Using specific examples, explain ‘Ceteris Paribus’ as used in economics

Write short notes on the following fundamental concepts: a) Scarcity and Choice (5 marks) b) Opportunity cost (5 marks) c) Production possibility frontier (5 marks) d) Positive and normative economics (5 marks)

The value for VAT of a supply is the consideration paid. Indicate the value for VAT under the ` following circumstances: The price of a radio cassette was Sh.17,500. A cash discount of 10% was given to the customer. Ushonaji Architects provided a free service to a community based project. […]

Discuss three practical problems experienced by a U.S citizen in complying with the VAT Act. Suggest ways in which these problems can be overcome.

A person who is registered for VAT must maintain certain records to satisfy the VAT regulations. Give ten examples of such records that must be kept.

An underdeveloped is country planning to be a newly industrialized country by the year 2030 A.D. What obstacles are likely to impede the achievement of this objective and what steps must be taken to overcome such obstacles? (Total: 20 marks)

For your unknown, you should find all of the following information before your start writing your report: Gram reaction Shape and arrangement of organism Catalase test (for Gram + only) All media needed for ID (use the Gram + and – ID labs) and descriptions of any color changes   […]

One of the determinants of demand for a commodity is advertising. Required: (i) Explain the extent to which advertising influences demand. (5 marks) (ii) State the factors that a business firm should consider while developing an advertising policy. (5 marks)

Assume there are 10,000 identical individuals (consumers) in the market for commodity x each with a demand function given by Qdx = 12 – 2Px and 1,000 identical producers of commodity x, each with a supply function which takes the form Qsx = 20 Px. Required: (i) Determine the market […]