Economics Question Paper

Economics

Course:Diploma Course In Management Section 1

Institution: Kenya Institute Of Management (Kim) question papers

Exam Year:2012

Diploma course in management

Section I

September 20112 Examination

Economics

Time: 3 Hours

Instructions
1. Write your index number in the space provided in the answer booklet.
2. Answer any five questions
3. All questions carry equal marks
4. No writing should be done on this question paper
5. Candidates who break KIM examination rules and regulations or commit any malpractice will be Disqualified

1.Define the term consumer sovereignty. (2 marks)

b)Explain limitations of consumer sovereignty. (18 marks)

2 Explain the main disadvantages of specialization (20 marks)

3.Highlight the main shortcomings of the price systems in most developing economies (20 marks)

4.Explain various difficulties encountered when measuring National Income in developing countries. (20 marks)

5.What is market equilibrium (10 marks)

b)Justify the relevance of the concept of elasticity of demand (10 marks)

6.Using the following demand and supply functions of a commodity X, compute the equilibrium price and quantity.
D = 60 – P
S = 30 + P

Where P is price of the commodity X
S is supply of commodity X
D is demand of commodity X (20 marks)

7.Explain any five internal economies of scale (20 marks)

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