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    (Karen) HRD 2103 General Economics

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    Joe Njore
    The document is an exam for a course in general economics. It contains 5 questions testing understanding of key economic concepts. Question 1 has subparts on (a) distinguishing microeconomics from macroeconomics, (b) the overall economic problem and opportunity cost, (c) the importance of the production possibility frontier, and (d) factors determining demand. Question 2 focuses on the demand curve, while Question 3 examines national income concepts like GNP and GDP. Question 4 covers perfect competition and monopolies. Finally, Question 5 addresses commercial banks, their roles, the functions of central banks, and features of money. The exam tests a range of fundamental economic topics through multiple choice and explanation questions.

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    (Karen) HRD 2103 General Economics

    Uploaded by

    Joe Njore
    147 views3 pages
    The document is an exam for a course in general economics. It contains 5 questions testing understanding of key economic concepts. Question 1 has subparts on (a) distinguishing microeconomics from macroeconomics, (b) the overall economic problem and opportunity cost, (c) the importance of the production possibility frontier, and (d) factors determining demand. Question 2 focuses on the demand curve, while Question 3 examines national income concepts like GNP and GDP. Question 4 covers perfect competition and monopolies. Finally, Question 5 addresses commercial banks, their roles, the functions of central banks, and features of money. The exam tests a range of fundamental economic topics through multiple choice and explanation questions.

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    (Karen)Hrd 2103 General Economics

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    The document is an exam for a course in general economics. It contains 5 questions testing understanding of key economic concepts. Question 1 has subparts on (a) distinguishing microeconomics from macroeconomics, (b) the overall economic problem and opportunity cost, (c) the importance of the production possibility frontier, and (d) factors determining demand. Question 2 focuses on the demand curve, while Question 3 examines national income concepts like GNP and GDP. Question 4 covers perfect competition and monopolies. Finally, Question 5 addresses commercial banks, their roles, the functions of central banks, and features of money. The exam tests a range of fundamental economic topics through multiple choice and explanation questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    147 views3 pages

    (Karen) HRD 2103 General Economics

    Uploaded by

    Joe Njore
    The document is an exam for a course in general economics. It contains 5 questions testing understanding of key economic concepts. Question 1 has subparts on (a) distinguishing microeconomics from macroeconomics, (b) the overall economic problem and opportunity cost, (c) the importance of the production possibility frontier, and (d) factors determining demand. Question 2 focuses on the demand curve, while Question 3 examines national income concepts like GNP and GDP. Question 4 covers perfect competition and monopolies. Finally, Question 5 addresses commercial banks, their roles, the functions of central banks, and features of money. The exam tests a range of fundamental economic topics through multiple choice and explanation questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    HRD 2103

    W1-2-60-1-6

    JOMO KENYATTA UNIVERSITY


    OF
    AGRICULTURE AND TECHNOLOGY

    University Examinations 2014/2015

    SECOND YEAR FIRST SEMESTER/FIRST YEAR SECOND SEMESTER


    EXAMINATION FOR THE DEGREE OF BACHELOR OF SCIENCE IN
    MATHEMATICS AND COMPUTER SCIENCE/BACHELOR OF
    PURCHASING AND SUPPLY MANAGEMENT

    HRD 2103 : GENERAL ECONOMICS

    DATE: AUGUST 2015 TIME: 2 HOURS

    INSTRUCTIONS: ANSWER QUESTION ONE (COMPULSORY) AND


    ANY OTHER TWO QUESTIONS.
    ______________________________________________________________________

    QUESTION ONE (30 MARKS)

    (a) Distinguish between microeconomics and macroeconomics.


    [4 marks]

    (b) (i) What is the overall economic problem faced by mankind?


    [1 mark]
    (ii) Briefly explain the main choices available to human societies
    to counter the problem in (i) above. [3 marks]
    (iii) What is opportunity cost? [2 marks]

    (c) Why is the production possibility frontier important to a firm?


    [8 marks]

    (d) Briefly explain the factors that determine the demand of a


    commodity in a market of your choice. [8 marks]

    1
    HRD 2103

    (e) (i) What is utility? [2 marks]

    (ii) Distinguish between knowledge utility and natural utility.


    [2 marks]

    QUESTION TWO (20 MARKS)

    (a) Distinguish between a movement along and a shift in demand curve.


    [4 marks]

    (b) (i) What is price elasticity of demand? [4 marks]

    (ii) The price elasticity of demand of a product/service is affected


    by several factors. State and briefly explain six of these
    factors. [12 marks]

    QUESTION THREE (20 MARKS)

    (a) (i) What is National Income? [2 marks]


    (ii) Distinguish between Gross National Product and Gross
    Domestic Product. [2 marks]

    (b) (i) How significant is the analysis of Gross National Product


    figures? [8 marks]

    (ii) What are the problems encountered in measuring National


    Income in developing countries? [8 marks]

    QUESTION FOUR (20 MARKS)

    (a) Briefly state and explain the essential features of a perfectly


    competitive market. [8 marks]

    (b) (i) What are the conditions that should be met for firms to
    maximize profits? [4 marks]

    (ii) Should monopolists always make profits? Explain. [8 marks]


    (iii) W

    2
    HRD 2103

    QUESTION FIVE (20 MARKS)

    (a) What is a commercial bank? [2 marks]

    (b) What roles do commercial banks play in a country? [6 marks]

    (c) State and explain the functions of Central Bank of Kenya. [8 marks]

    (d) What are the four essential features of money? [4 marks]

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