Economics Revision Kit

Topics: Supply and demand, Economics, Consumer theory Pages: 215 (47523 words) Published: April 27, 2013

Subject No. 3

Revision Kit

Strathmore University

Distance Learning Centre


P.O. Box 59857,
00200, Nairobi,

Tel:+254 (020) 606155
Fax:+254 (020) 607498


ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the copyright owner. This publication may not be lent, resold, hired or otherwise disposed of by any way of trade without the prior written consent of the copyright owner.



We gratefully acknowledge permission to quote from the past examination papers of the following bodies: Kenya Accountants and Secretaries National Examination Board (KASNEB); Chartered Institute of Management Accountants (CIMA); Chartered Association of Certified Accountants (ACCA).

We would like to extend our sincere gratitude and deep appreciated to Mr. Andrew Tanui for giving his time, expertise and valuable contribution in the initial preparation of this revision kit. He holds the following academic honors, Bachelor of Arts (Economics) University of Nairobi.


Part I: Introductionv
Approach To Examinationsvi
Topical Guide to Past Paper Questionsxi
Part II: Revision Questions and Answers1
Part III: Comprehensive Mock Examinations140
Questions - Mocks140
Answers - Mocks148

Part I: Introduction

Although the economic orientation keeps changing, the underlying concept remains the same. This revision kit is in recognition of the fundamental principle that economics is a development and learning is a process. It is absolutely necessary to have a systematic approach to studies, right up to the examination. A proper examination strategy is required irrespective of the mode of study.

The purpose of this booklet is to assist accounting students revise economics in preparation for the KASNEB Examinations. It is not intended to be a perfect substitute of either the Distance Learning Centre study pack or other economics reference textbooks. This kit serves no new purpose in that a serious student ought to look at examination papers for the past few sittings and whether compelled or not write out the answers to some of the questions in order to gain practice in self-expression.

To assist the candidate in the mastery of the subject, the explanation of questions is devoid of any economics jargon – the language used in explaining concepts is as simple and practical as possible, and with a view to enabling candidates to easily articulate economic issues.

Part II consists of past examination questions and model answers. The purpose of this part is to enable a candidate appreciate the scope required in responding to specific questions in an examination context. It also demonstrates the variety of questions and the probable layout of the expected examination paper. The way questions have been arranged (in each topic) is not in absolute disregard for consistency but rather with a deliberate view to avoiding monotony while maintaining the necessary state of mental activity during revision.

Part III of the booklet consists of three sets of examination questions and model answers. It is intended to illustrate to the candidate the type of questions likely to appear in the examination in future. Each question paper should be done under strict examination conditions. It is not advisable to refer to these examination papers at any time before one is duly prepared to attempt them. The scope of the model answers provided is sufficient.

Approach To Examinations

General Examination Techniques

The structure of the paper is such...
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