Month: August 2020

State three reasons why the demand curve slopes downwards.

Outline four limitations of the cardinal approach to the theory of consumer behaviour.

Explain the term “cross elasticity of demand.”

With reference to the theory of production, discuss five factors that could lead to: (i) Increasing returns to scale. (ii) Decreasing returns to scale.

With the aid of a well labelled diagram, describe the cobweb model as used in economics

Summarise five applications of opportunity cost in decision making.

Using indifference curve analysis, derive the Engel’s curve of a normal good.

Enumerate five factors that determine the price elasticity of supply of a commodity.

Highlight four steps followed in the scientific method used in economics.

Outline six challenges encountered by economic planners when using the income approach to estimate the level of national income in developing countries.