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<=KNEC Diploma in Human Resource Management Module 1: Economics past paper November 2017
Describe five types of elasticity of supply for a commodity.
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1. There are certain production related decisions that a firm needs to make as a result of scarcity of resources . Outline four such decisions.
2. Country X has lately experienced a dramatic increase in the number of private cars on its road. Explain six factors that might have led to such an increase in the demand for private cars .
3. There are certain barriers that limit the geographical mobility of labour. outline five such barriers.
4. Explain five merits of raising government revenue through indirect taxes.
5. It is common for workers in different occupations to earn different wages. explain five factors that may account for such wage differentials.
6. There are certain inefficiencies that may be associated with free market system. Highlight five such inefficiencies.
7. Commercial bank performs certain roles in a modern economy. Explain five such roles.
8. Describe five types of elasticity of supply for a commodity.
9. Developing countries have certain common features that define them .highlight six such features
10. Country Y recently liberalized the prices of wide range of consumer goods that were previously under government control. Explain four possible effect of such price liberalization.
11. Describe five types of internal economies that a firm may enjoy from its own growth.
12. Many developing countries find it necessary to put restrictions on their trade relations with other countries. Outline five reasons that may account for such restrictions.
13. Explain five uses to which a country may put its notional income statistics.
14. Explain five reasons that would make a government to tax its citizens.
1. There are certain production related decisions that a firm needs to make as a result of scarcity of resources . Outline four such decisions.
2. Country X has lately experienced a dramatic increase in the number of private cars on its road. Explain six factors that might have led to such an increase in the demand for private cars .
3. There are certain barriers that limit the geographical mobility of labour. outline five such barriers.
4. Explain five merits of raising government revenue through indirect taxes.
5. It is common for workers in different occupations to earn different wages. explain five factors that may account for such wage differentials.
6. There are certain inefficiencies that may be associated with free market system. Highlight five such inefficiencies.
7. Commercial bank performs certain roles in a modern economy. Explain five such roles.
8. Describe five types of elasticity of supply for a commodity.
9. Developing countries have certain common features that define them .highlight six such features
10. Country Y recently liberalized the prices of wide range of consumer goods that were previously under government control. Explain four possible effect of such price liberalization.
11. Describe five types of internal economies that a firm may enjoy from its own growth.
12. Many developing countries find it necessary to put restrictions on their trade relations with other countries. Outline five reasons that may account for such restrictions.
13. Explain five uses to which a country may put its notional income statistics.
14. Explain five reasons that would make a government to tax its citizens.
