GCE A - LEVEL ECONOMICS PAPER 2 JUNE 2015, 2016, 2018

"Despite the numerous advantages of market economy system some countries still prefer the planned economic system". Discuss

Beltus

QUESTIONS FACED IN THE GCE June 2015

SECTION A:

"Despite the numerous advantages of market economy system some countries still prefer the planned economic system". Discuss
a. Distinguish between a change in supply and a change in quantity supplied. b) What factors will lead to an increase in supply?
Explain a) The similarities and b) The differences between Perfect competition and monopolistic competition.
a) What do you understand by piece rate and time rate as methods of reward for labour? b) What are the advantages and disadvantages of the piece rate method?

SECTION B:

Why might an increase in money national income not necessarily lead to an increase in the standard of living in a country?
The Franc CFA is money used in Cameroon, Why is it considered as good money?
Explain the principles of taxation and give reasons for the imposition of tax.
a) What constitude the current account for balance of payment? b) How may favourable terms of trade improve upon a country's balance of payment situation?

SECTION C:

what factors will a manager take into consideration when setting the price of product?
Examine the benefits and costs of multinational companies to the economy of Cameroon.

SECTION A:

a) What are the main features of small firms? b) Explain the role of small firms in the Cameroon economy.
In imperfect market, it is possible for some firms to be making abnormal profit, others normal profit and yet others making losses. Explain
a) What are thye characteristics that distinguish profit from other factors incomes? b) Explain the role of profit in an economy.

SECTION B:

a) Explain the factors that determine the size of of a country's national income. b) What problems are encountered in measuring national income
a) Explain why money is important in an economy. b) Why do people prefer to hold money in liquid form?
What are the advantages and disadvantages of high tax exchange rate?

SECTION C:

a) Describe the qualities of a good manager. b) Explain the role of a manager in a company.
a) What is product innovation? b) Explain the importance of a new product to a company.

a) State the assumption of the production possibility curve. b) Describe the various shapes of the production possibilities curve.
a) What is meant by price elasticity of supply? b) Why is the price elasticity of supply of a good likely to vary over time?
a) With the aid of a diagram, explain the use of marginal cost pricing by nationalized industries. b) What are the effects of this pricing policy?
a) Distinguish between economic rents and transfer earnings. b) With the aid of diagrams, explain the determinants of the amount of transfer earnings for a factor of production.
How has money solved the problems of trade by barter?
a) What are the main uses of government expenditure? b) Account for the increasing government expenditure in Cameroon.
a) With the aid of diagrams, explain how the government of a country can maintain the external value of its currency in a fixed exchange rate regime.

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