Questions
3.1 INTRODUCTION TO ECONOMICS
QUESTION ONE
Write short notes on the following fundamental concepts:
a) Scarcity and Choice (5 marks)
b) Opportunity cost (5 marks)
c) Production possibility frontier (5 marks)
d) Positive and normative economics (5 marks)
(Total: 20 marks)
QUESTION TWO
a) Using specific examples, explain ‘Ceteris Paribus’ as used in economics (6 marks)
b) i) Why is the consumer said to be sovereign (4 marks)
ii) What factors limit this sovereignty? (10 marks)
(Total: 20 marks)
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