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Practice JUPEB ECONOMICS – MSS – J133 Past Questions Essay and Objectives

JOINT UNIVERSITIES PRELIMINARY EXAMINATIONS BOARD

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2015 EXAMINATIONS ECONOMICS – MSS – J133

ECONOMICS ESSAY QUESTIONS      

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1.            With reference to the relevant types of elasticity of demand, explain the terms

               (i) Inferior good; and (7 Marks)

               (ii) Complementary good. (8 Marks)

2.            Discuss, with the aid of a demand and supply diagram, the effects on consumers and

               producers when the government introduces an indirect tax on a good. (15 Marks)

3.            With the aid of appropriate diagrams, distinguish between cost-push inflation and  

demand-pull inflation (15 Marks)

4.            Write short notes on the following:

(i)           Floating exchange rate (5 Marks) (ii)          Currency depreciation (5 Marks) (iii)         Currency devaluation (5 Marks)

5.        Explain the functions of money and its role in economic development. (15 Marks)

6.        a. Differentiate between Nominal GDP and Real GDP. (5 Marks)

           b. Explain five reasons why it is important to measure a nation’s income. (10 Marks)

7.         Distinguish between the following pairs of economic concepts.

(i) Returns to scale and returns to size in production analysis

(ii) Consumer’s surplus and producer’s surplus

(iii)  Average product and marginal product.

8.      a. Differentiate between Economic Growth and Economic Development        (5 Marks)

b. List and explain FIVE major characteristics of a Less – Developed economy(10

Marks)

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