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Agec 111:Introduction To Agricultural Economics Question Paper

Agec 111:Introduction To Agricultural Economics

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2013

KENYA METHODIST UNIVERSITY

DEPARTMENT OF AGRICULTURE AND NATURAL RESOURCES

END OF SECOND TRIMESTER 2013 (DAY) EXAMINATION
COURSE CODE : AGEC 111
COURSE TITLE : INTRODUCTON TO AGRICULTURAL ECONOMICS

TIME:2 HOURS

INSTRUCTIONS: ''''''Answer ALL Questions In Section A and any Other TWO Questions in Section B.

SECTION A

Question One

Distinguish between the following terms as used in Economics:
a) Public goods and private goods.
b) Economic goods and non economic goods.
c) Macro and Micro Economics
d) Positive and Normative Economics
e) Consumer goods and Capital goods. (10marks)

Question Two
a) Using a well labeled diagram explain the effect on price and quantity demanded of a government subsidy in the production of wheat. (5marks)
b) Explain any THREE exception of the law of demand. (5marks)

Question Three
a) Using a well labeled diagram, distinguish between maximum price
controls and minimum price controls. (5marks)
b) Explain the problems encountered when economists are measuring the
national income of a country. (5marks)

SECTION B

Question Four

Most economies are opting for free market economic systems. Discuss the two systems unlike giving the relative advantages and disadvantages of each.
(20marks)

Question Five
a) Explain the advantages and disadvantages of specialization. (10marks)
b) Discuss any FIVE functions of commercial banks. (10marks)

Question Six
a) State the law of diminishing Marginal returns. (4marks)
b) Show and explain the THREE stages associated with this law. (12marks)
c) Explain the assumptions of this law. (4marks)

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