G.C.E O/L ECONOMICS 2007 PAPER 2
1 (a i) Define income Elasticity of demand
(ii) State three factors that influence the price elasticity of demand and explain them
(b) (i) Define the term price elasticity of supply
(ii) State three factors that influence price elasticity of supply and explain them
2 (a) What is wholesale trade
(b) Explain any five function perform by the wholesaler in the distribution chain for goods
3 (a) Distinguish between location of industry and localization of an industry
(b) Explain with examples any five factors that influence the localization of industry
(c) Explain with examples any three disadvantages of concentration of industry
4 (a) What is central bank
(b) Give five importance functions perform by the central bank of your country.
5 (a) International trade is very beneficial to the whole world. Explain six of its advantages to mankind
(b) State explain any four disadvantages of international trade to your country
Ambassa Daniel
September 17, 2023
Daniel Ambassa