10 50
600
price?
SECTION B: Answer three questi
3. (a) What is meant by the supply of a commodity? (b) Wha
in the supply of beans?
4. Describe the effects of inflation on the economy of a count
5. (a) What is a tax? (b) Highlight the various tax systems.
6. Give five reasons why Government participates in busines
7. (a) Define tariffs (b) What are the reasons for imposing ta
8. In what ways will the efficient functioning of the Economic
economic growth of its member states?
9. Why are West African countries referred to as under-deve
10. Identify the likely problems that can be encountered in to
ANSWERS TO JUNE 1995 SS
1(a)(i) Total product = Average product x Units of labour
36 = P x3, 'P3 = 36
:: P = 36 = 12
3
(ii) Q = Total product 60 = 10
Labour
6
11supply