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CPA Economics – August 2022 Past Paper & Answers

Unit: Economics

20 Questions

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Questions

Download CPA Economics August 2022 past paper with detailed answers and marking scheme. This paper is based on KASNEB examination standards and is ideal for revision and exam preparation.

Access the full paper online, download the PDF, or study offline. Each question includes step-by-step solutions to help you understand key concepts in Economics.

Other Economics Past Papers

1a
Economic growth, economic development and economic planning
​​Explain five demerits of trade liberalisation in an economy.
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1b
Economic growth, economic development and economic planning
​​Explain five reasons why income inequalities are a major policy issue in developing countries.
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1c
Money and banking
​​Highlight five factors that determine the transactionary and precautionary demand for money.
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2a
Economic growth, economic development and economic planning
​​Identify five requirements for proper economic planning.
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2b
Money and banking
​​Discuss five criticisms of the liquidity preference theory.
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2c
Demand, supply and determination of equilibrium
​​Examine five disadvantages of trade unions in an economy.
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3a
Demand, supply and determination of equilibrium
​​Evaluate five causes of market failure in an economy.
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3b
Money and banking
​​Explain the term “money illusion”.
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3c
Money and banking
​​Assess four ways in which inflation affects the functions of money.
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4a
Demand, supply and determination of equilibrium
​ ​ ​​Explain the following terms as used in elasticity analysis:

(i) Price elasticity of demand.

(ii) Income elasticity of demand.

(iii) Cross elasticity of demand. 

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4b
Demand, supply and determination of equilibrium
​​Explain four factors that influence the elasticity of demand.
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4c
Demand, supply and determination of equilibrium
​ ​​With the aid of a well labelled diagram, explain the production possibility Frontier (PPF).
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5a
Demand, supply and determination of equilibrium
​​(i) Explain the term “indifference curve” as used in the theory of consumer behaviour.

(ii) Outline six application of the indifference curve analysis.

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5b
Demand, supply and determination of equilibrium
​ ​​(i) Explain the term “optimal size of the firm” as used in the theory of cost.

(ii) Using a well labelled diagram, illustrate the optimal size of the firm.

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5c
Demand, supply and determination of equilibrium
​​(i) Explain the term “production function”.

(ii) Highlight factors that influence the production function. 

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6a
Economic growth, economic development and economic planning
​​(i) Outline five challenges faced by the agricultural sector in developing countries. (5 marks)

(ii) Suggest five policy measures that should be put in place by developing countries to help improve the agricultural sector.

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6b
National income
​ ​​The data provided below represent the national income model of a certain economy in billions of shillings:

Y = C + I + G + (X – M)

C = 200 + 0.8Yd

T = 20 + 0.2Y

I = 70

G = 50

X = 40

M = 60

Where:

Y = National income

C = Consumption expenditure

I = Investment

G = Government expenditure

Yd = Disposable income

T = Taxes

X = Export

M = Import

Required:

The equilibrium level of:

(i) National income.

(ii) Consumption.

(iii) Taxes. 

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7a
Economic growth, economic development and economic planning
​​Explain six roles played by foreign investment in least developed countries.
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7b
Inflation and unemployment
​​Highlight six policy measures that may be put in place to combat unemployment in developing countries.
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7c
Demand, supply and determination of equilibrium
​​A firm operating under perfect competition has the following demand and total cost functions:

P = 75 – 0.5Q

TC = 80 + 20Q

Where:

P = Price in shillings

TC = Total cost

Q = Quantity in units produced and sold

Required:

(i) The level of output that would maximise profits.

(ii) The maximum profit. 

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