Introduction to economics – Questions and Answers

Subject Title: Economics Revision Kit

TOPIC: Introduction to Economics

TOPIC 1

INTRODUCTION TO ECONOMICS

QUESTION 1
December 2022 Question One C
List FOUR characteristics of economic resources. (4 marks)

QUESTION 2
December 2022 Question Three A
Enumerate FIVE factors that could limit consumer sovereignty. (5 marks)

QUESTION 3
December 2022 Question Six A
Outline FOUR disadvantages of a controlled market system. (4 marks)

QUESTION 4
August 2022 Question One A
Explain five demerits of trade liberalisation in an economy. (5 marks)

QUESTION 5
April 2022 Question One A
Discuss five challenges encountered by planned economic system in their transition to market oriented economies. (10 marks)

QUESTION 6
December 2021 Question One D
Outline seven advantages of a free market economic system. (7 marks)

QUESTION 7
August 2021 Question Six C
(i) Define the term “free enterprise economic system.” (1 mark)
(ii) Highlight four economic advantages of free enterprise economic system.
(4 marks)
QUESTION 8
May 2021 Question One A
Evaluate four ways in which the government could influence allocation of resources in a country. (8 marks)

QUESTION 9
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 10
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 11
November 2020 Question Two B
Citing four examples, explain the significance of mobility of factors of production.
(8 marks)
QUESTION 12
November 2019 Question One A
Examine four limitations of a planned economic system. (4 marks)

QUESTION 13
November 2019 Question One B
With the aid of a diagram, explain the concept of production possibility curve.
(5 marks)
QUESTION 14
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 15
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 16
November 2018 Question One A
Differentiate between “economic resources” and “non economic resources”. (1 mark)

QUESTION 17
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 18
November 2018 Question Four A
Highlight five characteristics of a mixed economic system. (5 marks)

QUESTION 19
November 2017 Question One D
Enumerate five advantages and five disadvantages of a planned economic system.

QUESTION 20
May 2017 Question One A
Highlight four steps followed in the scientific method used in economics. (4 marks)

QUESTION 21
May 2017 Question One D
Summarise five applications of opportunity cost in decision making. (5 marks)

QUESTION 22
November 2016 Question One B
Outline six advantages of a controlled market system. (6 marks)

QUESTION 23
May 2016 Question One B and C
With the aid of a diagram, explain the production possibility frontier. (5 marks)

QUESTION 24
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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