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Bus0160;Introduction To Economics Question Paper

Bus0160;Introduction To Economics

Course:Diploma In Agriculture

Institution: Meru University Of Science And Technology question papers

Exam Year:2014

QUESTION ONE 30 MARKS
(a) Define the following terms as used in Economics: (5Marks) (i) Scarcity (ii) Opportunity Cost (iii)Choice (iv) Economic rent (v) Utility (b) In economics demand means the quantity which the buyer stands ready to buy at varying prices where all other conditions are constant. State and briefly explain these other conditions. (6Marks) (c) Using illustrations explain what is meant by abnormal demand curve. Give two causes of abnormal demand curve. (10Marks) (d) Define economic system and explain three different economic systems, stating their features briefly.
(9Marks)
(e) QUESTION TWO 15 MARKS
Discuss the concepts used in the measurement of National Income (15Marks)
2
QUESTION THREE 15 MARKS (a) Distinguish between Economies and diseconomies of scale. (2Marks) (b) Explain the concept of viscous cycle of poverty (5Marks) (c) Explain the advantages and disadvantages of producing in large scale. (8Marks)
QUESTION FOUR 15 MARKS (a) Explain five factors that may influence supply of a commodity. (5Marks) (b) When making good and services firms combine resources so as to minimize the production cost. In the light of this statement, explain various types of costs incurred during production. (10Marks)
QUESTION FIVE 15 MARKS Analyze the factors that determine the economic growth of a country. (15Marks)

Bus0160;Introduction To Economics Question Paper

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