Introduction to resource economics UE Past Papers Questions.

What do you understand by the term “Phillips Curve” as applied to inflation and unemployment?

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UNSOLVED

Concisely describe the key uses of money.

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UNSOLVED

A single definition of “economics” is unlikely to cover all its aspects. Briefly explain.

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UNSOLVED

Concisely define the following concepts

1. Economies of scale
2. Money velocity
3. Production possibility frontiers
4. Price discrimination
5. Cross price elasticity of demand

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UNSOLVED

Given the following demand equation:

Q=100-20P+P²

Where Q is the quality demanded, and P is the price.

1. calculate the price elasticity of demand when P=7 and Q=9
2. If you are selling such a product, what could be your price strategy to increase revenue?

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UNSOLVED