(a) What is public debt?
(b) Outline any three reasons why countries borrow.
(c) Highlight any three effects of a huge national debt on the economy of a country.
The demand schedule for a product is shown below. Use the information in the tabe to answer the question that follows;
| price ($) | 5 | 10 | 15 | 20 | 25 | 30 |
| Quantity ($) | 60 | 50 | 40 | 30 | 20 | 10 |
(a) Calculate the total revenue at each price.
(b) calculate the total revenue at each price
(i) $5 to $10
(ii) $250 to $30
(c) classify the elasticities calculated in (b) above
(d) What is the relationship between the total revenue and elasticity coefficient calculated in (b)(i) and (ii)
The table below shows the total revenue schedule of a farmer who produces maizze. Use the informatiom in the table to answer the qeston that follows;
| Output (in bags) | Total Revenue ($) |
| 0 | 0 |
| 1 | 6 |
| 2 | 12 |
| 3 | 18 |
| 4 | 24 |
| 5 | 30 |
| 6 | 36 |
(a) At each level of output, calculate the farmer's marginal revenue (MR).
(b) What is the price of a bag of maize? Explain your answer.
(c) In what market structure is the farmer operating? Give a reason for your answer.
(a) Define maximum price legislation.
(b) Explain any three reasons for fixing price floors on agricultural produce.
(c) Outline any three effects of price ceiling.
(a) What is net migration?
(b) Explain any four economic consequences of rural-urban migration in your country.
(c) Identify any two measures government can adopt to minimize rural-urban migration in your country.
