{"id":50,"date":"2023-04-01T12:37:57","date_gmt":"2023-04-01T12:37:57","guid":{"rendered":"http:\/\/localhost\/solvefor2\/?p=50"},"modified":"2023-04-01T12:31:13","modified_gmt":"2023-04-01T12:31:13","slug":"economics-paper-1-sample","status":"publish","type":"post","link":"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/","title":{"rendered":"ECONOMICS Paper 1 SAMPLE"},"content":{"rendered":"<p><strong>P220\/1<br \/>\n<\/strong><\/p>\n<p><strong>ECONOMICS<br \/>\n<\/strong><\/p>\n<p><strong>Paper 1<br \/>\n<\/strong><\/p>\n<p><strong>March 2016<br \/>\n<\/strong><\/p>\n<p><strong>2<sup>1<\/sup>\/<sub>2<\/sub> hours<br \/>\n<\/strong><\/p>\n<p><span style=\"font-size:13pt\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong>REGISTRATION EXAMINATIONS<br \/>\n<\/strong><\/span><\/p>\n<p><span style=\"font-size:13pt\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ECONOMICS<br \/>\n<\/strong><\/span><\/p>\n<p><span style=\"font-size:13pt\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      Paper 1<br \/>\n<\/strong><\/span><\/p>\n<p><span style=\"font-size:13pt\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      2<sup>1<\/sup>\/<sub>2<\/sub>  hours<br \/>\n<\/strong><\/span><\/p>\n<p><span style=\"font-size:13pt\"><strong>Instructions<br \/>\n<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-size:13pt\">Answer four questions only<br \/>\n<\/span><\/li>\n<li><span style=\"font-size:13pt\">Section A is compulsory. Answers to this section should be concise.<br \/>\n<\/span><\/li>\n<li><span style=\"font-size:13pt\">Answer three questions from section B.<br \/>\n<\/span><\/li>\n<li><span style=\"font-size:13pt\">All questions in section B carry equal marks.<br \/>\n<\/span><\/li>\n<li>\n<div><span style=\"font-size:13pt\">Credit will be given for use of relevant diagrams.<br \/>\n<\/span><\/div>\n<p style=\"margin-left: 108pt\"><span style=\"font-size:13pt\"><strong>SECTION A (20 MARKS)<br \/>\n<\/strong><\/span><\/p>\n<\/li>\n<\/ul>\n<ol>\n<li>\n<div><span style=\"font-size:13pt\">(a) (i) Differentiate between inferior goods and complementary goods. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(02 marks)<br \/>\n<\/span><\/div>\n<p><span style=\"font-size:13pt\">     (ii) Give any two examples of complementary goods.\u00a0\u00a0\u00a0\u00a0(02 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p><span style=\"font-size:13pt\">(b)(i) What is meant by price mechanism?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(01 mark)<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">    (ii) Give three merits of the price mechanism in an economy. (03 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p><span style=\"font-size:13pt\">(c)(i) What is meant by the term Real Gross Domestic Product?\u00a0\u00a0\u00a0\u00a0(01 mark)<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">    (ii) Given that the nominal Gross Domestic Product is Shs 150,00,000,000 \u00a0\u00a0\u00a0\u00a0and the consumer price index is 105, calculate the real Gross Domestic \u00a0\u00a0\u00a0\u00a0Product.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(03 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p><span style=\"font-size:13pt\">(d)  Outline four features of the manufacturing sector in developing countries.     \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">(e)(i) Distinguish between a private enterprise and a public enterprise.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(02 marks)<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">    (ii) State two problems faced by private enterprises in a market economy.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(02 marks)<br \/>\n<\/span><\/p>\n<\/li>\n<\/ol>\n<p>\n\u00a0<\/p>\n<p style=\"margin-left: 144pt\"><span style=\"font-size:13pt\"><strong>SECTION B (60 MARKS)<br \/>\n<\/strong><\/span><\/p>\n<ol>\n<li>\n<div><span style=\"font-size:13pt\">(a) Distinguish between minimum price legislation and maximum price legislation.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<p><span style=\"font-size:13pt\">(b) Account for the existence of price legislation in a market economy.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (16 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<\/li>\n<li>\n<div><span style=\"font-size:13pt\">(a) Describe the characteristics of a perfectly competitive market. (08 marks)<br \/>\n<\/span><\/div>\n<p><span style=\"font-size:13pt\">(b) How does a firm in a perfectly competitive market determine output, price and profits in the:<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">\u00a0\u00a0\u00a0\u00a0(i) short-run\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(06 marks)<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">\u00a0\u00a0\u00a0\u00a0(ii) long-run\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(06 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<\/li>\n<li>\n<div><span style=\"font-size:13pt\">(a) Distinguish between standard of living and cost of living.