Economics 2018 November Knec Past Paper


Answer ALL the questions in this section.
1. State three reasons that make it difficult to satisfy all human wants. (3 marks)
Outline four factors that may lead to an increase in the supply of a commodity in the market. (4 marks)
3. List four factors of production and their respective rewards. (4 marks)
•1. State two types of costs that may be incurred during production. (2 marks)
5. Slate four functions of money in an economy. (4 marks)
6, Outline three causes of unequal distribution of income among individuals in a country. (3 marks)
7. State four sources of government revenue. (4 marks)
8. List two ways in which products may be differentiated in a monopolistic competition market structure. (2 marks)
Outline three measures that the government may take to reduce population growth rate in a country. (3 marks)
10. Identify three indicators of underemployment in an economy. (3 marks)
FOUR questions from this section
11 (a) Explain six factors that a manufacturer may consider when selecting a suitable location for a factory. (9 marks)
<b i Outline four features of land as a factor of production. (8 marks)
12. (a) Explain four disadvantages of monopoly businesses it) a cou-ilry. (8 marks)
(b) Outline six uses ot national income statistics in a country. (9 marks)
13 la) I he amount ol money held by individuals for precautionary motive is determined
by certain factors Explain four such factors. (8 marks)
(b) Explain six reasons that make it necessary for a government to carry out development planning. (9 marks)
14 (a) Highlight four principles that should guide public expenditure in a country. (8 marks)
(bi Country Z has been experiencing a high rale of unemployment for the last few years.
Explain six measures that the government may take to solve this problem. (9 marks)
15. (a) Explain four factors that may lead to an inward shift in the demand curve. (8 marks)
(b) Explain six barriers to international trade. (9 marks)

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