KNEC Craft Certificate in Human Resource Management Module II Economics Past paper July 2019 Answers

Answers for KNEC Craft Certificate in Human Resource Management Module II Economics Past paper July 2019

Course Name:  Human Resource Management
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Course Level:  Craft Certificate
Sub Level:       Module II
Course Unit:   Economics
Exam body:    KNEC

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1. List four types of price elasticity of demand. ()

2. State four factors that may be considered when determining the price of a product. ()

3. List two injections to the circular flow of national income. ()

4. Outline three circumstances under which it may be necessary to locate a firm near the source of raw materials. ()

5. State three features of a perfectly competitive market structure. ()

6. List three money transfer services that are offered by commercial banks to customers. ()

7. State four reasons that make it necessary for the government to impose taxes on its citizens. ()

8. State the two branches of economics. ()

9. List three levels of economic integration. ()

10. State four types of unemployment that may be experienced by citizens of a country. ()

11. Outline four advantages of the market economic system. ()

12. Tape Limited has been enjoying monopoly power since its formation. Outline six ways in which the company may have acquired such power. ()

13. Explain four factors that may influence the efficiency of labour as a factor of production. ()

14. Kazo Limited has expanded its scale of production over the past few years. Explain six benefits that the firm may derive from this expansion. ()

15. Outline four difficulties that may be faced when measuring the national income of a country. ()

16. Highlight six qualities of a good national budget. ()

17. Explain six monetary measures that may be taken by the Central Bank to reduce the level of inflation in a country. ()

18. A country with a high population growth rate may face certain challenges. Highlight four such challenges. ()

19. Explain six ways in which a country may benefit from participating in international trade. ()

20. Outline four goals of economic development. ()