SECTION A: (MICRO-ECONOMICS) NB: Answer only three (3) questions in this section. Production possibilities curve Opportunity cost (5 marks)
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1 SECTION A: (MICRO-ECONOMICS) NB: Answer only three (3) questions in this section QUESTION 1 (a) Define the following terms: (i) (ii) Production possibilities curve Opportunity cost (5 marks) (b) Assume there are only two (2) kinds of goods; consumer goods and capital goods. With the aid of the production possibilities curve, explain the concepts of (i) Scarcity (5marks) (ii) Choice and (5marks) (iii) Opportunity cost (5 marks) QUESTION 2 The table below shows the short-run revenue and cost situation of a firm. Study the table carefully and answer the questions that follow: Price Output Total Total Marginal Marginal Profit Revenue Cost Revenue Cost (GH ) (Tonnes) (GH ) (GH ) (GH ) (GH ) (GH ) (a) Complete the table by calculating (i) (ii) (iii) Marginal revenue (MR) Marginal cost (MC) and Profit at each level of output (9 marks) Page 1 of 6
2 (b) (i) What is the total fixed cost of the firm? (ii) What is the total variable cost when three (3) tonnes of output is produced? (c) In what market structure is the firm operating? Explain. (d) With reference to the table created in (a) above, has the profit maximization condition been satisfied at any level of output? Explain. (4 marks) QUESTION 3 (a) Using the marginal utility approach to consumer behaviour, explain why the market demand curve for a normal good is negatively sloped? (12 marks) (b) With the aid of an appropriate diagram, explain how the equilibrium price and quantity traded of a normal good will change with an increase in the daily minimum wage. (8 marks) QUESTION 4 The figure below is a production possibility curve of a hypothetical country. Cocoa/year A R V N Z 0 Use the figure to answer the following questions: B Yam/year (a) Define production possibility curve. Page 2 of 6
3 (b) State any three (3) assumptions underlying the production possibility curve. (c) From the figure, identify the efficient attainable production points. (d) Explain why the points you identified in (c) are efficient (4 marks) (e) What opportunity cost condition does the production possibility curve in the figure depict? (5 marks) (f) Re-draw the figure and depict how a biased technological improvement in cocoa production will change the production possibility curve.
4 Page 3 of 6 SECTION B: (MACRO-ECONOMICS) NB: Answer only two (2) questions from this section QUESTION 5 (a) (i) Define the term balance of payments (ii) Identify the components of the balance of payments (b) What is balance of payments (i) Surplus? (ii) Deficit? (c) Explain any four (4) fiscal measures that a country can take to solve the problem of persistent balance of payments deficit? (12 marks) QUESTION 6 (a) The following are values of macroeconomics variables for an economy in Consumption (C) = GH 1400 million Investment (I) = GH 1200 million Government Expenditure (G) = GH 1500 million Exports = GH 1150 million Import = GH 1230 million Depreciation = GH 150 million Net property income = GH (-1200) million Population = GH 150 million Indirect Business Tax = GH 180 million Subsidies = GH 120 million Price index = 150 Required: (i) Calculate Gross Domestic Expenditure at market price (GDE M) (ii) Calculate Gross National Expenditure at market price (GNE M) Page 4 of 6
5 (iii) Calculate Net National Expenditure in market price (NNE M) (iv) Calculate National Income at factor cost (NNP F) (b) Explain two (2) disadvantages of this method of estimating national income? (12 marks) (6 marks) (c) Identify any two (2) uses of national income estimates QUESTION 7 (a) What is government budget? (b) The following data shows the budget of Ogyakrom in Study the data and answer the questions that follow; Revenue GHS million Expenditure GHS million Income and property tax 180 Workers emoluments 480 Import duties 550 New classroom buildings 600 Company tax 350 Fuel and maintenance of 300 vehicles Excise duties 150 Construction of feeder roads 450 Taxes on exports 120 Divestiture receipts 50 Extension of electricity to 200 rural districts Fines, seizures and forfeitures 20 Social Security payments 50 Calculate: (i) The recurrent expenditure (ii) The capital (development) expenditure (6 marks)
6 Page 5 of 6 (c) What percentage of government revenue was contributed by (i) Direct taxes (ii) Indirect taxes (8 marks) (d) What was the position of the budget for the year 2014? (4 marks) Page 6 of 6
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