Question: SECTION B (40 marks) QUESTION 1 (20 marks) a. Define economic growth? How is it measured? (5 marks) b. Explain three factors that can contribute

SECTION B (40 marks) QUESTION 1 (20 marks) a. Define economic growth? How is it measured? (5 marks) b. Explain three factors that can contribute to the economic growth of a country? (15 marks) QUESTION 2 (20 marks) The Table below show the price and quantities of Rice and Com for each year (30 marks) Year Price of Quantity of Price of Rice Quantity of Rice Corn (in Cedis) Corn (in Cedis) ! (in Kilograms) (in Kilograms) 2015 200 100 2016 150 200 2017 100 50 What is Gross domestic product (GDP)? Name and briefly explain any two of its components. (8 marks) b. Calculate the nominal GDP for 2015, 2016 and 2017. ( 8:marks) c. Using a base year of 2016, calculate the real GDP for 2015, 2016 and 2017. (8 marks) QUESTION3((20 marks) a. State the law of variable proportions? (5 marks) b. Explain the negative and diminishing returns stages of production in the short run? (12 marks) c. At which stage of production should a rational firm produce in the short run? Give reasons for your answer. (3 marks) QUESTION 4 (20 marks) . State the law of demand? (5 marks) b. Distinguish between quantity demand and change in demand. c. Market research has revealed the following information about the market for chocolate bars. The demand schedule is given as Qd = 1600 - 300P, and the supply schedule is Qs = 1400 + 700P. Calculate the equilibrium price and quantity in the market for chocolate. Examiners' name: Lilian Arthur (Mrs.) and

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

SECTION B (40 marks) QUESTION 1 (20 marks) 1. Define economic growth? How is it measured? (5 marks) b. Explain three factors that can contribute to the economic growth of a country? (15 marks)...

SECTION B (50 Marks) Question 1 (20 marks) a What does the beta of a stock measure? A stock has expected return of 11 %, its beta is 0.85 and risk free rate is 4.5%. What must the expected return on...

Read the case study below and answer the following questions: Packaging Logistics. A Case Study in Dairy Sector Nowadays, companies must deal with the challenges, not only in constant innovation in...

SA remains top FDI destination on African Continent South Africa retains its position as the top foreign direct investment (FDI) destination on the African continent, according to the 2018 Ernst &...

Section B (40 marks) 'Refer to Table 1. Write the Excel formula for each cell marked with ? in columns B, C and D such that formula could be copied and pasted into columns D, E, F and G using...

Semester Two Final Examinations, 2016 MGTS1301 Introduction to Management This exam paper must not be removed from the venue Venue ____________________ Seat Number ________ Student Number...

Section B (40 marks) 'Refer to Table 1. Write the Excel formula for each cell marked with ? in columns B, C and D such that formula could be copied and pasted into columns D, E, F and G using...

BUSINESS LAW Business Law BUS2010 Spring 2020 'SIDNEY & NANCY' Instructions: 1. This assignment is to be completed in groups of 3-5 students. Each group is required to work independently from the...

Stralhmore U N I V E R SITY STRATHMORE INSTITUTE OF MANAGEMENT AND TECHNOLOGY DIPLOMA IN INTERNATIONAL RELATIONS END OF SEMESTER EXAMINATION DIR 1304: ECONOMICS AND INTERNATIONAL RELATIONS DATE: 12'h...

CASE STUDY Ball, Inc. is a management consulting firm with the objectives to locally provide its clients the best services in various fields such as organizational change management assistance;...

Verify that the function f(2)=(3-2z)e eu is entire.

The audio segment ends with Charlie McDonnell (of the British "Fun Science" videos) noting that "every now and then, at random, you end up with something awesome." We might take that to mean that...

Agreements among companies at the same stage in a channel to set prices constitute. B . horizontal price fowing. D . toss - teader pricing C . unfair - sales acts. A . vertical price foing

Type or paste question here Problem 3-10 (Algo) The Tuff Wheels was getting ready to start its development project for a new product to be added to its small motorized vehicle line for children. The...

6. Bring to mind a situation where you had a strong sense of satisfaction with what you did. Immerse yourself in the situation. i. How do you feel? ii. What do you hear? iii. What do you see?

3. Imagine a real event that brought joy to your past. What images, sounds, emo-tions, smells and tastes appear? Try to imagine a movie clip of this incident, as it could unfold if the circumstances...

7. Imagine yourself in a future situation that you know you do not thrive in. Try to bring with you that feeling of satisfaction from task 6 in the future uncomfortable situation. a. Highlight three...