Q16 of 30 Page 1

Define stocks.

A stock is a quantity measured at a particular period of time. For example,the amount of money in a bank account at a particular period of time. Examples of stock: Wealth, labour force, capital, quantity and bank deposits.


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14

Explain the distinction between “change in quantity supplied’ and “change in supply”. Use diagram.

(Diagram SKIPPED)


 15

Explain the implications of the following in a perfectly competitive market:

(a)Large number of buyers


(b)Freedom of entry and exit to firms


OR


Explain the implications of the following in an oligopoly market:


(a)Inter-dependence between firms


(b)Non-price competition


 17

Depreciation of fixed capital assets refers to :(choose the correct alternative)

(a)Normal wear and tear


(b)Foreseen obsolescence


(c)Normal wear and tear and foreseen obsolescence


(d)Unforeseen obsolescence


 18

What is revenue expenditure?