O level south west regional mock gce 2022 economics 2

O level south west regional mock gce 2022 economics 2

O level south west regional mock gce 2022 economics 2

1. a. Distinguish between:
i. The division of labour and specialization of labour.
ii. Internal economies of scale and external economies of scale.
b. State and explain three (3) factors that hinder geographical mobility of labour.
c. Explain three (3) methods by which firms integrate.

2. a. Distinguish between state planned economy and market economy. (8mks)
b. State and explain four (4) problems of industrialization in the economy of Cameroon. (8mks)
c. What inter-relationship exists between agriculture and industrialization? (4mks)
3. a. Study the following demand and supply schedule for rice and answer the questions that follow.
Price per Kg (FCFA) Quantity demanded (kg) Quantity supplied (kg)
300 140 220
250 160 200
200 180 180
150 200 160
100 220 140
i. What is the equilibrium price and quantity? (2mks)
ii. Calculate the price elasticity of demand when price rises from 150FCFA to 250FCFA (4mks)
(6mks)
(8mks)
b. Explain the consequences of maximum price control
c. State and explain four (4) factors that influence the supply of rice
4. a. Explain the role played by banks such as BICEC and SGBS in the economy of Cameroon. (8mks)
b. State and explain three (3) instruments used by BEAC to regulate the supply of money in the
economy of its member states.
c. Explain three (3) reasons why people demand money.
(6mks)
(6mks)
5. a. The table below shows the production of com by a certain firm.
Total product Marginal
product (kg)
Average
product (kg)
Variable factor
(labour)
Fixed factor
(land) (kg)
1 1 10
1 2 22
1 3 36
1 ; 4 5
1 5 52
1 6 52
i. Complete the table by calculating marginal product and average product
ii. Over what range of employment is this firm experiencing increasing returns and why? (3mks)
b. Over what range of employment does the firm experience diminishing returns and why? (3mks)
c. State the law of diminishing returns.