“Despite the numerous advantages of the market economic system some countries still prefer the planned economic system” .Discuss. (20 marks) –
a) Distinguish between a change in supply and a change in quantity supplied.
b) What factors will lead to an increase in supply?
(10 marks) (10 marks)
a)the similarities and
b) the differences between Perfect competition and Monopolistic competition. (10 + 10 marks)
a)What do you understand by piece rate and time rate as methods of reward for labour?
b)What are the advantages and disadvantages of the piece rate method?
(6 marks) (8 + 6 marks)
Why might an increase in money national income not necessarily lead to an increase in the standards of living
in a country? (20 marks)
The Franc CFA is money used in Cameroon. Why is it considered as good money? (20 marks)
Explain the principles of taxation and give reasons for the imposition of a tax. (10 + 10 marks)
What constitutes the current account of the balance of payments? (8 marks)
How may favourable terms of trade improve upon a country’s balance of payments situation? (12 marks)