Category: Economics Revision Questions

QUESTION ONE (a) Explain four methods used the government to stabilise agricultural prices. : (4 marks) (b) Using suitable examples, differentiate between the following terms as used in economics: (c) (i) “Basic human wants” and “secondary human wants”. – Read More …

QUESTION ONE (a) (i) Distinguish between “gross domestic product” and “gross national product”. (4 marks) (ii) Give the reasons for the lower value of the gross national product in the less developing countries. (1 mark) (b) The following data represents Read More …

QUESTION ONE (a) With the aid of a diagram, describe the concept of unstable market equilibrium. (5 marks) (b) “All giffen goods are inferior goods but not all inferior goods are giffen goods”. Using a relevant diagram, explain the above Read More …

QUESTION ONE (a) Outline four assumptions underlying consumer equilibrium. (4 marks) (b) With the aid of a diagram, explain the production possibility frontier. (5 marks) (c) Summarise five ways through which the government could influence the allocation of resources in Read More …

QUESTION ONE (a) Highlight four steps followed in the scientific method used in economics. (4 marks) (b) Enumerate five factors that determine the price elasticity of supply of a commodity. (5 marks) (c) Using indifference curve analysis, derive the Engel’s Read More …

QUESTION ONE (a) Explain the following types of development plans: (i) Short term plans. (1 mark) (ii) Medium term plans. (1 mark) (iii) Long term plans. (1 mark) (b) Highlight three exceptions to the law of diminishing marginal utility. (3 Read More …

QUESTION ONE (a) Discuss five negative effects of inflation in an economy. (10 marks) (b) Explain five conditions that could favour effective use of price discrimination in an economy. (10 marks) (Total: 20 marks) QUESTION TWO (a) Examine four determinants Read More …

QUESTION ONE (a) Differentiate between “economic resources” and “non economic resources”. (1 mark) (b) (i) Explain the term “consumer sovereignty” as used in economics. (1 mark) (ii) Outline eight factors that hinder consumers’ sovereignty. (8 marks) (c) Enumerate five factors Read More …

QUESTION ONE (a) (i) Explain the Keynesian liquidity preference theory of demand for money. (1 mark) (ii) Outline five criticisms of the theory in (a) (i) above. (5 marks) (b) (i) Distinguish between “perfect oligopoly” and “imperfect oligopoly”. (2 marks) Read More …

QUESTION ONE (a) Examine four limitations of a planned economic system. (4 marks) (b) With the aid of a diagram, explain the concept of production possibility curve. (5 marks) (c) With the help of a diagram, illustrate the concept of Read More …