KNEC Craft Certificate in Human Resource Management Module II Economics Past paper November 2022 Answers

Answers for KNEC Craft Certificate in Human Resource Management Module II Economics Past paper November 2022

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. Define each of the following terms as used in economics: (i) scarcity: (ii) scale of preference; (iii) choice ()

2. State two types of price elasticity of supply. ()

3. List three direct personal services offered at the tertiary level of production. ()

4. State three objectives of a firm. ()

5. Name four types of product market structures. ()

6. List three motives for holding money. ()

7. State two categories of government expenditure in a country. ()

8. list four benefits of economic integration to a member country. ()

9. State four types of unemployment that may be experienced in a country. ()

10. State four monetary measures that may be taken to control inflation in a country. ()

11. Highlight six characteristics of money. ()

12. Explain four factors that may influence price elasticity of demand for a given product. ()

13. Highlight four advantages of the market system of resource allocation. ()

14. Explain six benefits of indirect production to a country. ()

15. Highlight four measures that the government may take to reduce the rate of unemployment in a country. ()

16. Choggy Limited intends to relocate its factory premises. Explain six factors that the company should consider in selecting the new location. ()

17. Highlight four challenges associated with the expenditure method of measuring national income in a country. ()

18. Explain six factors why a country may find it necessary to impose trade restrictions. ()

19. Outline four negative effects of inflation in a country. ()

20. Explain six reasons that make development planning necessary in a country. ()