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Hello Wassce candidates how prepared are you?

ECONOMICS Trials 2024 ?*✍️*

1. Explain why in a free market economy, all consumers do not have equal chance in determining what is produced.

2. (а) Describe the vicious circle of poverty
   (b) How does rapid population growth make it difficult to break the vicious circle poverty?

3. (a) Distinguish between normal profit and pure (abnormal) profit.
   (b) What role does pure profit play in attaining long run equilibrium in perfect competition?

4. (a) Define income elasticity of demand and show how it is measured
   (b) Explain the use of the concept of income elasticity of demand to the following
   I. Trade
   II. Government

5. (a) Distinguish between economies of scale and diseconomies of scale
   (b) Explain how economies of scale and diseconomies of scale determine the shape of the long-run average cost curve.

6. (a) What is economic growth?
   b) Explain any four sources of economic growth.

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