IreneChung

Q.
Explain the following stages of development for a construction project:-

I)  Briefing stage
II) Designing stage
III) Tendering stage
IV) Constructing stage

State the consultants whose area directly […]

Q.
Why are they called Consumer and Producer ‘surplus’? What do you mean by ‘surplus’? Illustrate how the graph can be used to explain market collusion among the producers.

A.
The producers’ and consumers’ su […]

Q.What do you understand by ‘externalities’?A.In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.[1]For example, manufacturing activities th […]

Q.What is Deadweight Loss? Explain with a diagram and with some examples.A..In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occ […]

Q.b) Differentiate the functions of commercial banks and central bank. (10 marks)(10 marks, 2011 Q7b)A.A central bank is a banker’s bank. It is normally part of or connected to the government of a country and […]

Q.Explain the following terms:d) Consumer Price Index (4 marks)(4 marks, 2011 Q8)What is consumer price index (CPI), and what are the purposes of having CPI?A.A consumer price index (CPI) measures changes in the p […]

Q.Explain the following terms:-e) Balance of Payment. (4 marks)(4 marks, 2011 Q8e)What do you understand by “Balance of Payment”?A.Balance of Payment (BoP) of a country is defined as, “Systematic record of all […]

Q.Explain the following terms:-a) Gross Domestic Productb) Direct Taxc) Indirect Taxd) Consumer Price Indexe) Balance of Payment(20 marks, 2011 Q8)What are direct and indirect taxes?  List out their […]

Q.
Explain the following terms:-

a) Gross Domestic Product.
b) Direct tax.
c) Indirect tax.
d) Consumer Price Index.
e) Balance of Payment.

(20 marks, 2011 Q8)

A.
a) Gross Domestic Product – GDP is […]

Q.
a) With an aid of a diagram, explain circular flow of income in a two-sector economy. (10 marks)

b) Differentiate the functions of commercial bank and central bank. (10 marks)

(20 marks, 2011 […]

Q.How to measure National Income? What are the common measurements of National Income?A.National income is the total income of a nation. It can be interpreted as Output, Expenditure or Income. For example, if a […]

Q.Discuss the problems encountered in calculating the National Income.A.The main difficulties which are involved in the measurement of national income are following: In the fewer developing countries, the accurate […]

Q.What are the uses of National Income figures?A.Uses of National Income Statistics:-1:National Income as a measure of economic growth – Estimates of national income at constant prices indicate economic growth of […]

Q.
a) Define National Income and discuss its uses. (5 marks)

b) Explain any two (2) methods of calculating national income and discuss the problems encountered in calculating the national income. (15 […]

Q.
b) Discuss the meaning of inflation and the measures implemented by the government to control inflation.

(12 marks, 2011 Q5b)

A.
In economics, inflation is a sustained increase in the general price lev […]

Q.What is the meaning of money?A.Money is used to equate to ‘wealth’, like Bill Gates has so much money that he can buy almost everything.However, in economic terms, Money is “the set of assets in the economy that […]

Q.
a) Elaborate the four (4) functions of money in an economy. (8 marks)

b) Discuss the meaning of inflation and the measures implemented by the government to control inflation.

(12 marks, 2011 […]

Q.a) Explain the meaning of “economics of scale” and distinguish between internal and external economies. (10 marks)(20 marks, 2011 Q4a)A.The differences between internal and external economies:​Internal e […]

Q.What are the common curves that are plotted in the study of costs? What are the two axis? In your own language, explain why in real life, marginal cost may initially reduce and gradually rise in an increasing […]

Q.
a) Explain the meaning of ‘economies of scale’ and distinguish between internal and external economics. (10 marks)

b) Explain the relation of short-run average costs to long-run average cost. Show in […]