Thomas Sim E3009

Q.
a) Explain the following terms in the context of national economy:-

i) Gross Domestic Product (GDP). (3 marks)

ii) Primary sector. (3 marks)

iii) Secondary sector. (3 marks)

iv) Tertiary sector. (3 […]

Q.
a) Explain the characteristics of the following market structure. Support your answer with examples.

i) Perfect competition. (4 marks)

ii) Oligopoly. (4 marks)

b) Differentiate monopoly and […]

Q.
Explain the following terms:-

i) Elasticity of demand. (6 marks)

ii) Equilibrium market price. (6 marks)

iii) Factors of production. (8 marks)

(20 marks, 2013 Q3)

A.
i) Elasticity of demand can […]

Q.
a) Explain the statement “demand is a function of price”. (5 marks)

b) Explain the concept of opportunity cost with reference to the production possibility curve. (15 marks)

(20 marks, 2013 Q2)

A.
a) […]

Q.
a) Define economics and clarify why we should study economics? (5 marks)

b) Explain the advantages and disadvantages of the following economic systems:-

i) Central command system. (5 marks)
ii) Free […]

Q.What are your arguments for and against Protectionism?A.Arguments for ProtectionismFledging industry argument: Certain industries possess a possible comparative advantage but have not yet exploited economies of […]

Q.

In the context of international trade, explain the followings:-

a) Tools of protectionism. (10 marks)

(10 marks, 2014 Q8a)

A.
Protectionism & Barriers to Trade
Author: Geoff […]

Q.
In the context of international trade, explain the followings:-

a) Tools of protectionism. (10 marks)

b) Balance of payment. (5 marks)

c) Exchange rate. (5 marks)

(20 marks, 2014 Q8)

A.
c) […]

Q.
a) Elaborate the different types of money and its functions. (4 marks)

b) Using appropriate examples, differentiate the followings:-

i) Central bank and commercial banks. (8 marks)

ii) Government […]

Q.
a) Define inflation and discuss the measures implemented by the government to control inflation. (15 marks)

b) “There are always winners and losers in inflation”. Explain. (5 marks)

(20 marks, 2014 […]

Q.Differentiate the two.i) Government Operating Expenditure and Government Development Expenditure.(10 marks, 2012 Q8i)A.Ref:Infrastructure University Kuala Lumpur lecture slides:Macroeconomics (DBF 106): […]

Q.
Differentiate the following. Support your answer with examples.

i) Government Operating Expenditure and Government Development Expenditure. (10 marks)

ii) Tariffs and Quota as a tool of protectionism. […]

Q.d) Discuss the causes of supply of money to rise in an economy. (8 marks)(8 marks, 2012 Q7d)What causes the money supply to rise?A.Banks choose to hold a lower liquidity ratio.An inflow of funds from abroad. If […]

Q.Differentiate between M1 and M2 supply of money. (4 marks)(4 marks, 2012 Q7c)A.This definition of M1, M2 or even M0, MB, M3 and M4 are different measures of money supply. Not all of them are widely used and the […]

Q.
a) Elaborate four (4) functions of money in an economy. (4 marks)

b) Elaborate the different types of money. (4 marks)

c) Differentiate between M1 and M2 supply of money. (4 marks)

d) Discuss the […]

Q.There are always gainers and losers from inflation and deflation. Discuss. Which is more damaging to the economy as a whole and why? (15 marks)(15 marks, 2012 Q6b)A.On the surface, it sounds appealing: Prices […]

Q.
a) Differentiate the meaning of inflation and deflation. (5 marks)

b) There are always gainers and losers from inflation and deflation. Discuss. Which is more damaging to the economy as a whole and why. (15 […]

Q.
a) Discuss the characteristics of the following market structure. Support your answer with examples.

i) Perfect competition. (5 marks)

ii) Monopolistic competition. (5 marks)

(5 marks, 2012 […]

Q.
a) What do you understand by the term National Income? Why is it not equal to Gross National Product (GNP). (5 marks)

b) Explain any one (1) approach of calculating national income and discuss the factors […]

Q.
b) Monopoly is defined as a market structure where there is only one firm in the industry. For a firm to maintain its monopoly position, there must be barriers to the entry of new firms.

Discuss.

i) The […]