KASNEB Economics - Question 1b

Highlight three exceptions to the law of diminishing marginal utility... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 1c

Describe four functions of money in an economy.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 1d

Enumerate five advantages and five disadvantages of a planned economic system.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 2a

Analyse the relevance of interest rates in an economy.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 2c

The data provided below relate to the quantities demanded of commodities A, B and C at different price levels:Commodity ACommodity BCommodity CUnit Price(Sh)755... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 3a

Outline four factors that determine the supply of labour in an economy.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 4a

State five advantages and five disadvantages of a perfectly competitive market structure.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 5b

Explain five advantages of implementing exports promotion strategy in developing countries.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 5c

Highlight ten problems that are faced by the agricultural sector in developing countries.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 6a

With the aid of a diagram, explain the term 'surplus' as applied in the theory of market equilibrium.... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 6b

Analyse six factors that influence the cost behaviour of a firm... [Click to view full question and step-by-step solution]

KASNEB Economics - Question 7a

Explain the difference between 'inelastic demand' and 'unitary elasticity of demand'... [Click to view full question and step-by-step solution]

November 2017

Q: KASNEB Economics - Question 1a

Explain the following types of development plans:(i). Short term plans.(ii). Medium term plans.(iii). Long term plans. ... [Click to view full question and step-by-step solution]

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.

1b

Demand, supply and determination of equilibrium

Highlight three exceptions to the law of diminishing marginal utility

1c

Money and banking

Describe four functions of money in an economy.

1d

Economic growth, economic development and economic planning

Enumerate five advantages and five disadvantages of a planned economic system.

2a

Money and banking

Analyse the relevance of interest rates in an economy.

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.

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 A		Commodity B		Commodity 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.

3a

National income

Outline four factors that determine the supply of labour in an economy.

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

4a

Demand, supply and determination of equilibrium

State five advantages and five disadvantages of a perfectly competitive market structure.

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.

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.

5b

Economic growth, economic development and economic planning

Explain five advantages of implementing exports promotion strategy in developing countries.

5c

Economic growth, economic development and economic planning

Highlight ten problems that are faced by the agricultural sector in developing countries.

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.

6b

National income

Analyse six factors that influence the cost behaviour of a firm

6c

National income

Using well labelled diagrams, distinguish between inflationary gap" and "deflationary gap" as used in national income statistics.

7a

Demand, supply and determination of equilibrium

Explain the difference between "inelastic demand" and "unitary elasticity of demand"

7b

Money and banking

Suggest four contractionary monetary policy measures that could be used to combat high level of inflation in a developing country.

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.

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.

November 2017

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