{"id":76,"date":"2023-04-01T12:47:05","date_gmt":"2023-04-01T12:47:05","guid":{"rendered":"http:\/\/localhost\/solvefor2\/?p=76"},"modified":"2023-04-01T12:24:56","modified_gmt":"2023-04-01T12:24:56","slug":"economics-1-form-five-series-1-joint-economics-examinations-january-2020","status":"publish","type":"post","link":"https:\/\/edu.co.tz\/notes\/economics-1-form-five-series-1-joint-economics-examinations-january-2020\/","title":{"rendered":"ECONOMICS 1 FORM FIVE SERIES 1 JOINT ECONOMICS EXAMINATIONS JANUARY 2020"},"content":{"rendered":"

MINISTRY OF EDUCATION, SCIENCE, TECHNOLOGY AND VOCATIONAL TRAINING
\n<\/strong><\/span><\/p>\n

\n

KAHORORO, LILIAN KIBO, MSUFUNI, MASWA GIRLS, PUGU BOYS, IFUNDA GIRLS, SONGEA BOYS, TUKUYU, ARWING, MARIAN GIRLS, TAGAMENDA, SUMVE, BUKONGO, SECONDARY SCHOOLS JOINT ECONOMICS EXAMINATIONS JANUARY 2020
\n<\/strong><\/span><\/p>\n

FORM FIVE
\n<\/strong><\/span><\/p>\n

SERIES 1
\n<\/strong><\/span><\/p>\n

\n

CODE: 151\/1            ECONOMICS 1
\n<\/strong><\/span><\/p>\n

ECONOMIC THEORY
\n<\/strong><\/span><\/p>\n

\n

Time: 3Hours                         21st<\/sup> JANUARY, 2020<\/span>
\n<\/span><\/strong><\/span><\/p>\n

\n

\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n
Question<\/strong><\/span><\/td>\nPUT (<\/strong><\/span><\/td>\n\n

FOR EXAMINER’S USE ONLY<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

SCORE<\/strong><\/span><\/p>\n<\/td>\n

INITIALS OF EXAMINERS<\/strong><\/span><\/td>\n<\/tr>\n
1<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
2<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
3<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
4<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
5<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
6<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
7<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
8<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
TOTAL<\/strong><\/span><\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Instructions
\n<\/strong><\/span><\/p>\n

    \n
  1. \n
    This paper consists of eight (8) <\/strong>questions sections A, B and C
    \n<\/strong><\/span><\/div>\n

    \n<\/li>\n

  2. \n
    Answer a total of six (6) <\/strong>questions choosing at least two (2)<\/strong> questions from each section.
    \n<\/span><\/div>\n

    \n

    \n<\/li>\n

  3. \n
    Credit will be awarded for brief and well-argued answers.
    \n<\/span><\/div>\n<\/li>\n<\/ol>\n

    \n

      \n
    1. \n
      Cellular phones are not <\/strong>allowed in the examination room.
      \n<\/span><\/div>\n<\/li>\n<\/ol>\n

      \n

        \n
      1. \n
        Write your Examination number <\/strong>on every page of your answer sheet(s).
        \n<\/span><\/div>\n

        \n<\/li>\n<\/ol>\n

        \n

        \n

        \n

        \n

        \n

        \n

        SECTION A (20 MARKS)
        \n<\/strong><\/span><\/p>\n

        Answer all questions in this section<\/strong>.
        \n<\/span><\/p>\n

          \n
        1. \n
          Give the meaning of the following economics concepts.
          \n<\/span><\/div>\n
            \n
          1. Normative
            \n<\/span><\/li>\n
          2. A transformation curve
            \n<\/span><\/li>\n
          3. Specific economic laws
            \n<\/span><\/li>\n
          4. Market economy
            \n<\/span><\/li>\n
          5. Central economic problem
            \n<\/span><\/li>\n<\/ol>\n<\/li>\n
          6. \n
            Explain why the law of diminishing returns is more applicable in agriculture than to manufacturing industry. Give five (5).
            \n<\/span><\/div>\n

            SECTION B (40 MARKS)
            \n<\/strong><\/span><\/p>\n

            Choose any two questions from this section
            \n<\/strong><\/span><\/p>\n<\/li>\n

