Ordinary level 2023 south west regional mock Economics 2

Ordinary level 2023 south west regional mock Economics 2

Ordinary level 2023 south west regional mock Economics 2

. a) Distinguish between the following as used in economics:
1* Scarcity and Shortage
ii. Wants and Needs,
Economy and Economic system.
b) State and explain four advantages of a capitalist economic system.

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c) State and explain four advantages of the division of labor. ^ * *)
3. a) Slate and explain any four differences between public limited companies and private limited
companies.
b) Below is the capital structure of A & P Company Ltd.
100, 12% Debentures at 2000FCFA each
SO, 10% Preference share at 5000FCFA each
Ordinary shares at 1000FCFA each
If at the end of 2022, the company declares a profit of 100.000FCFA, calculate the.
i. Authorized capital.
ii. The gearing ratio.
c) List any 3 roles played by the Wholesaler to:
i. the manufacturer
Smarks)
100
ii. the retailer (3marks)
4. Study the schedule showing the demand for and supply of garri in a village market in the South West
Region of Cameroon carefully and answer the questions that follow.
Price per Basin (CFAP) Quantity Demanded (Basins) Quantity Supplied (Basins)
3,500 1,800 ‘ 250
4,000 1,200 550
4,500 1,000 1,000
5,000 400 1,600
5,500 200 2,000
a) What is the market price of garri and why? (4marks)
b) If the authorities of this village institute a price of 4,000 CFAF:
i) What name is generally given to such a price?
ii. State any two effects of the above price.
iii) Determine the amount of surplus or shortage recorded as a result of tins decision.
c) If the price per basin were set by the authorities at 5,000 CFAF, what quantity of garri would be
withdrawn from the producers, and how much would this decision cost them to implement?(4marks)
d) Calculate the elasticity of supply as price increases from 4,500 CFAF to 5,000 r.

5. a) Define the term national income.
b) State and explain any four factors that determine the size of a country’s National income. (8marks)
c) State and explain:
i) Three problems faced by the agricultural sector in Cameroon.
ii) Two problems faced by the industrial sector in Cameroon.