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

Popular Exams


Mid Term Exams

End Term 1 Exams

End Term 3 Exams

Opener Exams

Full Set Exams



Return to Question Papers