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Question 1 of 15
1. Question
With reference to the relevant types of elasticity of demand, explain the terms: Inferior good (7 Marks)
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Question 2 of 15
2. Question
With reference to the relevant types of elasticity of demand, explain the terms: Complementary good. (8 Marks)
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Question 3 of 15
3. Question
Discuss, with the aid of a demand and supply diagram, the effects on consumers and producers when the government introduces an indirect tax on a good. (15 Marks)
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Question 4 of 15
4. Question
With the aid of appropriate diagrams, distinguish between cost-push inflation and demand-pull inflation (15 Marks)
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Question 5 of 15
5. Question
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Question 6 of 15
6. Question
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Question 7 of 15
7. Question
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Question 8 of 15
8. Question
Explain the functions of money and its role in economic development. (15 Marks)
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Question 9 of 15
9. Question
Differentiate between Nominal GDP and Real GDP. (5 Marks)
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Question 10 of 15
10. Question
Explain five reasons why it is important to measure a nation’s income. (10 Marks)
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Question 11 of 15
11. Question
Distinguish between the following pair of economic concepts.
Returns to scale and returns to size in production analysis
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Question 12 of 15
12. Question
Distinguish between the following pair of economic concepts.
Consumer’s surplus and producer’s surplus
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Question 13 of 15
13. Question
Distinguish between the following pair of economic concepts.
Average product and marginal product
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Question 14 of 15
14. Question
Differentiate between Economic Growth and Economic Development (5 Marks)
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Question 15 of 15
15. Question
List and explain FIVE major characteristics of a Less – Developed economy(10 Marks)
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