Novdec Economics Trail

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*ECONOMIC TRIALS QUESTIONS*
1. The table below represents a traveller’s consumption of bottles of Coca-
Cola.
Study it carefully and answer the questions that follow:-
No. of Bottles
Total Utility
Marginal Utility
(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Coca.
(c) Explain the law of diminishing marginal utility as the basis for the slope
of the traveller’s demand curve.
2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
(i) production;
(ii) distribution;
(iii) consumption.
3. (a) With the aid of a diagram, explain a minimum price.
(b) State any five measures by which a minimum price for an agricultural
produce can be made effective.
4. (a) Describe the output method of measuring the gross domestic product
of a country.
(b) How is the net national product at factor cost obtained from gross
domestic product?
(c) State two problems associated with the output method.
5. (a) Explain the function of money as a
(i) measure of value;
(ii) store of value.
(b) Show how inflation affects these two functions of money.
6. (a) What is a commercial bank?
(b) Describe any four ways by which the Central Bank controls the amount of
credit given by the commercial banks.
7. (a) Differentiate between human capital and physical capital.
(b) State three ways of improving on the stock of human capital in your
country.

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