Balance of payments and trade problems that arose after the world wars were resolved by the____________
Examples of land that are non-renewable include___________
Abundant natural resources do not contribute to economic growth in developing countries because of_________
Table 1 below shows the distribution of the population of a country in various occupations.
Study it and answer the questions that follow.
| OCCUPATION | TOTAL |
| Shoe Production Banking Fish Processing Warehousing Mining Fish Farming Food Crop Production Baking Laundry |
30 million 37 million 19 million 12.2 million 16.1 million 10.8 million 15.6 million 19 million 10.3 million |
a) Calculate the size of the entire labour force in the country
b) What percentage of the labour force is engaged in the
(i) Primary sector
(ii) Secondary sector
(iii) Tertiary sector
c) Calculate the ratio of the workers in mining to the workers in shoe production
d) Calculate the percentage of the people engaged in warehousing
e) (i) Identify the type of economy depicted in the table
(ii) Give a reason for your answer in (e)(i)
Table 2 below show the unit prices and quantities of hats produced by a firm
Study it and answer the questions that follows
| Quantity | Unit Price (S) | Total Revenue (S) | Marginal Revenue (S) |
Average Revenue (S) |
| 10 | 180 | 1800 | - | 180 |
| 20 | 150 | 3000 | 120 | X |
| 30 | U | 3600 | 60 | 120 |
| 40 | 100 | V | W | Y |
| 50 | 80 | 4000 | 0 | 80 |
| 60 | 60 | 3600 | 40 | 60 |
a) Compute the values of U, V, W, X and Y
b) In what type of market is the firm operating? Explain your answer
c) If the firm's marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer
d) If a total cos of $600,00 is incurred when 50 units of hats are produced. Determine the margin of profit or loss made.
e) What is another name for marginal cost?
