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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:2013

TIME : 2 HOURS

Instructions:
Answer any four questions in the answer booklet provided.
Question One
Define the following terms
(3 marks)
Scarcity
Choice
Economics
State the importance of studying economics.
(2 marks)
Explain five characteristics of human wants.
(10 marks)

Question Two
Briefly explain five characteristics of money.
(5 marks)
Describe the factors of production.
(8 marks)
Distinguish between ’Macroeconomics and Microeconomics.’
(2 marks)

Question Three
Briefly explain five factors influencing consumer buying.
(5 marks)
Discuss five consumer protection agencies available in our country today.
(10 marks)

Question Four
Briefly explain the functions of a market.
(5 marks)
Discuss five economic functions of the government.
(10 marks)

Question Five
Use the following supply schedule of oranges to prepare a supply curve.
(5 marks)
Price (Ksh) Quantity (Kg)
30 60
40 80
50 100
60 120
70 140
80 160

Explain five factors determining the demand for a commodity in the market.
(10 marks)

Question Six
Briefly explain three levels of production.
(3 marks)
Distinguish between ’producer goods and consumer goods.
(2 marks)
Explain five disadvantages of division of labour.
(10 marks)

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