(a) Highlight the difference between creeping inflation and hyper inflation.

(b) List any four negative effects of inflation.

(c) Outline four ways in which the government of your country can control inflation. 

(a) What is perfect competition?

(b) With the aid of diagrams, compare the short run equilibrium positions of a perfect competitor and an imperfect competitor.

(c) State any two features of an imperfect market.

(a) Distinguish between cash ratio and special deposits.

(b) Explain how cash ratio and special deposits are used as instruments of monetary policy.

(c) Describe any two instruments of fiscal policy in West Africa. 

(a) Outline any four problems of barter economy.

(b) How has the introduction of money solved the problems outlined in 12(a) above? 

The diagram below represents the cost and revenue situation of a firm. Use the information in the diagram to 
answer the questions that follow. 

(a) Why would the firm not produce at (i) Q\(\_1\)  (ii) Q\(\_3\) ? [6 marks]

(b) How much profit does the firm make at P\(\_1\)? [4 marks]

(c) If price falls to P\(\_1\) 
(i) What quantity would the firm produce? [2 marks]
(ii) What type of profit does the firm make? [2 marks]
(iii) Explain your answer in c(ii). [4 marks]

(d) In which type of market s the firm operating?[2 marks]