regard. In investment psychology, the concept of Ego is defined differently. (i) Describe the concept Ego in investment psychology. [3] Similarly, in ordinary conversation, individuals can sometimes be distinguished as having a big or small ego, but in investment psychology, the distinction is drawn between 'healthy' and 'unhealthy' Ego. (ii) Describe the difference between a 'healthy' and an 'unhealthy' Ego. [3] (iii) Discuss whether there is any connection between an individual having a big or small ego and a healthy or unhealthy Ego. [3] The definition of Ego used in investment psychology enables a distinction to be drawn between Logos (the type of rational logic that could be understood by all) and rationalisations. (iv) Define the concept of a rationalisation.1 Using all available resources an economy produces diferent combinations of two types of good, clothes and food, shown on the production possibility curve (PPC) diagram. clothes + 100 units food 50 units What does the PPC indicate? A It is more efficient to produce more of clothes than food. B It is only possible to increase the output of clothes by reducing the output of food. C The best situation is to produce equal units of clothes and food. D The cost of producing a unit of clothes is always higher than the cost of producing a unit of food. 2 A government subsidised a new factory in a rural area to create jobs. It also provided training courses at a college. Objectors daimed the development would destroy an area of natural beauty. What concepts are involved in this statement? A economic growth, resource allocation, free market equilibrium B government intervention, monetary policy, opportunity cost G public good, market prices, fiscal policy 0 supply side policy, negative externalities, factors of production 3 Reena makes a living by selling paintings of the town in which she lives. She sells them in an open-air market once a week. In order to be able to sell more pictures in a week she decides to buy a studio, pay someone to help in the studio and try to increase demand by advertising in the local paper. Which factors of production were changed? A capital only B labour and capital G labour and land D labour onlyA market consists of 10 individuals with different demand curves in a given period. What is a calculation that could be used as part of the process to determine the market equilibrium In that period? A at each price add the quantities demanded by each individual B `at each quantity average the price that each individual is prepared to pay C combine the price elasticity of demand (PED) and the price elasticity of supply (PES) at each price D determine the PED and multiply it by the quantity demanded 5 The diagram shows the market for a good. The equilibrium is at point X. The government foes a minimum price for the good at P prion P. quantity What will happen in the market as a result? A The market equilibrium will remain the same. B The quantity demanded will rise to O- The quantity supplied wil fall to O,. D There will be an excess supply. 6 How might the concept of price elasticity of demand (PED) be useful for a government? A to determine the effect on employment of a change in income tax B to determine the effect on goverment revenue of a rise in the rate of interest G to determine the effect of providing a public good D to determine the result of imposing a tanll on imports
