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Tutorial Questions - Eco 111 ..Topic 1

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19 views1 page

Tutorial Questions - Eco 111 ..Topic 1

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matikosaguge155
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MZUMBE UNIVERSITY

DEPARTMENT OF ECONOMICS
TUTORIAL QUESTIONS -ECONOMICS (ECO 111)
BSc. ICT B AND M 1 (SEMESTER 2- YEAR 2024/25)

INTRODUCTION TO ECONOMICS

1. Define Economics and explain the importance of studying it.


2. Explain two branches of Economics
3. What is the difference between i) traditional approach and modern approach in studying
economics ii) Economics as a science and an art iii) Positive science and a normative
science? (Support with examples).
4. Explain the concepts of i) Deductive method, ii) Inductive method iii) Scarcity and its
causes iv) Choice v) Scale of Preference vi) Opportunity Cost vii) Economic laws.
5. Explain scope of Economics.
6. Explain subject matter of Economics.
7. Explain factors of production and their rewards/Distribution.
8. Explain Methods in Economic analysis.
9. Explain Central economic problems in an economy/ Problems of economic organization.
10. Explain types of Economic systems.
11. Draw and define a Production possibility Frontier (PPF). Also explain its i) slope, ii)
features, iiii) assumptions, iv) why it is concave and v) the concepts of efficiency,
inefficiency, choice, opportunity cost under-utilization and over- utilization.
12. Explain the difference between shifting and rotation of the PPF.
13. Use the diagram to show how the PPF curve shifts / rotate and its direction in each of the
following situations below for manufactured (Horizontal- axis) and agricultural goods
(Vertical- axis).
a) A meteor hits the world and destroys half the earth’s natural resources.
b) Technology is perfected that lowers the cost of manufactured goods.
14. By using information from the table below (on the vertical axis, Mango while on the
horizontal axis, Apple). i) Draw a Production Possibility Frontier ii) What is an opportunity
cost of 20th Mango?.

Combination Mango Apple


A 50 0
B 40 10
C 30 18
D 20 24
E 10 28
F 0 30

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