Q. (a) Explain the difference between macroeconomics and microeconomics. (5 marks) (b) Describe the three (3) characteristic differences between free economic system and central planning economic system. (15 marks) (20 Read More …
Category: 2015 D03 Eco
Effect of government intervention in stabilizing economy Q2
Q. (a) Explain how government intervention is done in stabilizing the economy. (6 marks) (b) Describe the difference between Domestic Trade and International Trade. (8 marks) (c) “Government intervention in Read More …
Deflation and Inflation Cost-push and Demand-push Q3
Q. (a) Explain the difference between deflation and inflation. (4 marks) (b) Explain two (2) of the following factors as causes of inflation. (i) Cost-push inflation (4 marks) (ii) Demand-pull Read More …
Firm Industry Product Input Consumer and Capital Goods Q4
Q.(a) Explain the difference between consumer goods and capital goods. (8 marks) (b) Explain the following ‘term’ with suitable examples. (i) Firm (4 marks) (ii) Industry (4 marks) (iii) Production Read More …
Implicit and Explicit Costs GDP vs GNP Q5
Q. (a) Describe the difference between explicit costs and implicit costs by definition, concept and appropriate examples. (12 marks) (b) Describe the difference between Gross Domestic Product (GDP) and Gross Read More …
External factors on Demand Curve Q6
Q. (a) The above diagram shows the demand curve (DD) and the supply curve (SS) for a perfectly competitive industry. Discuss the relationship that occurs with P if D1Q1 switches Read More …
Market Structures and Perfect Competition Q7
Q. (a) Explain the following terms in the context of the market structure. (i) Monopolistic (3 marks) (ii) Oligopoly (3 marks) (iii) Monopsony (3 marks) (iv) Oligopsony (3 marks) (b) Read More …
Functions of commercial banks Q8
Q. (a) Describe the main functions of commercial banks based on the following three (3) aspects (i) Acceptance of deposits (4 marks) (ii) Loan facilities (4 marks) (iii) Banking services Read More …