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Principles Of Economics (Dhtm 022) Question Paper

Principles Of Economics (Dhtm 022)

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME : 2 HOURS

INSTRUCTIONS:
Answer three questions.
Question One
Explain five reasons for teaching economic as a subject of study.
(10 marks)
Explain the meaning of the following economic terms:
Scarcity
Choice
Opportunity
Human needs.
(10 marks)

Question Two
Describe five factors that influence demand of a commodity.
(10 marks)
Explain the main characteristics of natural resources.
(10 marks)

Question Three
Differentiate the following concepts as used in production and giving examples of each.
Direct production
Indirect production
(10 marks)
Explain the main characteristics of the basic (four) factors of production.
(10 marks)

Question Four
Explain how the government participates in commercial activities in Kenya.
(10 marks)
Explain five factors that influence supply of a commodity.
(10 marks)

Question Five
Describe five essentials of a perfect market.
(10 marks)
Explain these terms as used in economics.
(10 marks)
Oligopoly
Duopoly
Monopoly
Monopolistic competition.

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