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Economics Revision Questions Question Paper

Economics Revision Questions

Course:Cpa Part I

Institution: Strathmore Business School question papers

Exam Year:2004

3.1 INTRODUCTION TO ECONOMICS

QUESTION ONE

Write short notes on the following fundamental concepts:
a) Scarcity and Choice (5 marks)
b) Opportunity cost (5 marks)
c) Production possibility frontier (5 marks)
d) Positive and normative economics (5 marks)
(Total: 20 marks)

QUESTION TWO

a) Using specific examples, explain ‘Ceteris Paribus’ as used in economics (6 marks)
b) i) Why is the consumer said to be sovereign (4 marks)
ii) What factors limit this sovereignty? (10 marks)
(Total: 20 marks)

Economics Revision Questions Question Paper

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