(a) Define market in economics. [2 marks] (b) State any three features of a monopoly. [9 marks] (c) Outline any ee sources of monopoly power. [9 marks]

(a) State and explain the law of comparative cost advantage. [12 marks] (b) Give two limitations of the law as a theory of international trade. [8 marks]

The diagram below represents the cost and revenue situation of a firm. Use the information in the diagram to answer the questions that follow. (a) Why would ...

(a) Define money. [2 marks] (b) State the three motives for holding money. [6 marks] (c) Mention two determinants each of the motives for holding money. [12 ...

(a) Define: (i) elasticity of demand; [2 marks] (ii) price elasticity of demand. [2 marks] (b) State any four determinants price elasticity of demand. [12 ma...

(a) With the aid of a diagram, explain a minimum price. [5 marks] (b) State any five measures by which a minimum price for an agricultural produce can be mad...

Explain how the following factors will affect the demand for a commodity X: (a) a decrease in the price of a implement Y; [5 marks] (b) an increase in consum...

(a) Distinguish between economic activities and an economic system. [5 marks] (b) Explain the following terms: (i) production; [5 marks] (ii) distribution; [...

The tables below show the expected revenues and projected expenditures from the budget of a hypothetical country in 1998. Use the information in the tables t...