SECTION B (40 marks) QUESTION 1 (20 marks) a. Define economic growth? How is it measured? (5 marks) b. Explain three factors that can contribute to the economic growth of a country? (15 marks) QUESTION 2 (20 marks) The Table below show the price and quantities of Rice and Com for each year (30 marks) Year Price of Quantity of Price of Rice Quantity of Rice Corn (in Cedis) Corn (in Cedis) ! (in Kilograms) (in Kilograms) 2015 200 100 2016 150 200 2017 100 50 What is Gross domestic product (GDP)? Name and briefly explain any two of its components. (8 marks) b. Calculate the nominal GDP for 2015, 2016 and 2017. ( 8:marks) c. Using a base year of 2016, calculate the real GDP for 2015, 2016 and 2017. (8 marks) QUESTION3((20 marks) a. State the law of variable proportions? (5 marks) b. Explain the negative and diminishing returns stages of production in the short run? (12 marks) c. At which stage of production should a rational firm produce in the short run? Give reasons for your answer. (3 marks) QUESTION 4 (20 marks) . State the law of demand? (5 marks) b. Distinguish between quantity demand and change in demand. c. Market research has revealed the following information about the market for chocolate bars. The demand schedule is given as Qd = 1600 - 300P, and the supply schedule is Qs = 1400 + 700P. Calculate the equilibrium price and quantity in the market for chocolate. Examiners' name: Lilian Arthur (Mrs.) and