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<=KNEC Diploma in Human Resource Management Module 1: Economics past paper November 2018
Outline five ways in which the concept of scarcity of resources is of significance to a country.
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Questions List:
1. Outline five ways in which the concept of scarcity of resources is of significance to a country.
2. Describe five different types of price elasticities of demand.
3. Agricultural products normally have a low elasticity of supply. Outline five reasons that may account for this situation.
4. The price for imported cars in country Y has recently gone up. Explain five factors that may account for the increase in price
5. specialization of labour as a factor of production has certain limitations. Highlight five of these limitations.
6. Describe five forms of internal economies of scale in affirm.
7. Explain five limitations of monopoly as a form of market structure.
8. There are certain problems that may be associated with the income approach of measuring national income. Highlight five such problems.
9. Explain five limitations of barter trade as a form of exchange.
10. There are certain principles that govern good taxation system. Outline five such principles.
11. Country X has in the recent past been experiencing demand pull inflation. Explain five causes of such inflation.
12. Country Y has lately been experiencing a high rate of increase in its population growth. explain five factors that could contribute to such a high increase.
13. Explain five measures that a country could adopt to influence investment decisions in an effort to spur economic growth.
14. specialization of labour as a factor of production has certain limitations. Highlight five of these limitations.
1. Outline five ways in which the concept of scarcity of resources is of significance to a country.
2. Describe five different types of price elasticities of demand.
3. Agricultural products normally have a low elasticity of supply. Outline five reasons that may account for this situation.
4. The price for imported cars in country Y has recently gone up. Explain five factors that may account for the increase in price
5. specialization of labour as a factor of production has certain limitations. Highlight five of these limitations.
6. Describe five forms of internal economies of scale in affirm.
7. Explain five limitations of monopoly as a form of market structure.
8. There are certain problems that may be associated with the income approach of measuring national income. Highlight five such problems.
9. Explain five limitations of barter trade as a form of exchange.
10. There are certain principles that govern good taxation system. Outline five such principles.
11. Country X has in the recent past been experiencing demand pull inflation. Explain five causes of such inflation.
12. Country Y has lately been experiencing a high rate of increase in its population growth. explain five factors that could contribute to such a high increase.
13. Explain five measures that a country could adopt to influence investment decisions in an effort to spur economic growth.
14. specialization of labour as a factor of production has certain limitations. Highlight five of these limitations.
