SAMPLE SHORT ANSWER QUESTIONILLUSTRATION QUESTIONS
1. CIRCULAR FLOW MODEL OF THE ECONOMY- PROPERLY LABELLED MODEL
INCLUDING:
A) PARTICIPANTS-BUSINESS FIRMS, HOUSEHOLDS, GOVERNMENT
B) MARKETS- PRODUCT MARKET , FACTOR MARKET
C) WHAT IS EXCHANGED BETWEEN EACH
2. PRODUCTION POSSIBILITY CURVE(PPF)
A) ILLUSTRATE A PPC GRAPH WITH APPROPRIATE LABELS
B) EXPLAIN WHAT DIFFERENT POINTS ON THE GRAPH REPRESENT
C) WHAT DOES IT REPRESENT
3. MARKET GRAPHA) GRAPH WITH APPROPRIATE LABELS
B) DEMONSTRATE A SHIFT IN SUPPLY OR DEMAND ON GRAPH
C) IDENTIFY DETERMINANT OF THE SHIFT
D) DISCUSS THE PROPER OUTCOMES ( TRADEOFFS) OF SHIFT
E) ILLUSTRATE A SHORTAGE OR SURPLUS ON GRAPH
SHORT ANSWER QUESTIONS
1. a) IDENTIFY AND GIVE AN EXAMPLE OF THE DIFFERENT TYPES OF
ECONOMIC SYSTEMS?
b) WHY DO ECONOMIC SYSTEMS EXIST?
2. a) IDENTIFY AND EXPLAIN the determinants of demand:
b) what is the effect of any one of this determinants on demand in the market?
3. a) IDENTIFY AND EXPLAIN the determinants of demand:
b) what is the effect of any one of this determinants on demand in the market?
4. A) DISCUSS THE DIFFERENCE BETWEEN ELASTICITY AND INELASTICITY
OF DEMAND
B) GIVE AN EXAMPLE OF EACH
C) WHAT ARE THE THREE CRITERIA USED TO DETERMINE ELASTICITY
OF DEMAND
5. A) DISCUSS THE DIFFERENCE BETWEEN ELASTICITY AND INELASTICITY
OF SUPPLY
B) GIVE AN EXAMPLE OF EACH
C) WHAT ARE THE THREE CRITERIA USED TO DETERMINE ELASTICITY
OF SUPPLY
6.A) IDNETIFY THE LEVELS OF COMPETITION IN THE MARKET
B) LIST AND DISCRIBE A CHARACTERISTIC THAT IS UNIQUE TO EACH OF
THE DIFFERENT LEVELS OF COMPETITION IN THE MARKET