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Economics Craft 1 Certificate In Business Administration/Supplies Ems Department Question Paper

Economics Craft 1 Certificate In Business Administration/Supplies Ems Department

Course:Certificate In Supplies Management (Supplies Management)

Institution: Machakos University question papers

Exam Year:2011

Instruction: Answer any one question.
Time: 1 Hour.

1.a) Explain the meaning of the following terms
i) Choice (2 Marks)
ii) Scarcity (2 Marks)
iii) Opportunity cost (2 Marks)
iv) Quantity demanded (2 Marks)
b) Differentiate between movement along a demand curve and shift of the demand curve.(2 Marks)
c) Give five factors which cause demand curve to shift to the right and to the left (5 Marks)

2. a) Define equilibrium ( 2 Marks)
b) State two types of equilibrium (2 Marks)
From the following data, determine the equilibrium price and quantity. (11 Marks)

Demand----------------Supply
Price------Quantity---Price------------Quantity
5-----------27--------18----------------33
10---------22--------16-----------------29
15--------20---------13-----------------24
20-------17----------11-----------------20
25-------9-----------7------------------18

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