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S5 Econ Holiday Package 2020 PDF

This document contains revision questions for Economics S.5 covering key concepts. Section A includes questions that distinguish between wants and needs, scarcity and choice, economic and free goods, and public/merit goods versus capital/consumer goods. It also defines opportunity cost, wealth, economic systems, and price. Section B focuses on market versus command economies, determinants of equilibrium and market price, the law of demand, and factors that affect quantity demanded.

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256 views2 pages

S5 Econ Holiday Package 2020 PDF

This document contains revision questions for Economics S.5 covering key concepts. Section A includes questions that distinguish between wants and needs, scarcity and choice, economic and free goods, and public/merit goods versus capital/consumer goods. It also defines opportunity cost, wealth, economic systems, and price. Section B focuses on market versus command economies, determinants of equilibrium and market price, the law of demand, and factors that affect quantity demanded.

Uploaded by

mukholi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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DEPARTMENT OF ECONOMICS

S.5 REVISION QUESTIONS

SECTION A

1. a) (i) Distinguish between wants and needs. (2 marks)


(ii) Outline two features of human wants. (2 marks)
b) (i) Differentiate between scarcity and choice. (2 marks)
(ii) How are the fundamental economic problems related? (2 marks)
c) (i) What is meant by the term opportunity cost? (1 mark)
(ii) Give three uses of opportunity cost to a producer. (3 marks)
d) (i) What is meant by an opportunity cost curve? (2 marks)
(ii) Give two factors that cause a change of the opportunity cost curve. (2 marks)

e) (i) Define the term wealth. (1 mark)


(ii) State three features of wealth. (3 marks)
f) (i) Distinguish between an economic good and a free good. (2 marks)
(ii) Outline two examples of free goods. (2 marks)
g) Differentiate between the following;
(i) Public goods and merit goods. (2 marks)
(ii) Capital goods and consumer goods. (2 marks)
h) (i) What is meant by an economic system? (1 mark)
(ii) State three functions of an economic system. (3 marks)

i)(i) What is a mixed economic system. (1 mark)


(ii) Give three benefits of a mixed economic system. (3 marks)
j) (i) Define the term price. (1 mark)

(ii) Outline three functions of price in the market. (3 marks)


SECTION B

2 (a) Distinguish between a market economy and a command economy. (4 marks)


(b) What are the characteristics of a command economy. (6 marks)
(c) Explain the benefits and costs of a market economy. (10 marks)

3 (a) Differentiate between equilibrium price and market price. (4 marks)


(b) Explain the determinants of market price. (16 marks)

4 (a) State the law of demand. (2 marks)


(b) Why is the demand curve downward slopping? (6 marks)
(c ) Explain the factors that affect quantity demanded of a commodity. (12 marks)

END

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