T151 Principles of Economics

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NESA2023NESA2023 – Principles of economics
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NESA2023NESA2023Monday, 31/07/2023
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08:30 – 11:30 AMNESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
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TVET NATIONAL EXAMINATIONS, LEVEL 5, 2022-2023
QUESTIONS and ANSWERS BOOKLET
NESA2023NESA2023OPTION/ TRADE
NESA2023NESA2023 : ACCOUNTING
NESA2023NESA2023 NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
NESA2023NESA2023SUBJECT/EXAM: PRINCIPLES
NESA2023NESA2023NESA2023NESA2023 OFNESA2023
NESA2023NESA2023 ECONOMICS
NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
NESA2023NESA2023DURATION: 3 Hours
NESA2023NESA2023NESA2023 NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
NESA2023NESA2023
ReadNESA2023 NESA2023
carefully theNESA2023 NESA2023NESA2023
instructions on page NESA2023
1 & 2. NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023FORNESA2023
EXAMINER’S USE ONLY
NESA2023NESA2023 NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
NESA2023NESA2023 NESA2023NESA2023
QUESTIONS 1 NESA2023
2 NESA2023
3 NESA2023
4 NESA2023
5 NESA2023
6 NESA2023
7 NESA2023
8 9NESA2023
10 NESA2023 NESA2023NESA2023
Total
Marks
NESA2023NESA2023 NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023
QUESTIONS
NESA2023NESA2023 11NESA2023
13 NESA2023
14 NESA2023
15 NESA2023
16 NESA2023
17 18 19
NESA2023 20
NESA2023 Total
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Marks
QUESTIONS
23 NESA2023
24 NESA2023
25 NESA2023
26 NESA2023
27 28 29
NESA2023 30
NESA2023 Total
NESA2023 NESA2023NESA2023
Marks
INSTRUCTIONS TO CANDIDATES: PART I (ANSWER BOOKLET)
1. A candidate should fill in the actual names and the Index number on the
cover of this questions and answer booklet on the provided place.
2. It is illegal for a candidate to write any of names, Index number or school

name inside the answer booklet.
3. No candidate should remove or tear any pages or part of it in the answer

booklet.
4. A candidate should answer in the language in which the examination is set.
5. A candidate should sign on the sitting plan when submitting the answer
booklet. He/she has also to check if the answer booklet is well sealed.
6. No extra paper is allowed in the examinations room. If a candidate is caught

with it his/her results will be nullified.
7. No candidate is allowed to write answers not related to the subject being

sat for, otherwise it will be considered as a cheating case.
8. Write your answers on the 16 lined pages (From page 7 to page 22).
9. Use the last non-lined pages as draft.
10. Results for any candidate who is caught in examination malpractices

are nullified. The cheating can be recognized during examinations
administration, marking exercise or even thereafter.
N.B: 1) After results publication, there is no remarking and no candidate is

given his/her answer booklet for review. This answer booklet is a
property of NESA.
2) Claims are only received online within 30 days after results publication.
A link will be provided after results publication.
1
T 151_ Principles of economics
OPTION/TRADE: ACCOUNTING
SUBJECT/EXAM: PRINCIPLES OF ECONOMICS
DURATION: 3 HOURS
INSTRUCTIONS TO CANDIDATES (QUESTION PAPER)
This Exam paper is composed of Three Sections (A, B, and C). Follow
the instructions given below, and answer the indicated questions for a
total of 100 marks
Section A: Fourteen (14) questions, all Compulsory 55 marks
Section B: Among the five (5) questions, attempt any three (3) 30 marks
Section C: Among the two (2) questions, attempt any one (1) 15 marks
Allowed materials:
 Blue or black pen
 Mathematical set
 Non-programmable calculator
Note:
Every candidate is required to carefully comply with the provided assessment
instructions.
2023-NESA (National Examination and School Inspection Authority). 1
2023-NESA (National Examination and School Inspection Authority) 2

