Please answer all questions.
1. Define economics?
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2. Explain each of the economy's problems below.
i. Scarcity
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ii. Choice
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iii. Opportunity cost
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3. Xplain the factors of production.
i. ---------------------------
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ii. ---------------------------
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iii. ---------------------------
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4. The following table shows the production possibilities combination of country A that produces two products: CDs and TVs.
| Production | combinations | ||||
| A | B | C | D | E | |
| CD (million) | 0 | 5 | 10 | 15 | 20 |
| TV (million) | 20 | 18 | 15 | 6 | 0 |
a. Based on the table above draw the production possibilities curve for country A.
b. Calculate the opportunity cost
i. Of producing 5 million of CDs
ii. Of producing 15 million of CDs
iii. When the production of CDs increases from 10 million to 20 million.
c. Country A wishes to produce 25 million CDs and 30 million units of TVs.
i. What is the implication? Suggest two (2) ways in which this production combination can be achieved.
--- Goods Luck ---
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