O level north west regional mock gce 2022 economics 2

O level north west regional mock gce 2022 economics 2

O level north west regional mock gce 2022 economics 2

1 (a) Briefly distinguish the following pairs of terms as used in Economics:
(i) Circulating capital and fixed capita!.
(ii) Verticak integration and. conglomerate.
(b) State and expfain three (3) factors that hinder occupational mobility of labour.
(c) ExplainJhree (3) reasons for the existence of many small firms in Cameroon in spite
of the advantages of large scale production.
2. ( a) Explain the following concepts as related to external trade.
(i) Terms of trade.
(ii) Balance of payment.
(b) Study the tabic below and answer the questions that follow.
Calculate the terms of trade for the following years and indicate whether they are
100 13C • 150 •
100 140 140
favourable or unfavourable:
(i) 2002.
(ii) 2003.
(c) State and explain three (3) reasons why there arc restrictions on imports of
goods and services
3. (a) Distinguish between the following pairs of concepts:
(i) Direct and indirect taxes.
(ii) Budget deficit and budget surplus.
(b) State and explain four (4) reasons why the government imposes indirect taxes.
(c) Outline four (4) canons of a good tax system.
4. The table below shows the levels of satisfaction derived from the consumption of Fanta juice drink