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Discuss the law of demand.
Describe the Marginal cost.

Define the Disposable Income.
Distinguish between GDP and NDP.
What is the Say’s Law of market.
Discuss Aggregate Supply,

Explain the Intermediate 80065

What is { i
What is the Psychological law of consumption ?

C 62694

(10 x 2 = 20 marks)

Part C (Paragraph Answer Questions)

Answer any six questions.
Each question carries 5 marks.
Answer should not exceed 100 words.

Examine the economics as a social science ?

Examine the problem of allocation of resources.

Compare and contrast the micro and macro economics.
Explain the law of diminishing marginal utility.

Explain the Importance of the estimation of national income.
Give an account of circular flow of income and expenditure.
Discuss the Components of aggregate demand.

Explain the significance of underemployment equilibrium.

(6 x 5 = 30 marks)

Part D (Essay Questions)

Answer any two questions.
Each question carries 12 marks.

What are the basic economic problems of an economy ? Explain.
Briefly examine the nature of Cost of Production.

Explain the various methods of Measurement of National Income.

What are the basic difference between Classical and Keynesian economic ideas ? Explain.

(2 x 12 = 24 marks)