Introduction to economics – Questions and Answers

Subject Title: Economics Revision Kit

TOPIC: Introduction to Economics

QUESTION 1
April 2022 Question One A
Discuss five challenges encountered by planned economic system in their transition to market oriented economies. (10 marks)

QUESTION 2
December 2021 Question One D
Outline seven advantages of a free market economic system. (7 marks)

QUESTION 3
August 2021 Question Six C
(c) (i) Define the term “free enterprise economic system.” (1 mark)
(ii) Highlight four economic advantages of free enterprise economic system.
(4 marks)
QUESTION 4
May 2021 Question One A
Evaluate four ways in which the government could influence allocation of resources in a country. (8 marks)

QUESTION 5
May 2021 Question One C
(i) Define the term “Consumer Sovereignty” as used in economics. (2 marks)
(ii) Summarise six limitations of consumer sovereignty in an economy. (6 marks)

QUESTION 6
November 2020 Question One B
Using suitable examples, differentiate between the following terms as used in economics:
(i) “Basic human wants” and “secondary human wants”. (4 marks)
(ii) “Public good” and “merit good”. (4 marks)
(iii) “Stable equilibrium” and unstable equilibrium”. (4 marks)

QUESTION 7
November 2020 Question Two B
Citing four examples, explain the significance of mobility of factors of production.
(8 marks)
QUESTION 8
November 2019 Question One A
Examine four limitations of a planned economic system. (4 marks)

QUESTION 9
November 2019 Question One B
With the aid of a diagram, explain the concept of production possibility curve.
(5 marks)
QUESTION 10
November 2019 Question Two A
Evaluate three fundamental economic issues that a society has to address to minimise the problem of scarcity of resources. (6 marks)

QUESTION 11
May 2019 Question Two A
(i) Enumerate five characteristics of a free market economic system. (5 marks)
(ii) State five advantages of a free market economic system. (5 marks)

QUESTION 12
November 2018 Question One A
Differentiate between “economic resources” and “non economic resources”. (1 mark)

QUESTION 13
November 2018 Question One B
(i) Explain the term “consumer sovereignty” as used in economics. (1 mark)
(ii) Outline eight factors that hinder consumers’ sovereignty. (8 marks)

QUESTION 14
November 2018 Question Four A
Highlight five characteristics of a mixed economic system. (5 marks)

QUESTION 15
November 2017 Question One D
Enumerate five advantages and five disadvantages of a planned economic system.

QUESTION 16
May 2017 Question One A
Highlight four steps followed in the scientific method used in economics. (4 marks)

QUESTION 17
May 2017 Question One D
Summarise five applications of opportunity cost in decision making. (5 marks)

QUESTION 18
November 2016 Question One B
Outline six advantages of a controlled market system. (6 marks)

QUESTION 19
May 2016 Question One B and C
With the aid of a diagram, explain the production possibility frontier. (5 marks)

QUESTION 20
May 2016 Question One B and C
Summarise five ways through which the government could influence the allocation of resources in a free market economy. (5 marks)

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