VIII ECONOMICS REVISION [SET A]

June 2010 qp22

Q1

(b) What is meant by productivity? [2]

(d) Explain three possible reasons that could influence a worker’s decision to move from one jobto
another. [6]
(e) Discuss how effective trade unions may be in influencing individual firms and the
government. [7]

Nov. 2010 qp22

2 The economic problem exists everywhere in the world, whatever type of economic system a
country may have.
(a) Giving an example of each, define the four factors of production. [4]
(b) Explain the nature of the economic problem. [4]
(c) Compare how resources are allocated in market and mixed economic systems. [4]
(d) Discuss whether people living in a country would benefit if their country’s economic system
changed from a mixed to a market economy. [8]

3 Money, in terms of how we earn it, spend it and save it, is of fundamental importance to
everybody.
(a) Describe the functions of money. [4]
(c) Describe how an individual’s earnings are likely to change over their lifetime. [3]
(d) Discuss why some individuals spend less than their income whilst others spend more. [7]

5 Most countries are faced with economic problems including unemployment and inflation.
(a) Describe what is meant by full employment. [3]
(b) Explain the different types of unemployment that can exist in an economy. [6]

7.(c) What is meant by specialisation? [4]

(d) Discuss the benefits and disadvantages of specialisation at the national level. [6]

June 2011. Qp22

2. (c) Identify the three questions faced by every type of economic system. [3]
(d) Discuss why virtually every country today has a mixed economy. [8]
4 Deciding on an occupation is difficult for some individuals. There are so many factors that
need tobe taken into consideration. One of these is whether or not there is a trade union they
can join.
(a) Describe the factors, other than possible membership of a trade union, which can affect an
individual’s choice of occupation. [6]
(b) Is it always true that individuals are paid more as they get older? [4]
(c) Explain the benefits that an individual may get from being a member of a trade union. [4]
(d) Discuss whether trade unions always have a harmful effect on the wider economy. [6]

Nov.2011 qp22

2. (a) Why do all countries face the basic economic problem? [4]
(b) State and explain the factors of production. [4]
(c) Define opportunity cost and explain why it is an important concept for economists. [4]
(d) Discuss whether a government should allocate more resources to education and health care
rather than other forms of expenditure. [8]

4.(a) Describe the functions of a trade union. [4]

(b) Why might some workers not belong to a trade union? [4]

June 2011 qp 22

2 (a) Explain, using examples, what is meant by the factor of production called land. [3]
(b) Analyse why a firm might decide to change from labour-intensive production to capital
intensiveproduction. [7]

4.(b) Describe the functions that commercial banks perform in an economy. [6]
(c) Analyse why some individuals are more likely to borrow money than others. [8]

6.(b) Distinguish between structural unemployment and demand-deficient (cyclical) unemployment.[5]

Nov.2012 qp 22
4 Money is said to be of vital importance in all economies.
(a) Describe the four functions of money. [4]
(b) Explain how commercial banks may encourage saving. [6]
(c) Analyse why there are often differences in the earnings of workers in the public sector and
workers in the private sector. [10]

6. (b) Explain why unemployment which lasts for more than a year has more harmful effects
thanshort-term unemployment for (i) the unemployed and (ii) the economy. [6]

Other questions
Q1) Describe the functions of central banks
Q2) Discuss the measures to reduce unemployment
3) M/J2004 P-4 Q-6

SECOND TERM

S10 QP22
2 (a) (i) Using a demand diagram, show an increase in demand for a product. [2]
(ii) Identify two causes of such an increase in demand. [2]
3 (a) Define fixed cost and variable cost, giving one example of each. [4]
(b) Explain three factors of production that are involved in the operation of an airport. [6]
4 In Nigeria, firms vary in size from the smallest businesses up to very large enterprises.
(c) Describe the reasons why small firms are often successful in the retail trade in many
countries. [5]
(d) Discuss to what extent a large firm is able to benefit from economies of scale in the television
manufacturing industry. [7]
6 Both China and India have a population of over 1 billion people each.
(a) Describe one economic advantage and one economic disadvantage to countries such as
China and India of having a very large population. [4]
(b) Explain the reasons for the different rates of population growth in different countries. [6]

W10 QP22
3
(b) Analyse, with the aid of a demand and supply diagram, the effect of an increase in demand
for air travel on the wages of pilots. [6]
4 In Brazil, firms vary in size from the very small to the very large.
(a) Describe the main characteristics of a multi-national company. [4]
(b) Explain the reasons why small firms continue to exist in all economies. [6]
6 Changes in population have a significant effect on many countries.
(a) (i) What is meant by net migration? [2]
(ii) Identify two other factors that influence the size of a country’s population. [2]
(b) Compare the consequences of population growth for developing and developed countries.
[6]
(c) Discuss whether a change in the occupational structure of a country would be beneficial for
the economy. [10]

S11QP22
Q1(a) Explain what is meant by an entrepreneur. [2]
(c) Identify two possible reasons why the supply of mobile (cell) phones may increase. [2]
(d) Explain two financial incentives, other than subsidies, which a government might offer
multinational companies to locate in its country. [4]
(e) Discuss whether a multi-national company which locates in a country will always be
advantageous to that economy. [8]
2 One feature of many mixed economies is that governments may intervene by giving subsidies
to some producers.
(a) What is meant by a subsidy? [3]
(b) Explain, using a demand and supply diagram, how a subsidy can affect the equilibrium price
and equilibrium quantity in a market. [6]
3(a) Describe the factors that can affect the demand for a product. [6]

5(a)
(c) Explain how firms can grow in size. [4]
(d) Discuss whether some large firms might benefit from reducing their size. [6]

W11QP22
1(a) (i) State one reason for the increase in demand for cocoa. [1]
(ii) State two reasons for the decrease in supply of cocoa. [2]
(b) Explain, using a demand and supply diagram, how the changes in the demand for and the
supply of cocoa have affected the equilibrium price and equilibrium quantity in the cocoa
market. [6]
4
(d) Discuss whether firms always benefit from growing larger. [8]
6(b) Explain what influences a country’s birth rate. [6]
S12QP22
3(a) Explain, using a demand and supply diagram, how these two actions would have affected the
equilibrium price and the equilibrium quantity of houses. [6]
(b) Explain what determines the demand for houses. [6]
(c) Discuss whether it is better for the public sector to build houses rather than the private sector. [8]
5
(b) Explain why a firm’s profits might increase. [4]
(c) Distinguish between internal and external economies of scale. [4]
(d) Discuss whether all small firms will eventually become large firms. [8]
(a) Define the term death rate and describe the factors that can affect a country’s death rate.
[6]
(b) Explain what is meant when a country is said to be overpopulated. [4]
(c) Discuss whether the population problems found in the developing world are the same as
those found in the developed world. [10]
W12QP22
(c) Firms can grow large through integration. Explain, with the aid of examples, the difference
between horizontal and vertical integration. [4]

Q1) Using population pyramid compare and contrast with a developed and developing country
Q2) Discuss whether ageing population is a serious economic problem [8]