SECTION A: Attempt all questions (55 marks)

______________________________________________________________________________
01. Give any five (5) measures that government may take to regulate and (5marks)
control monopolies.
02. Respond by True(T) or False(F) the following statements: (5marks)
a) Privatization (denationalization or disinvestment) is a situation
where the government decides to transfer control of a
government and thus public owned resources to the private
business sector either partially or totally.
b) Public good: these are goods collectively owned and its use is
exclusive.
c) Scales of preferences is a list of individual’s needs starting
from the less important.
d) Microeconomics study the economics as a whole unit.
e) Normative economics study how the economics ought to be.
03. Mention three (3) negative impacts of COVID-19 on Rwandan (3marks)
economy.
04. In market structure, there is one market where average revenue is (3marks)
equal to the price, to the marginal revenue and to the demand.
Choose the correct market which matches on the above statement.
a) Monopoly market
b) Monopolistic market
c)Perfect competition market
d)Oligopoly Market
05. Explain the role of Auditor general in public financial management (3marks)
system.
06. Distinguish producer surplus from consumer surplus. (4marks)
07. The selection of location of the firm is an important decision that the (5marks)
entrepreneur must take. Give any five (5) factors that the
entrepreneur must consider when selecting the location of his/her
firm.
08. Distinguish floor price and ceiling price. (2marks)

09. Illustrate a simplified view of PFM (Public Financial Management) (4marks)

system
10. The factors of production are rewarded for their role in the (4marks)
production process. Each factor of production is paid unique
category of reward. Match the factor of production with its
respective reward:
1.Land a.Profit
2.Labour b.Interest
3.Capital c.Rent
4.Entrepreneurship d.Wage
11. Copy the table below and fill in blanks (the third row of MU) (5marks)
Quantity 1 4 7 10 13
TU 60 120 150 150 147
MU ? ? ? ? ?
Where TU is Total Utility and MU is Marginal Utility
12. Given the following demand and supply functions: 24 = Qd+2p and (5marks)
12 + 2p = Qs
a) Determine equilibrium price
b) Determine equilibrium quantity
c) Determine the quantity demanded at point p=1
13. Rwanda has integrated with many different economic groupings. (4marks)
a) Explain what is economic integration.
b) In your analysis, what do you think are the necessary conditions
for successful integrations? (State any six of them).
14. The table below provides the demand for a good Y for three (3marks)
consumers:
Price level Consumer A Consumer B Consumer C
25 100 100 100
15 120 140 100
5 150 180 100
Required: Compute the market demand from the table above.

Section B: Attempt any three (3) questions (30 marks)

______________________________________________________________________________
15. Quantity demanded of commodity Y reduced from 70kg to 65kg as

result of a 20% increase in price of another commodity X from
2000frw to 4000frw.
a) Calculate the cross elasticity of demand between commodity Y (5marks)
and X.
b) Show the relationship between commodity Y and X. (3marks)
c) Give two (2) examples of such commodity. (2marks)
16. A Seller of tomatoes in XYZ market sells the unit of tomatoes to

different consumers and finally gets the following information
about Total revenue as shown by the table below:
Unit sold (Q) Price per TR MR
unit
1 5 5
2 4 8
3 3 9
4 2.5 9
5 1 5
6 0.5 3
a) Fill the empty cells in the table above. (6marks)

b) After filling the column of Marginal revenue, show at least 2 (4marks)
relationships between Marginal Revenue and Total Revenue.
17. In all countries of the world, they use different economic system in
allocation, distribution, consumption of private and public
resources in developing their economy such as Capitalism,
Socialism, Communism and mixed economy.
a) Compare Capitalism from Socialism. (5marks)
b) Provide at least 5 advantages of capitalism economy. (5marks)
18. a) Summarize the problems encountered by agriculture sector in (10marks)

