Economics Question Paper

Economics

Course:

Institution: Nairobi Technical Training Institute question papers

Exam Year:2013

1(a) Define economics and briefly explain what is meant by the term economic problem (10 marks) (b) Explain the concept of opportunity cost using production possibility curve (10 marks) 2(a) Explain what is meant by the term principle of specialization (10 marks) (b) State the four characteristics of labour as a factor of production (10 marks) 3(a) Using a well illustrated diagram distinguish between movement along the demand curve and shift along the demand curve (10 marks) (b) Outlind four factors that affect price elasticity of demand (4 marks) 4(a) Outline differences between commercial banks and central banks (10 marks) (b) State and explain the functions of commercial bank in kenya (10 marks) 5(a) Outline the factors which promote growth and development (10 marks) (b) discuss current trends and emerging issues in economics (10 marks)

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