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CPA Economics – December 2024 Past Paper & Answers

Unit: Economics

25 Questions

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Questions

Download CPA Economics December 2024 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
Money and banking
​​(i) Explain the term “credit creation”. 

(ii) Describe THREE factors that limit the effectiveness of credit creation by commercial banks.
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1b
Economic growth, economic development and economic planning
​​State FOUR challenges associated with regional economic integration in developing countries.
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1c
National income
​​(i) Enumerate FOUR causes of a budget deficit in an economy. 

(ii) Highlight FOUR policy measures that could be adopted to correct a budget deficit.
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2a
National income
​​Explain FIVE disadvantages of adopting a dual exchange rate regime in an economy.
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2b
Demand, supply and determination of equilibrium
​​Identify SIX factors that determine the price of labour as a factor of production.
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2c
Money and banking
​​Outline FIVE functions of financial intermediaries.
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2d
Demand, supply and determination of equilibrium
​ ​​Highlight FOUR assumptions of indifference curve analysis.
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3a
Demand, supply and determination of equilibrium
​​Explain SIX causes of wage difference between the “industrial occupation” and the “agricultural occupation”.
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3b
Economic growth, economic development and economic planning
​​Summarise SIX measures that the governments in developing countries may put in place to spur growth in the informal sector.
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3c
Demand, supply and determination of equilibrium
​​Explain FOUR applications of the concept of equilibrium in economics.
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3d
Demand, supply and determination of equilibrium
​​Propose FOUR criticisms of the discounted marginal productivity theory.
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4a
National income
​ ​​The commodity and money market for a certain economy is given by the following functions:

Commodity market

C = 500 + 0.64Y

I = 1720 + 12r

Money market

MS1,400

MDT = 0.5Y

MDS = 600 – 10r 

Required: 

(i) Derive the IS function.

(ii) Derive the LM function.

(iii) Determine the equilibrium rate of interest and equilibrium level of national income. 

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4b
Demand, supply and determination of equilibrium
​ ​​With the aid of a well labelled diagram, explain the relationship between the marginal product curve and the average product curve.
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5a
Demand, supply and determination of equilibrium
​ ​​Using a well labelled diagram, differentiate between “gently sloped supply curve” and “steeply sloped supply curve”.
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5b
Demand, supply and determination of equilibrium
​​Highlight SIX drawbacks of collective bargaining agreement in relation to trade unions.
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5c
Demand, supply and determination of equilibrium
​​Outline FOUR features of monopolist competition.
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5d
Economic growth, economic development and economic planning
​​Explain FOUR positive environmental impacts of economic growth.
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6a
Demand, supply and determination of equilibrium
​ ​​(i) Explain the concept of consumer sovereignty. 

(ii) Enumerate FOUR factors that limit consumer sovereignty.
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6b
Economic growth, economic development and economic planning
​​Summarise FOUR economic implications of rural-urban migration.
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6c
Demand, supply and determination of equilibrium
​​Explain the application of price elasticity of demand in making decision by: 

 (i) Government. 

(ii) Producers. 

(iii) Consumers.
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6d
Economic growth, economic development and economic planning
​​Analyse FOUR causes of unfavourable balance of payment in developing countries.
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7a
Economic growth, economic development and economic planning
​​Outline SIX challenges developing countries face due to over reliance on foreign aid.
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7b
Demand, supply and determination of equilibrium
​​The demand function for a firm is given as: 
 P = 200 – 40Q 

Determine: 
(i) Total revenue function. 

(ii) Average revenue function.

(iii) Marginal revenue function.
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7c
Economic growth, economic development and economic planning
​​Discuss FOUR restrictions to international trade.
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7d
Economic growth, economic development and economic planning
​​Explain FOUR challenges facing the agricultural sector in developing countries.
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