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P220/1 Economics Paper 1 July /august 2017 3 Hours

This document provides instructions and questions for an Economics exam consisting of two sections - Section A with short answer questions worth 20 marks total, and Section B with longer answer questions worth 80 marks total. Candidates are instructed to answer all questions in Section A and choose 4 questions from Section B. Section A includes questions on distinguishing between economic systems, defining terms like average cost and export multiplier, differentiating types of unemployment, and explaining economic planning. Section B includes questions on demand, perfect competition, population theories, central banking, government budgets, and regional economic cooperation. Candidates are expected to provide concise yet comprehensive responses drawing on relevant economic concepts and using diagrams where applicable.

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Saudah Musa
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172 views3 pages

P220/1 Economics Paper 1 July /august 2017 3 Hours

This document provides instructions and questions for an Economics exam consisting of two sections - Section A with short answer questions worth 20 marks total, and Section B with longer answer questions worth 80 marks total. Candidates are instructed to answer all questions in Section A and choose 4 questions from Section B. Section A includes questions on distinguishing between economic systems, defining terms like average cost and export multiplier, differentiating types of unemployment, and explaining economic planning. Section B includes questions on demand, perfect competition, population theories, central banking, government budgets, and regional economic cooperation. Candidates are expected to provide concise yet comprehensive responses drawing on relevant economic concepts and using diagrams where applicable.

Uploaded by

Saudah Musa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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P220/1

ECONOMICS

Paper 1

July /August 2017

3 hours

RESOURCEFUL MOCK 2017


Uganda Advanced Certificate of Education
ECONOMICS

Paper 1

3 hours

INSTRUCTIONS

Answerfivequestions only.

Section A is compulsory. Answers to this section should be concise.

Answer four questions from section B.

All questions in section B carry equal marks.

Credit will be given for use of relevant diagrams.

1
SECTION A (20 MARKS)
1. (a)(i)Distinguish between a laissez faire economy and a command economy. (02 marks)
(ii) Mention any two demerits of a laissez faire economy. (02 marks)
(b) (i) Define the term average cost. (01 mark)
(ii) State three reasons for the rise in average costs of production in an economy. (03 marks)
(c ) (i) Define the term export multiplier. (01 mark)
(ii)Given that an increase in export revenue from Uganda shillings 2,500,000,000 to Uganda
shillings 4,500,000,000 resulted into an increase in income from Uganda shillings
8,500,000,000 to Uganda shillings 12,200,000,000, calculate the export multiplier. (03 marks)
(d )(i) Differentiate between frictionalunemployment and seasonal unemployment. (02 marks)
(ii) Outline two causes of frictional unemployment in an economy. (02 marks)

(e ) (i) What is meant by the term ‘economic planning’? (01 mark)


(ii) Give three conditions for the success of economic development planning in an
economy. (03 marks)

SECTION B (80 MARKS)


2. (a) Distinguish between increase in demand and increase in quantity demanded. (04 marks)
(b). Discuss the causes of instabilities in commodity demand in an economy. (16 marks)
3. (a) What are the conditions for existence of perfect competition in an economy?

(08 marks)
(b) How does a firm in a perfectly competitive market maximizeprofits
(i) in the short run? (6 marks)
(ii) in the long run? (6 marks)

4. (a) Explain the Malthusian population theory. (06 marks)


(b) Account for the limited relevance of the Malthusian population theory in developing
countries. (14 marks)

5. (a) State the functions of the central bank in an economy. (08marks)


(b) How does the central bank control inflation in an economy? (12 marks)

6. (a) Why do governments in developing economies draw deficit budgets? (10 marks)
2
(b). Explain the importance of a national budget in developing countries. (10 marks)

7. (a) Explain the factors that may limit success of regional economic co-operation between
countries. (10 marks)
(b) What are the demerits of regional economic co-operation to the member countries?
(10 marks)

END

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