Subject matter of economics questions | form five Economics

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#	Question
1	Discuss the meaning of the concept of opportunity cost. illustrate the concept with practical examples. Long answers
2	Economics is concerned only with goods which have exchange value. Explain what properties must such goods posses? Short answers
3	Leonel Robbins has defined economics as “A science which studies human behavior as a relationship between ends and scarce means which have alterative uses” Explain why this definition is NOT the only definition of Economics. Long answers
4	What is the main problem of economics and how do human societies try to solve this problem? Short answers
5	Differentiate microeconomics from macroeconomics. Short answers
6	What is meant by opportunity cost? Explain the relevance of opportunity cost in the planning process. Short answers
7	The economic problems are results of the scarcity of resources. Discuss. Long answers
8	In what ways do command economies and market economies differ? What are the advantages and disadvantages of each of the two economic systems in (a) above? Long answers
9	How does the mode of production differ from an economic system? Tanzania is an example of a mixed economy. Cuba is a socialist economy and United Kingdom(UK) is a capitalist economy. Explain. Long answers
10	Why do some writers describe UK as a mixed economy? Short answers

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