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    Kelvin Magiri
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    This document provides instructions and questions for the second year second semester special/supplementary examination for the degree of Bachelor of Economics at Meru University of Science and Technology. It outlines 5 questions to answer, with each question containing multiple parts related to concepts in introductory economics. Students are instructed to answer question one, which covers distinguishing between macroeconomics and microeconomics, positive and normative economics, unemployment and inflation, and GDP and GNP. It also asks students to explain the law of variable proportions and approaches to measuring national income. Students must then answer any two other questions, which cover topics like the causes of unemployment in Kenya, factors influencing price elasticity, different economic systems, utility theory, and the role of

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    This document provides instructions and questions for the second year second semester special/supplementary examination for the degree of Bachelor of Economics at Meru University of Science and Technology. It outlines 5 questions to answer, with each question containing multiple parts related to concepts in introductory economics. Students are instructed to answer question one, which covers distinguishing between macroeconomics and microeconomics, positive and normative economics, unemployment and inflation, and GDP and GNP. It also asks students to explain the law of variable proportions and approaches to measuring national income. Students must then answer any two other questions, which cover topics like the causes of unemployment in Kenya, factors influencing price elasticity, different economic systems, utility theory, and the role of

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    © All Rights Reserved
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    12 views2 pages

    Bec 3100 Introduction To Economics

    Uploaded by

    Kelvin Magiri
    This document provides instructions and questions for the second year second semester special/supplementary examination for the degree of Bachelor of Economics at Meru University of Science and Technology. It outlines 5 questions to answer, with each question containing multiple parts related to concepts in introductory economics. Students are instructed to answer question one, which covers distinguishing between macroeconomics and microeconomics, positive and normative economics, unemployment and inflation, and GDP and GNP. It also asks students to explain the law of variable proportions and approaches to measuring national income. Students must then answer any two other questions, which cover topics like the causes of unemployment in Kenya, factors influencing price elasticity, different economic systems, utility theory, and the role of

    Copyright:

    © All Rights Reserved
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    of 2

    MERU UNIVERSITY OF SCIENCE AND TECHNOLOGY

    P.O. Box 972-60200 – Meru-Kenya.


    Tel: +254 (0) 799 529 958, +254 (0) 799 529 959, +254 (0) 712 524 293
    Website: www.must.ac.ke Email: info@must.ac.ke

    University Examinations 2017/2018

    SECOND YEAR, SECOND SEMESTER SPECIAL / SUPPLEMENTARY EXAMINATION


    FOR DEGREE OF BACHELOR OF ECONOMICS

    BEC 3100: INTRODUCTION TO ECONOMICS

    DATE: SEPTEMBER, 2018 TIME: 2 HOURS

    INSTRUCTIONS: Answer question one and any other two questions.

    QUESTION ONE (30 MARKS)

    a) Distinguish between the following concepts.


    (i) Macroeconomics and microeconomics. (2 Marks)
    (ii) Positive economics and normative economics (2 Marks)
    (iii) Unemployment and inflation. (2 Marks)
    (iv) G.D.P and G.N.P (2 Marks)
    b) Explain the law of variable proportions as applied in economics. (10Marks)
    c) Discuss the approaches to the measure of national income. (6 Marks)
    d) Explain the uses of national income statistics. (6 Marks)

    QUESTION TWO (20 MARKS)

    a) Explain the causes of unemployment in Kenya. (10 Marks)


    b) Explain the remedies to inflation in Kenya. (10 Marks)

    QUESTION THREE (20 MARKS)

    a) Explain the concept of customer equilibrium as applied in economics. (6 Marks)


    b) Discuss the factors that influence price elasticity of demand. (8 Marks)

    Meru University of Science & Technology is ISO 9001:2015 Certified


    Foundation of Innovations Page 1
    c) Explain the factors that influence price elasticity of supply. (6 Marks)

    QUESTION FOUR (20 MARKS)


    a) Distinguish between centrally planned economic system and free enterprise economic
    systems. (10 Marks)
    b) Discuss the features of a perfectly competitive market structure. (10 Marks)

    QUESTION FIVE (20 MARKS)


    a) Distinguish between cardinal utility theory and ordinalist utility theory. (6 Marks)
    b) Discuss the factors that influence consumer sovereignty. (8 Marks)
    c) Explain the role of central bank in the Kenyan economy. (6 Marks)

    Meru University of Science & Technology is ISO 9001:2015 Certified


    Foundation of Innovations Page 2

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