Principles of economics i UE Past Papers Questions.


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(4459) Question Category: Matching items

Match items in List A with items in List B. Write the letter of the item in List B against the question nnumber of the item in List A.

LIST A LIST B
  1. Income effect
  2. How to produce
  3. PPF
  4. Price change
  5. Substitution effect
  6. State of balance in the market
  7. Law of supply
  8. Mixed economy
  9. Higher supply
  10. Change in technology

 

  1. Output-output relationship
  2. Shift of the supply curve
  3. Suppliers and consumers wishes alike
  4. Forces of supply and demand
  5. Direct relationship between price and quantity
  6. Increase in the purchasing power of the consumer
  7. Higher equilibrium price and higher equilibrium quantity
  8. Price control mechanisms
  9. Inncrease in the quantity demanded of the commodity whose price has fallen.
  10. Inverse relationship between price and quantity
  11. Lower equilibrium price and higher equilibrium quantity
  12. Input-input relationship
  13. Change in quantity supplied.

 

Answer / Solution

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(4460) Question Category: Mathematical Calculation

  1. What is cross price elasticity of demand?
  2. Explain any five factors that determine the demand of a product in the market.
  3. Consumers for product Y will demand 1500 units when the selling price is USD 20 per unit but the demand will increase by 10% if the price decreases by 5%.

(i) Calculate the price elasticity of demand for product Y using point method.

(ii) Suppose you were the producer-seller of product Y, what would this price elasticity suggest for your price policy?

Answer / Solution

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(4461) Question Category: Short answers

  1. What is an indifference map?
  2. Explain anny five factors that determine consumer`s choices
  3. Consumer`s indifference curves have negative slopes, do not intersect and are convex to the origin. What is the economic interpretation of these properties?

Answer / Solution

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(4462) Question Category: Mathematical Calculation

  1. What is a price consumption curve?
  2. Consider the following utility function for MR. CHAKUPEWA: U(X,Y)=2XY+X. The marginnal utilities of X and Y are ext{MU}_{X}=2Y+1 and ext{MU}_{Y}=2X respectively. The price of commodity Y is 100 TZS per unit, and the price of commodity Y is 200 TZS per unit. Suppose that MR.CHAKUPEWA`s income is 3000 TZS, answer the following questions.
  1. Calculate the units of X and Y that could be consumed if all the income was spent on either commodity X or Y only.
  2. Write MR.CHAKUPEWA`s budget line equation
  3. Calculate MR.CHAKUPEWA`s optimal consumption level.
  4. Sketch MR>CHAKUPEWA`s budget line and indifference curve by indicating his equilibrium consumption bundle.
  5. What will happen if the price of X decreases by 50% while the price of Y remains constant? Give comments.

Answer / Solution

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(4463) Question Category: Long answers

  1. State the law of diminishing marginal utility
  2. State any five assumptionns the law of diminishing marginal utility
  3. Change in quantity demanded is different from change in demand. Substantiate.

Answer / Solution

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