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General Economics Question Paper

General Economics

Course:Diploma In Information Technology

Institution: Kca University question papers

Exam Year:2009

UNIVERSITY EXAMINATIONS: 2009/2010
STAGE IV EXAMINATION FOR DIPLOMA IN INFORMATION
TECHNOLOGY
DIT 404: GENERAL ECONOMICS
DATE: DECEMBER 2009 TIME: 1½HOURS
INSTRUCTIONS: Answer any THREE questions
QUESTION ONE (20 MARKS)
i). Write brief notes on the following;
a) Human wants. (4 Marks)
b) Scarcity, choice and opportunity cost. (4 Marks)
c) Utility. (4 Marks)
d) Production possibility frontier. (Use graphical illustration) (4 Marks)
e) An indifference curve (use graphical illustration) (4 Marks)
QUESTION TWO (20 MARKS)
i). Discuss any five factors affecting individual’s demand for a commodity (10 Marks)
ii). Define the law of demand and illustrate a normal demand curve. (4 Marks)
iii). Identify and explain three circumstances that may lead to exceptional case of demand curves.
(6 Marks)
QUESTION THREE (20 MARKS)
i). Define the law of supply and draw a normal supply curve. (3 Marks)
ii). Explain a situation where the law of supply is violated (3 Marks)
2
iii). Distinguish between the movement along a supply curve and the shift of supply curve
. (6 Marks)
iv). The table below shows the demand and supply schedules for a product.
Price (sh. per kg) Demand (kg) Supply (kg)
10 210 40
20 170 90
30 130 140
40 90 190
50 50 240
Required:
i) The demand and supply curves (6 Marks)
ii) The equilibrium price and quantity. (2 Marks)
QUESTION FOUR (20 MARKS)
a) i) Define the term unemployment (2 Marks)
ii) State and explain any four types of unemployment. (8 Marks)
b) Outline the effects of inflation to an economy (4 Marks)
c) Suggest any four measures that could be adopted to curb inflation in any economy. (4 Marks)
d) Using the Philip’s curve show the relationship between inflation and unemployment. (2 Marks)
QUESTION FIVE (20 MARKS)
i) Explain any four sources of monopoly. (4 Marks)
ii) Highlight any five features of perfect competition market. (5 Marks)
iii) Discuss any three forms of restriction as used in international trade. (6 Marks)
iv) Highlight any five advantages of international trade (5 Marks)

General Economics Question Paper

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