Q.
a) Economics is traditionally divided into two main areas i.e. Micro economics and Macro economics. Explain.
b) Elaborate the meaning of opportunity cost with examples.
c) Illustrate in diagrammatic form, how prices are settled in a competitive market.
d) Discuss the basic economic problems in the built environment.
(4 marks each, 2011 Q1)
Showing posts with label 2011 D03 Eco. Show all posts
Showing posts with label 2011 D03 Eco. Show all posts
Monday, February 2, 2015
Elasticity Q2
Q.
a) Explain the following terms:
i) Elasticity of demand and supply. (5 marks)
ii) Indifference Curve. (5 marks)
b) Explain the concept of production possibility curve and support your answer with examples and diagrams. (10 marks)
(20 marks, 2011 Q2)
a) Explain the following terms:
i) Elasticity of demand and supply. (5 marks)
ii) Indifference Curve. (5 marks)
b) Explain the concept of production possibility curve and support your answer with examples and diagrams. (10 marks)
(20 marks, 2011 Q2)
Perfect Competition Q3
Q.
a) Define the following market structures and illustrate the equilibrium position of a firm or industry in the short-run and in the long-run.
i) Perfect Competition (8 marks)
ii) Monopoly (8 marks)
b) What is meant by the 'kinked' demand curve of an oligopoly market? (4 marks)
(20 marks, 2011 Q3)
a) Define the following market structures and illustrate the equilibrium position of a firm or industry in the short-run and in the long-run.
i) Perfect Competition (8 marks)
ii) Monopoly (8 marks)
b) What is meant by the 'kinked' demand curve of an oligopoly market? (4 marks)
(20 marks, 2011 Q3)
Economies of scale Q4
Q.
a) Explain the meaning of 'economies of scale' and distinguish between internal and external economics. (10 marks)
b) Explain the relation of short-run average costs to long-run average cost. Show in diagrammatic form. (10 marks)
(20 marks, 2011 Q4)
a) Explain the meaning of 'economies of scale' and distinguish between internal and external economics. (10 marks)
b) Explain the relation of short-run average costs to long-run average cost. Show in diagrammatic form. (10 marks)
(20 marks, 2011 Q4)
Functions of Money Q5
Q.
a) Elaborate the four (4) functions of money in an economy. (8 marks)
b) Discuss the meaning of inflation and the measures implemented by the government to control inflation.
(12 marks, 2011 Q5)
a) Elaborate the four (4) functions of money in an economy. (8 marks)
b) Discuss the meaning of inflation and the measures implemented by the government to control inflation.
(12 marks, 2011 Q5)
National Income Q6
Q.
a) Define National Income and discuss its uses. (5 marks)
b) Explain any two (2) methods of calculating national income and discuss the problems encountered in calculating the national income. (15 marks)
(20 marks, 2011 Q6)
a) Define National Income and discuss its uses. (5 marks)
b) Explain any two (2) methods of calculating national income and discuss the problems encountered in calculating the national income. (15 marks)
(20 marks, 2011 Q6)
Circular Flow of Income Q7
Q.
a) With an aid of a diagram, explain circular flow of income in a two-sector economy. (10 marks)
b) Differentiate the functions of commercial bank and central bank. (10 marks)
(20 marks, 2011 Q7)
a) With an aid of a diagram, explain circular flow of income in a two-sector economy. (10 marks)
b) Differentiate the functions of commercial bank and central bank. (10 marks)
(20 marks, 2011 Q7)
What is GDP? Q8
Q.
Explain the following terms:-
a) Gross Domestic Product.
b) Direct tax.
c) Indirect tax.
d) Consumer Price Index.
e) Balance of Payment.
(20 marks, 2011 Q8)
Explain the following terms:-
a) Gross Domestic Product.
b) Direct tax.
c) Indirect tax.
d) Consumer Price Index.
e) Balance of Payment.
(20 marks, 2011 Q8)
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