Economics Craft 1 Certificate In Business Administration/Supplies Ems Department Question Paper
Economics Craft 1 Certificate In Business Administration/Supplies Ems Department
Course:Certificate In Supplies Management (Supplies Management)
Institution: Machakos University question papers
Exam Year:2011
Instruction: Answer any one question.
Time: 1 Hour.
1.a) Explain the meaning of the following terms
i) Choice (2 Marks)
ii) Scarcity (2 Marks)
iii) Opportunity cost (2 Marks)
iv) Quantity demanded (2 Marks)
b) Differentiate between movement along a demand curve and shift of the demand curve.(2 Marks)
c) Give five factors which cause demand curve to shift to the right and to the left (5 Marks)
2. a) Define equilibrium ( 2 Marks)
b) State two types of equilibrium (2 Marks)
From the following data, determine the equilibrium price and quantity. (11 Marks)
Demand----------------Supply
Price------Quantity---Price------------Quantity
5-----------27--------18----------------33
10---------22--------16-----------------29
15--------20---------13-----------------24
20-------17----------11-----------------20
25-------9-----------7------------------18
More Question Papers
Exams With Marking Schemes