CAMEROON GCE JUNE 2015 Economics PAPER 2

1. (a) With the aid of diagrams, distinguish between a Change in Quantity Supplied and a Change in Supply
(b) Study the table below and answer the question that follows;

Price(in FCFA)                                QuantityDemanded (Units)          Quantity Supplied (Units)
40                                                                   4.000                                            2,000
50                                                                  3.000                                             3.000
60                                                                  1.000                                             4.000

Calculate Price Elasticity of Supply when price falls from 60FCFA to 40FCFA
(c) Explain three (3) reasons why a normal demand curve slopes downwards from left to right.

2. (a) Distinguish between Labour and Capital as Factors of Production. (6 marks)
(b) Explain three functions of an Entrepreneur as a Factor of Production. (6 marks)
(c) State and explain four (4) limitations of Division of Labour. (8 marks)

 

3. (a) Define the following terms;
(I) Balance of Payments (2 marks)
(ii) Devaluation (2 marks)
(iii) Exchange Rate (2 marks)

(b) Study the table below which relates to Cameroon’s Balance of Payments.

Items                                                                  Amount (“000FCFA)
Imports of Cars and TV sets                                90,000
Exports of Timber and Cocoa                            75.000
Invisible Exports                                                    40.000
Invisible Imports                                                       24.000
Capital Outflow                                                   20.000
Capital Inflow                                                         15,000

Calculate;
(i) Visible Balance (2 marks)
(ii) Invisible Balance (2 marks)
(iii) Capital Account Balance (2 marks)
(c) State and explain four (4) First-Aid measures of correcting a Balance of Payments deficit. (8 marks)

 

4. (a) Explain two similarities between a Central Bank and a Commercial Bank. (4 marks)
(b) State and explain four (4) functions of a Commercial Bank. (8 marks)
(c) State and explain four (4) effects of Inflation in an economy (8 marks)

5. (a) Differentiate between Sole Proprietorship and Partnership as forms of business organization

(12 marks)

(b) Briefly explain the following;
(i) Deed of Partnership (2 marks)
(ii) Articles of Association(2 marks)

(iii)Memorandum of Association(2 marks)

(iv) Certificate of Incorporation(2 marks)

 

 

6. (a) Distinguish between Direct Taxes and Indirect Taxes.(6 marks)

(b) Explain the following concepts as used in Economics;
(i) Budget. (2 marks)
(ii) Incidence of a tax. (2 marks)
(iii) Value Added Tax (VAT). (2 marks)
(iv) Tax Base.(2 marks)
(c) State and explain three (3) sources of government revenue in Cameroon.
(6 marks)

 

7. (a) Explain what you understand by ” Small Holders’ Schemes” (4 marks)
(b) Explain four (4) importance of Agriculture to the economy of Cameroon. (8 marks)
(c) Explain the role of industrialisation in the economy of Cameroon. (8 marks)
8. (a) What do you understand by ” Regional Policy”? (4 marks)
(b) State and explain three objectives of Regional Policy in the economy of Cameroon. (6 marks)
(c) State and explain five (5) government Economic Policy Objectives. (10 marks)

 

8. (a) What do you understand by “regional policy”? (4 marks)

(b) State and explain three (3) objectives of regional policy in the economy of Cameroon.  (6 marks)
(c)  State and explain five (5) government economic policy objectives. (10 marks)

 

 

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