Economics Past Questions and Answers

(a) Distinguish between location of industries and localization of industries [5 marks] <br/>(b) Describe any three advantages and any two disadvantages of locating industries in rural areas [15 marks]

(a) Explain the function of money as a (i) measure of value [5 marks] (ii) store of value. [5 marks] <br/>(b)Show how inflation affects these two functions of money [10 marks]

(a) What is a commercial bank? [4 marks] <br/>(b) Describe any four ways by which the Central Bank controls the amount of credit given by the commercial bank [16 marks]

Human wants are

The difference between the money cost and the real cost of any item is that