Introduction to resource economics UE Past Papers Questions.

With appropriate examples, briefly describe key types of unemployment based on their causes.

Answer / Solution

UNSOLVED

1. A single deinition of “economics” is unlikely to cover all its aspects. Briefly explain
2. Suppose that an increase in the price of milk from $ 2.85 tp $3.15 a gallon raises that amount that dairy farmers produce from 9,000 to 11,000 gallons per month. COmpute the price elasticity of supply.

Answer / Solution

UNSOLVED

1. Inflation occurs when the govenment prints too much money. Concisely explain with the aid of a demand curve
2. Briefly describe any five (5) desirable characteristics of money.

Answer / Solution

UNSOLVED

Given the equation as follows Q=100-20P+P² where Q is the quantity demanded and P is the Price.

1. Compute the point price elasticity of demand at Q=9 and P=7
2. What could be the effect of reducing price of this product on total revenue? Why?

Answer / Solution

UNSOLVED

Write short notes on the following concepts

1. Sunk cost
2. Marginal cost
3. Competitive market
4. GDP deflator
5. NNP(Net National Product)

Answer / Solution

UNSOLVED