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Principles Of Economics (Dhtm 022) Question Paper

Principles Of Economics (Dhtm 022)

Course:Education And Pre-University

Institution: Kenya Methodist University question papers

Exam Year:2011

TIME : 2 HOURS
INSTRUCTIONS Answer Question ONE and any Other THREE Questions

Question 1
a) Explain the following terms as used in economics (6marks)
i) Scarcity
ii) Choice
iii) Opportunity cost
b) Elasticity of supply is the degree of the responsiveness of the quantity supplied due to changes in price of a commodity. Assume the price of a cabbage changes from shs. 5.00 to shs. 7.00 and this result in the quantity supplied to increase from 20kg to 30kg. Calculate the elasticity of supply. (9marks)

Question 2
a) Explain the four factors of production (8marks)
b) Identify five barriers to mobility of labour and how you can solve them (7marks)

Question 3
a) With the use of a well drawn diagram, show how the equilibrium of price is determined (10marks)
b) Explain five factors that influence the demand for food in your esteemed hotel (5marks)

Question 4
Discuss the role of government’s involvement in economic activities in Kenya (15marks)

Question 5
a) Explain the conditions of the following markets and give relevant examples.
i) Perfect competition
ii) Monopoly
iii) Oligopoly
iv) Imperfect competition
v) Monopolistic competition (10marks)
b) Why should consumers be protected by the government? Explain (5marks)

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