ad31-principles-of-economics-pilot-paper
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DATE 06 Dec 2025
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About This Document
Document Type: This is a Study Notes, designed for Reviewing core curriculum material.
Context: Standard material from the 2021 academic period.
Key Content: Likely covers essential definitions, structured questions to test your proficiency.
Study Strategy: Summarize these notes into flashcards or mind maps to aid active recall and long-term retention.
Recommendation: comprehensive resource for students aiming to deepen their understanding of General Studies.
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Introduction
This notes resource titled "ad31-principles-of-economics-pilot-paper" contains valuable educational content for academic study and reference. This resource is structured to facilitate effective learning and retention of important information.
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Detailed Summary
ATD LEVEL III PILOT PAPER PRINCIPLES OF ECONOMICS DECEMBER 2021. ALL questions carry equal marks. QUESTION ONE (a) Explain the concept of “Scarcity, Choice and Opportunity cost as applied in economics. (3 marks) (b) State and briefly explain four main factors that may cause a fall in the supply of a good in the market. (4 marks) (c) Highlight the causes of increased cost of living in developing countries. (5 marks) (d) With the aid of a well-labeled diagrams, distinguish between the effects of price floors and price ceilings. (8 marks) (Total: 20 marks) (b) o. ) 5000 6000 w Quantity (Units) 100 120 ke QUESTION TWO (a) The data below represents the units consumed of a commodity at different income levels and price in the market: Required (i) Compute income elasticity of demand through the arcelasticity method. (2 marks) (ii) (6 marks) Discuss the applications of the concept of elasticity in business and economic policy decisions making. The following information relates to a firm in a certain market.
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ATD LEVEL III PILOT PAPER PRINCIPLES OF ECONOMICS DECEMBER 2021. Time Allowed: 3 hours. Answer any FIVE questions. ALL questions carry equal marks. QUESTION ONE (a) Explain the concept of “Scarcity, Choice and Opportunity cost as applied in economics. (3 marks) (b) State and briefly explain four main factors that may cause a fall in the supply of a good in the market. (4 marks) (c) Highlight the causes of increased cost of living in developing countries. (5 marks) (d) With the aid of a well-labe...
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