Question 1:
Explain and discuss the relationship between choice, scarcity and opportunity cost.
Question2:
“In the capitalistic system, Consumer Sovereignty is the key”. Describe and discuss this statement.
Question 3:
Using suitable instances illustrate the terms public and merit goods.
Question 4:
Discuss the likely consequences of a recession on a government’s budget?
Question 5:
Explain and discuss the Law of demand and the factors influencing demand for a product or service.
Question 6:
Explain and illustrate diagrammatically how the market demand for a product will react if there is a tax imposed on the good.
Question 7:
What you understand by Price Elasticity of Demand? Illustrate and explain with examples, price inelasticity and elasticity and how it helps in decision making at firm’s level.
Question 8:
Make a distinction between a firm’s fixed cost and variable cost and give instances.