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CPA Economics – December 2022 Past Paper & Answers

Unit: Economics

24 Questions

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Questions

Download CPA Economics December 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
​​Enumerate FIVE functions of the World Trade Organisation (WTO).
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1b
Money and banking
​​Describe THREE ways that banks create credit.
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1c
Introduction to economics
​​List FOUR characteristics of economic resources.
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1d
Demand, supply and determination of equilibrium
​​Outline FIVE ways in which a government could interfere with the price mechanism.
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2a
National income
​​ List FOUR components of disposable national income.
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2b
National income
​​Explain SIX problems that an economist could encounter when comparing welfare between different countries.
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2c
Demand, supply and determination of equilibrium
​ ​​Outline FIVE factors that determine the level of demand in an economy.
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2d
Inflation and unemployment
​​Identify FIVE reasons why unemployment is a major policy issue in developing countries.
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3a
Demand, supply and determination of equilibrium
​​Enumerate FIVE factors that could limit consumer sovereignty.
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3b
Demand, supply and determination of equilibrium
​ ​​With the aid of a well labelled diagram, explain the THREE stages of production according to the law of diminishing marginal returns.
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3c
Demand, supply and determination of equilibrium
​​Explain THREE limitations of the consumer price index.
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4a
Demand, supply and determination of equilibrium
​ ​​Using a well labelled diagram, distinguish between “price floor” and “price ceiling”.
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4b
Money and banking
​​Explain THREE factors that influence the level of interest rates in an economy.
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4c
Economic growth, economic development and economic planning
​​State SIX policy measures that a country could adopt to avoid the risk of not being able to honour her foreign debts.
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5a
Inflation and unemployment
​​Explain the following types of inflation:

(i) Cost push.

(ii) Credit.

(iii) Demand pull.

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5b
Economic growth, economic development and economic planning
​​State SIX policy measures that could be adopted by developing countries to encourage industrial development.
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5c
Inflation and unemployment
​​Enumerate FOUR factors that could determine the effectiveness of trade unions.
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5d
Demand, supply and determination of equilibrium
​​Outline FOUR features of isoquant curves.
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6a
Introduction to economics
​​Outline FOUR disadvantages of a controlled market system.
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6b
Demand, supply and determination of equilibrium
​ ​​The demand and total cost function for a certain firm are represented as follows:

  P = 400 – 4q

 TC=q2+10q+30TC=q2+10q+30

Where:

  • P is the price
  • TC is the total cost
  • q is the quantity

Required:

(i) The marginal cost function.

(ii) The marginal revenue function.

(iii) The average variable cost function.

(iv) The profit maximising level of output.

(v) The maximum profit. 

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6c
Money and banking
​​Discuss THREE motives of holding money as advanced by the Keynesian liquidity preference theory.
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7a
Economic growth, economic development and economic planning
​​Outline SIX characteristics of a good economic development plan.
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7b
National income
​ ​ ​​The following data relates to the national income of a certain country in billions of shillings:

C = 500 + 0.6Yd

I = 350

G = 250

T = 200

X - M = 280 - 0.1Y

Where:

G = Government expenditure

C = Consumption

I = Investment

T = Taxes

X = Exports

M = Imports

Y = National income

Required:

(i) The equilibrium level of national income.

(ii) The equilibrium level of consumption expenditure.

(iii) The multiplier.

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7c
Demand, supply and determination of equilibrium
​​(i) Explain the law of variable proportions.

(ii) Enumerate FOUR assumptions underlying the law of variable proportions.

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