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CPA Economics – November 2017 Past Paper & Answers

Unit: Economics

21 Questions

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Questions

Download CPA Economics November 2017 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 the following types of development plans:
(i). Short term plans.
(ii). Medium term plans.
(iii). Long term plans.
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1b
Demand, supply and determination of equilibrium
Highlight three exceptions to the law of diminishing marginal utility
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1c
Money and banking
Describe four functions of money in an economy.
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1d
Economic growth, economic development and economic planning
Enumerate five advantages and five disadvantages of a planned economic system.
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2a
Money and banking
Analyse the relevance of interest rates in an economy.
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2b
Economic growth, economic development and economic planning
Examine eight policy measures that could be adopted to minimise the problem of rising external debt in developing countries.
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2c
Demand, supply and determination of equilibrium
The data provided below relate to the quantities demanded of commodities A, B and C at different price levels:

Commodity ACommodity BCommodity C
Unit Price
(Sh)
75
52		Quantitydemanded
(Units)
923
1,568		Unit price
(Sh.)
14
21		Quantity demanded
(Units)
350
620		Unitprice
(Sh.)
28
24		Quantity demanded
(Units)
540
600

Required:
(i) Elasticity of demand for commodities A, B and C
(ii) Using the results obtained in (c) (i) above, advise the govemment on the commodity that should be considered for a tax increase.
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3a
National income
Outline four factors that determine the supply of labour in an economy.
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3b
Demand, supply and determination of equilibrium
​​ With the aid of well labelled diagrams, analyse the effects of each of the following situations on the market equilibrium price and quantity of an agricultural product X:
(i) A reduction in the price of product Y which is a close substitute for product X.
(ii) A successful promotional campaign by producers showing the nutritional benefits of product X.
(iii) Discovery of a new use for product X by consumers, accompanied by bad weather condition.
(iv) Simultaneous increase in government subsidy on product X accompanied by a reduction in the price of the substitute product Y
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4a
Demand, supply and determination of equilibrium
State five advantages and five disadvantages of a perfectly competitive market structure.
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4b
Demand, supply and determination of equilibrium
Using appropriate illustrations, describe consumer equilibrium under the following approaches to the theory of consumer behaviour:
(i) Cardinal approach
(ii) Ordinal approach.
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5a
Demand, supply and determination of equilibrium
The data below relate to the total cost function of a firm operating under perfect competition:
C = 5,000 - 5,000 + 1,500 + 5Q
Where:
C - Total cost in thousands of shillings.
Q - Output in units
Required:
Assuming an output level of 10 units, determine:
(i) Total cost of production.
(ii) Average variable cost of production
(iii) Marginal cost of production.
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5b
Economic growth, economic development and economic planning
Explain five advantages of implementing exports promotion strategy in developing countries.
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5c
Economic growth, economic development and economic planning
 Highlight ten problems that are faced by the agricultural sector in developing countries.
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6a
Demand, supply and determination of equilibrium
With the aid of a diagram, explain the term "surplus" as applied in the theory of market equilibrium.
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6b
National income
Analyse six factors that influence the cost behaviour of a firm
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6c
National income
​​Using well labelled diagrams, distinguish between inflationary gap" and "deflationary gap" as used in national income statistics.
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7a
Demand, supply and determination of equilibrium
Explain the difference between "inelastic demand" and "unitary elasticity of demand"
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7b
Money and banking
Suggest four contractionary monetary policy measures that could be used to combat high level of inflation in a developing country.
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7c
National income
The data provided below represent estimated national income figures for a hypothetical economy in millions of shillings

Gross National Product (at market price)
Depreciation allowance
Indirect taxes less subsidies
Business taxes
Personal income taxes
Government transfers
Retained profit		3,992
570
524
214
763
693
230

Required:
(i) Net National Product at market price.
(ii) Net National Product at factor cost.
(iii) Personal income.
(iv) Disposable income.
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7d
National income

​Outline six challenges encountered by economic planners when using the income approach to estimate the level of national income in developing countries.
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