CANDIDATE’S FULL NAME: …………………………………………………………………...

TYPE OF EXAMINATION REGISTERED FOR: FOR EXAMINER'S

USE ONLY
ANNUAL EXAMINATION
QUESTION
CLASS: FORM FIVE NUMBER BEFORE AFTER
SUBJECT NAME: ECONOMICS-1 CORRECTION CORRECTION
DATE: 14 JULY, 2020 /MARKS /MARKS
TIME: 3:00 HOURS
1
INSTRUCTIONS:
   
2    
 This paper consists of eight (8) questions in all
sections (A ,B and C) 3    
 Answer six (6) questions choosing at least two 4    
(2) questions from each section 5    
 Answer ALL questions from section A. 6    
 Non – programmable calculators may be used
7    
 Cellular phones are not allowed in the
examination room 8    
 Write your Examination number on every page
9    
of your answer sheet(s)
10    
11    
12    
13    
TOTAL
MARKS    

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 Location: Tabata Chang’ombe
This paper consists of THREE (3) printed pages

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 AP MP
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) Fill in the column for AP and MP

(ii) Briefly explain why factor land is fixed
(iii) Draw the curve to represent the data
(iv) Identify the unit of labor that a producer will employ to maximize output
(v) State the law which is portrayed by the curve

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) Trade cycle Vs Market

7. Boom is the grace period. Explain why sometimes government by using different policies
remove economic boom?( Give 8 points)

8. (a) Outline five functions of a market

(b) Examine five factors that influence the extent of the market