CPA › Economics › Introduction to economics
Back to Unit

Introduction to economics

Unit: Economics

Premium Topic Resources

Sign in to download the full Topic PDF and enable offline revision mode.

Login to Access
Join the community! 550+ students upgraded in the last 24 hours. Limited Discount Seats Available

Practice CPA Economics Introduction to economics questions with detailed answers and explanations.

Access past exam questions by topic, improve your understanding, and download PDF for offline revision.

August 2025

 2 Questions
Question 5b
​​Describe FOUR characteristics of human wants.


Answers and Explanations are locked.

Login to View Answer
Question 1
​​(a) Explain FOUR steps of the scientific method as applied in economic analysis.
 
(b) Explain SIX strategies that the government could implement to counter effects of climate change on agriculture.    
 
(c) (i)  Explain the term “central bank” of a country. 
 
(ii) State FOUR secondary functions of a central bank. 
 
(d) Highlight FOUR limitations of production possibility frontier curve.     


Answers and Explanations are locked.

Login to View Answer

April 2025

 3 Questions
Question 6b
​​Describe FIVE ways in which a government may influence allocation of resources


Answers and Explanations are locked.

Login to View Answer
Question 2c
​​Explain FIVE applications of production possibility curves in economics.


Answers and Explanations are locked.

Login to View Answer
Question 1a
​ ​​Explain THREE basic economic problems


Answers and Explanations are locked.

Login to View Answer

August 2024

 2 Questions
Question 5a
​​Explain THREE demerits of the deductive method of economic analysis.


Answers and Explanations are locked.

Login to View Answer
Question 5c
​​Describe how the concept of opportunity cost is applied in decision making with respect to:

(i) Consumers.

(ii) Firms.

(iii) Governance.

(iv) International trade.


Answers and Explanations are locked.

Login to View Answer

April 2024

 1 Questions
Question 2a
​ ​​With an aid of a well labelled diagram, explain the concept of Production Possibility Frontier (PPF).


Answers and Explanations are locked.

Login to View Answer

December 2023

 1 Questions
Question 6a
​​Describe THREE steps involved in the scientific method of studying economics.


Answers and Explanations are locked.

Login to View Answer

August 2023

 4 Questions
Question 1c
​​Distinguish between “merit goods” and “public goods”.


Answers and Explanations are locked.

Login to View Answer
Question 3b
​​Enumerate FIVE economies of scale that may be enjoyed by a manufacturing firm.


Answers and Explanations are locked.

Login to View Answer
Question 3c
​​Describe FOUR ways in which a government might restrict international trade.


Answers and Explanations are locked.

Login to View Answer
Question 5b
​​Outline FIVE advantages of trade liberalisation to traders.


Answers and Explanations are locked.

Login to View Answer

April 2023

 1 Questions
Question 1b
​​Enumerate FIVE benefits of studying economics.


Answers and Explanations are locked.

Login to View Answer

December 2022

 2 Questions
Question 6a
​​Outline FOUR disadvantages of a controlled market system.


Answers and Explanations are locked.

Login to View Answer
Question 1c
​​List FOUR characteristics of economic resources.


Answers and Explanations are locked.

Login to View Answer

December 2021

 1 Questions
Question 2a
​​Examine six features of capital as a factor of production.


Answers and Explanations are locked.

Login to View Answer

May 2021

 2 Questions
Question 3b
​ ​​With particular interest on inferior goods, use the indifference curve analysis to demonstrate and explain the income and substitution effect of a fall in price.


Answers and Explanations are locked.

Login to View Answer
Question 1c
​​(i) Define the term "Consumer Sovereignty" as used in economics.
(ii) Summarise six limitations of consumer sovereignty in an economy.


Answers and Explanations are locked.

Login to View Answer

November 2019

 3 Questions
Question 3a
​​Highlight four assumptions of consumer rationality. 


Answers and Explanations are locked.

Login to View Answer
Question 2a
​​Evaluate three fundamental economic issues that a society has to address to minimise the problem of scarcity of resources.


Answers and Explanations are locked.

Login to View Answer
Question 1b
​ ​​With the aid of a diagram, explain the concept of production possibility curve. 


Answers and Explanations are locked.

Login to View Answer

May 2019

 3 Questions
Question 2a
​ ​​(i) Enumerate characteristics of a free market economic system.
(ii) State advantages of a free market economic system.


Answers and Explanations are locked.

Login to View Answer
Question 3a
​​(i) Explain the difference between the "cardinal approach" and the "ordinal approach" to measuring utility.
(ii) Outline limitations of the cardinal approach to measuring utility.


Answers and Explanations are locked.

Login to View Answer
Question 5c
​​Outline limitations of the theory of comparative advantage as used in international trade.


Answers and Explanations are locked.

Login to View Answer

November 2018

 4 Questions
Question 1a
​​ Differentiate between "economic resources" and "non economic resources".


Answers and Explanations are locked.

Login to View Answer
Question 1b
(i) Explain the term "consumer sovereignty" as used in economics.
(ii) Outline eight factors that hinder consumers' sovereignty,


Answers and Explanations are locked.

Login to View Answer
Question 3b
 Examine applications of indifference curve analysis in an economy.


Answers and Explanations are locked.

Login to View Answer
Question 4a
Highlight characteristics of a mixed economic system.


Answers and Explanations are locked.

Login to View Answer

May 2017

 4 Questions
Question 3b
Outline four limitations of the cardinal approach to the theory of consumer behaviour.


Answers and Explanations are locked.

Login to View Answer
Question 7b
Outline six limitations of the theory of comparative advantage


Answers and Explanations are locked.

Login to View Answer
Question 1d
Summarise five applications of opportunity cost in decision making.


Answers and Explanations are locked.

Login to View Answer
Question 1a
Highlight four steps followed in the scientific method used in economics.


Answers and Explanations are locked.

Login to View Answer

May 2016

 1 Questions
Question 1b
​ ​ ​ ​​ With the aid of a diagram, explain the production possibility frontier.


Answers and Explanations are locked.

Login to View Answer

November 2015

 1 Questions
Question 1c
​​rgue five cases for and five cases against specialisation as a method of production.


Answers and Explanations are locked.

Login to View Answer
Related Topics