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Hrd 2256:Economics I Question Paper

Hrd 2256:Economics I

Course:Bachelor Of Crop Protection

Institution: Meru University Of Science And Technology question papers

Exam Year:2013

QUESTION ONE – 30 MARKS
(a) In what ways does a perfect market differ from a monopoly, oligopoly and monopolistic competition? (10Marks) (b) Economics is a science as well as an art. Discuss. (5Marks) (c) The subject matter of economics can be explained under two approaches. Explain them. (10Marks) (d) Describe five major limitations of a planned economy. (5Marks)
QUESTION TWO – 20 MARKS
(a) Analyse the economic circumstances under which a perfectly competitive market may thrive. (10Marks) (b) Giving examples, distinguish between macrofinance and microfinance in regard to agricultural finance. (5Marks) (c) Describe the key aspects addressed by agricultural finance. (5marks)
QUESTION THREE – 20 MARKS
An economic system is a system for producing, distributing and consuming goods and services. In the light of this statement:
2
(a) Explain how a free enterprise operates. (10Marks) (b) Give the advantages and limitations of mixed economic system. (10Marks)
QUESTION FOUR – 20 MARKS
(a) There are various ways of classifying markets. Describe the classification based on time. (6Marks) (b) Give the essentials of a market. (4Marks) (c) Define national income and discuss the various concepts of national income. (10Marks)
QUESTION FIVE – 20 MARKS
What is Monetary Policy? Discuss the objectives, instruments and limitations of monetary policy.
(20Marks)

Hrd 2256:Economics I Question Paper

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