ECONOMICS TRIAL QUESTIONS

Economics trial Questions
1.Define production?
B. List and explain the. Factors of
production
C. State the law of diminishing marginal
returns
2. Explain the following production
periods
1.market period
2.short run period
3.long run periods
4.very long run periods
2b. Why is it that a doctor earn more
salary then a messenger.
3.Differentiate between division of labour
and specialization.
ii. State 2 advantage or arugment in
favour of labour intensive method.
4. Explain the uses of national income
figure
B.with the aid of a diagram explain what
is mearnt by a change in factor demand.
C.write short notes on the following
(I) factor supply
(Ii) factor supply curve
5.what are the factors that gives rises to
monopolies?
B.list 2 weapons used by a trade union
C.why is the scale of preference
importance
II. States the law of demand and supply.