Highlight the causes of Balance of payments deficits in your country.
Describe the contributions of natural resources to the economy of your country.
(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
| Commodity | changes in price | commodity | Changes in Quantity Demanded | ||
| Original Price ( |
New price ( |
Original Quantity (kg) | New Quantity (kg) | ||
| Bread | 15 | 20 | Yam | 150 | 200 |
| Beef | 25 | 40 | Fish | 1,000 | 3,000 |
| Butter | 100 | 50 | Margarine | 250 | 400 |
The table here shows the sectoral allocation of a country's budget. Illustrate the data accurately with a pie-chart. Show your workings clearly.
| Sector | Amount ( |
| Health | 30 |
| Education | 25 |
| Housing | 15 |
| Manufacturing | 10 |
| Agriculture | 20 |
(a) What is meant by production?
(b) Explain with examples, the following types of production
(i) Primary;
(ii) Secondary;
(iii) Tertiary.