          7. \n
            (a)BP and GAPCO oil companies limited produce one product whose income elasticity of demand is +2 and whose sales of this year constitute 40,000 units. If consumers` income are expected to decline by 25% next year, calculate next year`s expected levels of sales.
            \n<\/span><\/div>\n

            (b) If at price of 5\/= per kg, consumer buy 1000kg of commodity per month and when the prices arise to 6\/=, the quantity bought falls to 700kg per month.
            \n<\/span><\/p>\n

            (i) Calculate the price elasticity in this case.
            \n<\/span><\/p>\n

            (ii) Comment on the result.
            \n<\/span><\/li>\n

          8. \n
            (a) Graphically and mathematically show that marginal cost (MC) is a reciprocal of marginal product (MP).
            \n<\/span><\/div>\n

            (b) Given the following basket of purchases, calculate Paasche’s price index by use of tabular method and interpreted your result.
            \n<\/span><\/li>\n<\/ol>\n

            \n\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n
            \n

            2000<\/span><\/p>\n<\/td>\n

            		\n

            2014<\/span><\/p>\n<\/td>\n<\/tr>\n

            Commodity purchased<\/span><\/td>\nQuantity (kg)<\/span><\/td>\nPrice (Tshs)<\/span><\/td>\nQuantity (kg)<\/span><\/td>\nPrice (Tshs)<\/span><\/td>\n<\/tr>\n
            Sugar<\/span><\/td>\n2<\/span><\/td>\n220<\/span><\/td>\n2<\/span><\/td>\n400<\/span><\/td>\n<\/tr>\n
            Rice<\/span><\/td>\n5<\/span><\/td>\n200<\/span><\/td>\n4<\/span><\/td>\n400<\/span><\/td>\n<\/tr>\n
            Beans<\/span><\/td>\n4<\/span><\/td>\n120<\/span><\/td>\n5<\/span><\/td>\n400<\/span><\/td>\n<\/tr>\n
            Meat<\/span><\/td>\n2<\/span><\/td>\n500<\/span><\/td>\n2<\/span><\/td>\n1000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
              \n
            1. \n
              (a) The XYZ Company is a perfect completion firm that can sell its entire output TSH 18 per unit. XYZ Total cost function is
              \n<\/span><\/div>\n

              TC=6 +33Q- 9Q2<\/sup> + Q3
              \n<\/sup><\/span><\/p>\n


              \n<\/sup> Where Q represents units of output
              \n<\/span><\/p>\n

                \n
              1. What is the firm’s total revenue function?
                \n<\/span><\/li>\n
              2. What are the marginal revenue, marginal cost and average cost Equations?
                \n<\/span><\/li>\n
              3. What is the total profit equation?
                \n<\/span><\/li>\n
              4. What is the marginal profit equation?
                \n<\/span><\/li>\n
              5. Use optimum techniques to find the profit maximizing output level.
                \n<\/span><\/li>\n<\/ol>\n

                (b)With helps of diagram explain four types of inter related demand.
                \n<\/span><\/p>\n

                SECTION C (40 marks)
                \n<\/strong><\/span><\/p>\n

                Answer two questions from this section
                \n<\/strong><\/span><\/p>\n<\/li>\n

              6. \n
                “Perfect market competition market does not exist”. Justify the statement by giving eight (8) points
                \n<\/span><\/div>\n<\/li>\n
              7. Explain four (4) factors for upswing and downswing of the level of economy. And account its policy to control downswing of the economy. (Give four (4) points)
                \n<\/span><\/li>\n<\/ol>\n

                \n

                  \n
                1. Elaborate four causes of increase in inflation rate and explain three monetary measures against inflation.
                  \n<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

                  MINISTRY OF EDUCATION, SCIENCE, TECHNOLOGY AND VOCATIONAL TRAINING KAHORORO, LILIAN KIBO, MSUFUNI, MASWA GIRLS, PUGU BOYS, IFUNDA GIRLS, SONGEA BOYS,<\/p>\n","protected":false},"author":1,"featured_media":275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-76","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-uncategorized"],"yoast_head":"\nECONOMICS 1 FORM FIVE SERIES 1 JOINT ECONOMICS EXAMINATIONS JANUARY 2020 - 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-1-form-five-series-1-joint-economics-examinations-january-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECONOMICS 1 FORM FIVE SERIES 1 JOINT ECONOMICS EXAMINATIONS JANUARY 2020 - 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