Economics Past Questions and Answers

(a) Explain the concept of diminishing marginal utility.
(b) How is utility maximized?

What are the instruments used by the Central Bank to control the supply of money in any economy?

Distinguish between:
(a) Fixed Cost and Variable Cost;
(b) Marginal Cost and Marginal Revenue;
(c) Total Cost and Total Revenue;
(d) Average Cost and Average Revenue

(a) Define labour as a factor of production.
(b) Explain five characteristics of labour.

What factors determine the size of a firm?