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<=KNEC Diploma in Human Resource Management Module 1: Economics past paper July 2016
Explain the factors that may determine the price elasticity of demand for a commodity.
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Questions List:
1. There are certain qualities that a commodity should possess for it to serve effectively as money .Describe these qualities
2. County X calculates its national income as net national product at factor cost. Highlight the adjustment that should be made to make the income gross domestic product at market prices.
3. some countries in a certain region intend to form an economic bloc. Explain the benefits that may accrue to the countries from this move.
4. Explain the monetary measures that a government may take to control a high rate of inflation on a country.
5. It is usual for most government to prepare their annual budgets on a regular basis. Explain the reason that may account for this practice.
6. With the aid of a diagram, explain the effect of the government fixing the maximum price of commodity below the equilibrium price.
7. Describe the steps that should be followed on converting a supply schedule into a supply curve.
8. There are certain assumptions that form the basis of the operations of the monopoly as a market structure. Outline these assumptions.
9. Outline the indicators that should be considered in assessing the economic development of a country .
10. Country Y has adopted the market economic system. Highlight the benefits that may accrue to the country from this move.
11. Explain the factors that may determine the efficiency of labour as a factor of production.
12. There are certain factors that determine the rate of population growth in a country. Explain these factors.
13. Outline the possible negative consequences of the continued expansion and growth of a firm.
14. Explain the factors that may determine the price elasticity of demand for a commodity.
1. There are certain qualities that a commodity should possess for it to serve effectively as money .Describe these qualities
2. County X calculates its national income as net national product at factor cost. Highlight the adjustment that should be made to make the income gross domestic product at market prices.
3. some countries in a certain region intend to form an economic bloc. Explain the benefits that may accrue to the countries from this move.
4. Explain the monetary measures that a government may take to control a high rate of inflation on a country.
5. It is usual for most government to prepare their annual budgets on a regular basis. Explain the reason that may account for this practice.
6. With the aid of a diagram, explain the effect of the government fixing the maximum price of commodity below the equilibrium price.
7. Describe the steps that should be followed on converting a supply schedule into a supply curve.
8. There are certain assumptions that form the basis of the operations of the monopoly as a market structure. Outline these assumptions.
9. Outline the indicators that should be considered in assessing the economic development of a country .
10. Country Y has adopted the market economic system. Highlight the benefits that may accrue to the country from this move.
11. Explain the factors that may determine the efficiency of labour as a factor of production.
12. There are certain factors that determine the rate of population growth in a country. Explain these factors.
13. Outline the possible negative consequences of the continued expansion and growth of a firm.
14. Explain the factors that may determine the price elasticity of demand for a commodity.