Rwanda
b) Propose remedial actions to those problems.
5
19. Colin is the managerial accountant in charge of Company A which

sells water bottles. He previously determined that the fixed costs of
Company A consist of property taxes, a lease, and executive
salaries, which add up to $100,000. The variable costs associated
with producing one water bottle is $2 per unit. The water bottle is
sold at a premium price of $12.
(2marks)
a) Explain the term break -even point.
(3marks)
b) Calculate the breakeven Quantity of Company A.
(5marks)
c) By using the graph, show the Break -even point and interpret it.
Section C: Attempt only one (1) question (15 marks)

______________________________________________________________________________
20. A farmer is engaging in producing a rice commodity and has the

following function Qs=5+10P where Qs is the quantity of rice and
P is the price of rice.
a) Explain the law that occurs in his /her function.

b) Provide the determinants which remain constant in her/his (3marks)
function. (5marks)
c) What are the cases which violate the law that appear in his/her
function? (4marks)
d) Based on the function above, produce a table which shows the
relationship between quantity of rice and its price. (3marks)
21. Many years ago, the government of Rwanda has been advocating a (15marks)
free-market economy and has sold several state-owned enterprises
to private companies. As a result, many jobs were lost, but the
advantages were far more important than this loss.
a) Justify whether or not some enterprises should be controlled by

the government.
b) Why do you think so many workers lost their jobs when the
industries were sold to the private sector?
c) List four (4) advantages and two (2) disadvantages of a
unplanned economy for a country.
END OF ASSESSMENT

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NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023NESA2023

INSTRUCTIONS TO CANDIDATES: PART I (ANSWER BOOKLET)

2. It is illegal for a candidate to write any of names, Index number or school

3. No candidate should remove or tear any pages or part of it in the answer

4. A candidate should answer in the language in which the examination is set.

6. No extra paper is allowed in the examinations room. If a candidate is caught

7. No candidate is allowed to write answers not related to the subject being

9. Use the last non-lined pages as draft.

10. Results for any candidate who is caught in examination malpractices

N.B: 1) After results publication, there is no remarking and no candidate is

TVET NATIONAL EXAMINATIONS, LEVEL 5, 2022-2023

SUBJECT/EXAM: PRINCIPLES OF ECONOMICS

INSTRUCTIONS TO CANDIDATES (QUESTION PAPER)

Section A: Fourteen (14) questions, all Compulsory 55 marks

2023-NESA (National Examination and School Inspection Authority). 1

2023-NESA (National Examination and School Inspection Authority) 2

SECTION A: Attempt all questions (55 marks)

2023-NESA (National Examination and School Inspection Authority). 2

2023-NESA (National Examination and School Inspection Authority) 3

09. Illustrate a simplified view of PFM (Public Financial Management) (4marks)

2023-NESA (National Examination and School Inspection Authority). 3

2023-NESA (National Examination and School Inspection Authority) 4

Section B: Attempt any three (3) questions (30 marks)

15. Quantity demanded of commodity Y reduced from 70kg to 65kg as

16. A Seller of tomatoes in XYZ market sells the unit of tomatoes to

a) Fill the empty cells in the table above. (6marks)

18. a) Summarize the problems encountered by agriculture sector in (10marks)

2023-NESA (National Examination and School Inspection Authority). 4

19. Colin is the managerial accountant in charge of Company A which

Section C: Attempt only one (1) question (15 marks)

20. A farmer is engaging in producing a rice commodity and has the

a) Explain the law that occurs in his /her function.

a) Justify whether or not some enterprises should be controlled by

2023-NESA (National Examination and School Inspection Authority). 5

2023-NESA (National Examination and School Inspection Authority) 6

2023-NESA (National Examination and School Inspection Authority) 7

2023-NESA (National Examination and School Inspection Authority) 8

2023-NESA (National Examination and School Inspection Authority) 9

2023-NESA (National Examination and School Inspection Authority) 10

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2023-NESA (National Examination and School Inspection Authority) 13

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2023-NESA (National Examination and School Inspection Authority) 9

2023-NESA (National Examination and School Inspection Authority) 7

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