ECONOMICS

Question 1(a) Outline any three problems of the organisation of Petroleum exporting countries (OPEC). (b) What remedies have been adopted to curtail any two of the problems. Question 2(a) With the aid of a diagram, explain the effects of fixing price(i) above the equilibrium price(ii) below the equilibrium price. (b) (i) What is an abnormal demand?(ii) Give two reasons for its occurrence.Question 3(a) What is commercial farming? (b) Outline any five roles which commercialfarming can play in the economic development of your country. Question 4(a) What is subsistence farming? (b) Describe each of the following sectors of the economy.(i) primary;(ii) secondary;(iii) tertiary.(c) Using a table, classify the following activities under the three sectors described in (b) above. (i) teaching; (ii) farming; (iii)medical practice; (i v) entertainment (v) banking; (vi) hunting (vii) fishing; (viii) plastic making; (ix) road construction; (x)cannmg. =