1.Citing relevant examples ,distinguish between;
a.Price determination and price discovery[2mks]
b.Tariffs and quotas[2mks]
c.Storage program and price assistance fund citing the advantages and disadvantages of each[4mks]
d.Luxuries and necessities[2mks]
e.A giffen and an inferior good[2mks]
f.Static and dynamic aspects of demand[2mks]
g.Derived demand and Speculative demand[2mks]
h.Change in quantity demanded and change in demand
f.supply control program and deficiency payment[2mks]
2.Given your knowledge of elasticity,why would legislation continue to increase tax on products like beer and cigarettes[5mks]
3.Write short notes on the following;
1.Role of government in market surveillance
11.Role of futures markets in price discovery
111.Unique characteristics of agricultural product prices
1v.The importance of grades in agricultural marketing [Each 5mks,Total 20mks]
4.a]With the aid of a diagram ,explain the production and consumption effects of a tariff policy [7mks]
b]How do slopes of supply and demand schedules affect the production and consumption of a commodity when a tariff policy is imposed? [4mks]
c]What are the distinguishing features between the use of a tariff policy and a quota [4mks]
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