(a) What is money?

(b) Outline any three characteristics of money.

(c) Explain an effect of inflation on each of the functions of money.

(a) What is unemployment of labour?.

(b) With an example each, explain the following types of unemployment:
(i) frictional unemployment;
(ii)  structural unemployment;
(iii)  seasonal unemployment.

(c)  Outline any four causes of unemployment in a country.

(a) Explain any four causes of demand-pull inflation.

(b) Outline any four undesirable effects of inflation.

(a) What is economic integration?

(b) Distinguish between a free trade area and a customs union.

(c) Describe two advantages and two disadvantages of free trade area

The diagram below represents the equilibrium position of a firm in a perfectly competitive industry. Study it and answer the questions that follow.

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