# ECONOMICS ANNUAL EXAMS FV 2020 JULY ```CANDIDATE’S FULL NAME: …………………………………………………………………...
TYPE OF EXAMINATION REGISTERED FOR:
FOR EXAMINER'S
USE ONLY
ANNUAL EXAMINATION
CLASS: FORM FIVE
SUBJECT NAME: ECONOMICS-1
DATE: 14 JULY, 2020
QUESTION
NUMBER
BEFORE
CORRECTION
/MARKS
TIME: 3:00 HOURS
1
INSTRUCTIONS:
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2
This paper consists of eight (8) questions in all
sections (A ,B and C)
Answer six (6) questions choosing at least two
(2) questions from each section
Answer ALL questions from section A.
Non – programmable calculators may be used
Cellular phones are not allowed in the
examination room
Write your Examination number on every page
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4
5
6
7
8
9
10
11
12
13
TOTAL
MARKS
Location: Tabata Chang’ombe
This paper consists of THREE (3) printed pages
AFTER
CORRECTION
/MARKS
SECTION A
Answer all questions from this section (20 marks)
1. (a) What does it mean by production function?
(b) The expression Q = 10 + 12L – L2 shows total output Q varies with the input of man –
hours L.
Give an algebraic expression for:
(i)
Average product
(ii)
Marginal product
(iii) What it the size of possible maximum output?
2. Study the table below and then answer the questions that follows
LABOUR
LAND
TP
1
200
4
2
200
14
3
200
25
4
200
40
5
200
60
6
200
72
7
200
77
8
200
80
9
200
80
10
200
75
(i)
(ii)
(iii)
(iv)
(v)
AP
Fill in the column for AP and MP
Briefly explain why factor land is fixed
Draw the curve to represent the data
Identify the unit of labor that a producer will employ to maximize output
State the law which is portrayed by the curve
MP
SECTION B
Answer any two (2) questions from this section (40 marks)
3. (a) Briefly explain five features of land as a factor of production
(b) Critically examine five factors that affect land productivity.
4. (a) With diagrams, differentiate between demand and supply.
(b) The price of a commodity is the only factor that determines the demand of a
Commodity. Discuss (five points).
5. (a) with examples, explain all phases of trade cycle
(b)Account for six important features of trade cycles
SECTION C
Answer any two (2) questions from this section (40 marks)
6. Differentiate the following economics terms.
(i)
Economic systems Vs Economics Laws
(ii)
Exchange Vs Production
(iii)
Scarcity Vs Shortage
(iv)
The laws of diminishing return Vs Laws of Demand and supply
(v)