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CPA Economics – August 2023 Past Paper & Answers

Unit: Economics

24 Questions

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Questions

Download CPA Economics August 2023 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
​​State FIVE advantages of a planned economy.
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1b
Inflation and unemployment
​​Explain FOUR types of unemployment.
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1c
Introduction to economics
​​Distinguish between “merit goods” and “public goods”.
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1d
Economic growth, economic development and economic planning
​​State THREE determinants of economic development.
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2a
National income
​​Outline FIVE challenges that economic planners are likely to encounter when using the income approach to estimate the level of national income in least developed countries.
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2b
National income
​​(i) Explain the term “credit creation”. 

(ii) Describe THREE factors that limit the effectiveness of credit creation by commercial banks in your country.
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2c
Demand, supply and determination of equilibrium
​ ​​Using a well labelled diagram, illustrate the shutdown point of a firm operating under perfect competition.
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3a
Inflation and unemployment
​​(i) Explain the term “wage control”. 

(ii) Summarise FIVE consequences of wage control by the government in your country.
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3b
Introduction to economics
​​Enumerate FIVE economies of scale that may be enjoyed by a manufacturing firm.
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3c
Introduction to economics
​​Describe FOUR ways in which a government might restrict international trade.
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4a
Demand, supply and determination of equilibrium
​ ​​With the aid of a diagram, explain the marginal efficiency of capital.
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4b
Demand, supply and determination of equilibrium
​​The demand and total cost function of a firm operating under perfect competition are given as:

P = 45 – 4Q

TC = 44 + 15Q

Where;

P represents price

Q represents quantity

TC represents total cost 

 Required:

(i) Determine the sufficient condition for profit maximisation of the firm. 

(ii) Determine the firm’s price for profit maximisation.  

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4c
National income
​​Identify FIVE factors that limit the application of the accelerator principle in an economy.
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4d
Inflation and unemployment
​​Enumerate FIVE roles of trade unions in an economy.
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5a
National income
​ ​​The following information relates to a hypothetical economy:

Autonomous consumption = 8000

Marginal propensity to save (MPS) = 0.45

Required:

(i) Derive the savings function.

(ii) If the level of government expenditure increases by 250%, determine the change in equilibrium level of

national income. 

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5b
Introduction to economics
​​Outline FIVE advantages of trade liberalisation to traders.
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5c
Demand, supply and determination of equilibrium
​​Examine THREE factors that influence the elasticity of supply.
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5d
Money and banking
​​Identify FOUR objectives of fiscal policies.
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6a
Economic growth, economic development and economic planning
​​(i) Explain the term “Structural Adjustment Programmes” (SAPs). 

(ii) Discuss THREE criticisms of SAPs in least developed countries.
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6b
Economic growth, economic development and economic planning
​​Analyse FOUR challenges that may be encountered by an economy when transitioning from a planned economy to a free enterprise system.
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6c
Money and banking
​ ​​(i) Explain the term “legal tender”. 

(ii) With the aid of a diagram, explain the concept of liquidity trap.
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7a
Demand, supply and determination of equilibrium
​ ​​Using an appropriate diagram in each case, explain the four properties of isoquants.
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7b
Demand, supply and determination of equilibrium
​​Analyse THREE benefits of elasticity of demand in economic decision making.
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7c
Economic growth, economic development and economic planning
​​Describe SIX arguments in favour of regional integration in relation to international trade.
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