The purchasing power of money depends upon the__________
The table below shows the cost of production and output of maize. The price of maize is fixed $20.00. Use the information to answer the questions that follow.
| Maize (bags) | Total Variables ($) | Total cost ($) | Total Revenue ($) |
| 0 | 0 | 10 | 0 |
| 1 | 8 | w | 20 |
| 2 | 10 | x | 40 |
| 3 | u | 25 | y |
| 4 | v | 32 | z |
| 5 | 28 | 38 | 100 |
a. what is the value of total cost? Give a reason for your answer.
b. Calculate the values of u,v,w,x,y and z
c. Calculate the profit levels 1 and 4
d. In what market structure is the firm operating? Give a reason for your answer.
The table below shows the percentage age distribution of population of country Y in 2010. The population was 200,000. Use the information in the table to answer the questions that follow.
| Age group (year) | 0 - 18 | 19 - 40 | 41 - 60 | 60 and above |
| percentage distribution pf population | 30% | 35% | 25% | 10% |
(a) Calculate the size of the
i. working population
ii. dependent population
(b) If the population (0 -18) years is increased by 2% and 0.5% of the ages 61 years and above have died, what is the natural increase in the population.
(c) How will you describe the age distribution of the population? Give a reason for your answer..
(a) State Professor Robbins’ definition of Economics.
(b) Explain the following concepts:
(i) opportunity cost;
(ii) scale of preference;
(iii) production possibility curve.
(c) Outline three reasons for the study of Economics as a Subject.
(a) Define labour force.
(b) Explain the following concepts with an example each:
(i) occupational mobility of labour;
(ii) geographical mobility of labour.
(c) Outline four factors that can influence the size of the labour force in a country