\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<p><span style=\"font-size:13pt\">(b) Explain why per capita income is a poor measure of standard of living in an economy.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16 marks)<br \/>\n<\/span><\/p>\n<\/li>\n<li>\n<div><span style=\"font-size:13pt\">(a) Distinguish between labour supply and labour demand.\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<p><span style=\"font-size:13pt\">(b) Explain the factors influencing labour supply in developing economies.\u00a0\u00a0\u00a0\u00a0<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<\/li>\n<li>\n<div><span style=\"font-size:13pt\">(a) Describe the features of the public sector in developing economies.<br \/>\n<\/span><\/div>\n<p><span style=\"font-size:13pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(08 marks)<br \/>\n<\/span><\/p>\n<p><span style=\"font-size:13pt\">(b) Explain the role of the public sector in the development of an economy.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12 marks)<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p style=\"text-align: center\"><span style=\"font-size:13pt\"><strong><em>**END **<br \/>\n<\/em><\/strong><\/span><\/p>\n<p style=\"margin-left: 108pt\">\n\u00a0<\/p>\n<p style=\"margin-left: 108pt\">\n\u00a0<\/p>\n<p style=\"margin-left: 108pt\">\n\u00a0<\/p>\n<p style=\"margin-left: 108pt\">\n\u00a0<\/p>\n<p style=\"margin-left: 108pt\">\n\u00a0<\/p>\n<p style=\"margin-left: 108pt\">\n\u00a0<\/p>\n<p style=\"margin-left: 108pt\"><span style=\"font-size:13pt\"><br \/>\n\t\t\t\t<\/span>\u00a0<\/p>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>P220\/1 ECONOMICS Paper 1 March 2016 21\/2 hours \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0REGISTRATION EXAMINATIONS \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ECONOMICS \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paper 1 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21\/2 hours Instructions Answer four<\/p>\n","protected":false},"author":1,"featured_media":291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-50","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ECONOMICS Paper 1 SAMPLE - MAKTABA EDUCATION CENTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECONOMICS Paper 1 SAMPLE - MAKTABA EDUCATION CENTER\" \/>\n<meta property=\"og:description\" content=\"P220\/1 ECONOMICS Paper 1 March 2016 21\/2 hours \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0REGISTRATION EXAMINATIONS \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ECONOMICS \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paper 1 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21\/2 hours Instructions Answer four\" \/>\n<meta property=\"og:url\" content=\"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/\" \/>\n<meta property=\"og:site_name\" content=\"MAKTABA EDUCATION CENTER\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-01T12:37:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-01T12:31:13+00:00\" \/>\n<meta name=\"author\" content=\"solvefor2\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"solvefor2\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/\",\"url\":\"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/\",\"name\":\"ECONOMICS Paper 1 SAMPLE - 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MAKTABA EDUCATION CENTER","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/","og_locale":"en_US","og_type":"article","og_title":"ECONOMICS Paper 1 SAMPLE - MAKTABA EDUCATION CENTER","og_description":"P220\/1 ECONOMICS Paper 1 March 2016 21\/2 hours \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0REGISTRATION EXAMINATIONS \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ECONOMICS \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paper 1 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21\/2 hours Instructions Answer four","og_url":"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/","og_site_name":"MAKTABA EDUCATION CENTER","article_published_time":"2023-04-01T12:37:57+00:00","article_modified_time":"2023-04-01T12:31:13+00:00","author":"solvefor2","twitter_card":"summary_large_image","twitter_misc":{"Written by":"solvefor2","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/","url":"https:\/\/edu.co.tz\/notes\/economics-paper-1-sample\/","name":"ECONOMICS Paper 1 SAMPLE - 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