cf14-economics-pilot-paper
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DATE 06 Dec 2025
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notes
About This Document
Document Type: This is a Study Notes, designed for Reviewing core curriculum material.
Context: Standard material from the 2021 academic period.
Key Content: Likely covers essential definitions, structured questions to test your proficiency.
Study Strategy: Summarize these notes into flashcards or mind maps to aid active recall and long-term retention.
Recommendation: comprehensive resource for students aiming to deepen their understanding of General Studies.
Detailed Content Overview
Introduction
This notes resource titled "cf14-economics-pilot-paper" provides comprehensive exam preparation materials designed to test and enhance your understanding. This resource is structured to facilitate effective learning and retention of important information.
Key Topics Covered
Learning Objectives
- Master key concepts required for examination success
- Practice answering exam-style questions effectively
- Develop time management skills for timed assessments
- Identify and address knowledge gaps in understanding
Detailed Summary
CPA FOUNDATION LEVEL CIFA FOUNDATION LEVEL ECONOMICS December 2021. ALL questions carry equal marks. QUESTION ONE (a) (i) Explain the concept of “consumer sovereignty” as applied in economic analysis. (2 marks) (ii) Highlight five factors that limit consumer sovereignty. (5 marks) (iii) ABC limited has been incurring losses over the last few years despite its monopolparastatal status. Using a well-illustrated diagram, demonstrate how a monopolist can make losses in the short-run. (5 marks) Discuss the four main goals of macroeconomic policy in developing countries. (8 marks) (Total: 20 marks) QUESTION TWO (a) Highlight the characteristics of public goods. ch w The following economic functions have been derived from the Kenya Coffee Millers Limited: w (b) (5 marks) Qa = 3p2 – 4p and Qb = 24 – p2; where p represents price and Q is quantity Required: (i) Which of the two functions represents a demand curve and supply curve. (4 marks) (ii) Determine the equilibrium price and quantity in the market (iii) Explain, with the aid of a diagram, the effect on the demand and supply functions indicated in (a)above of a simultaneous decrease in cost of inputs and a decrease in the price of a substitute good.
Study Tips & Recommendations
Time Management
Practice under timed conditions to improve speed and accuracy. Allocate specific time limits to each section.
Active Practice
Attempt all questions before checking answers. Review mistakes to understand where improvements are needed.
Mark Scheme Review
Study marking schemes carefully to understand how examiners award points and structure your answers accordingly.
Regular Review
Schedule periodic reviews to reinforce learning and combat forgetting. Use spaced repetition for optimal retention.
Content Preview
CPA FOUNDATION LEVEL CIFA FOUNDATION LEVEL ECONOMICS December 2021. Time Allowed: 3 hours. Answer any FIVE questions. ALL questions carry equal marks. QUESTION ONE (a) (i) Explain the concept of “consumer sovereignty” as applied in economic analysis. (2 marks) (ii) Highlight five factors that limit consumer sovereignty. (5 marks) (iii) ABC limited has been incurring losses over the last few years despite its monopolparastatal status. Using a well-illustrated diagram, demonstrate how a monopolist...
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