atswa pilot questions answers part i - The Institute of Chartered ...

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30. E SECTION A PART II - SHORT-ANSWER QUESTIONS (20 Marks) Write the answer that best completes each of the following questions/statements. 1. The branch of Economics which is concerned with the behaviours of individual consumers and firms is called ................................ 2. The practice of selling a good abroad at a lower price than that charged for the same good in the domestic market is called......................... 3. Suppose the total cost of producing 12 units and 13 units of a commodity in a perfect competitive market are ¢182 and ¢198, respectively, it follows that the marginal cost of the 13 th unit is ..................... 4. When inflation occurs as a result of a sustained increase in the aggregate expenditure in the economy, it is classified as a ........................ 5. A sustained sectoral increase in the national output and per capita real national income is termed ............................. 6. A member of the World Bank Group established to promote the growth of productive private enterprises in developing countries is ...................................... 7. If the actual litre price of kerosene equals the equilibrium price, the difference between the quantity of kerosene supplied and quantity demanded will be equal to .................. 8. The technical relationship that exists between the quantities of various inputs and the maximum output of the commodity that can be produced within a given period of time is referred to as .................................. 9. In national income accounting, gross national product (GNP) less capital consumption allowance gives................................ 10. A document that contains the statements of a central government estimated revenue and projected expenditure for a financial year is called a ......................... 11. The ratio of index of export prices to index of import prices expressed as a percentage is referred to as .......................................... 12. The numerical value of income elasticity of demand co-efficient for an inferior good is .................................... 25
13. At the level of consumption where the marginal utility is equal to zero, the total utility is ............................. 14. The operating period of the firm when at least one factor input is fixed while others are variable is termed ............................... 15. The view that „investment depends on the rate of changes in national income and not on the level of national income‟ is expressed in the ............................ theory 16. Money which by law must be accepted in payment for goods and services and in the settlement of debts is called........................ 17. The compulsory levy imposed on goods which are manufactured within a country is called.................... 18. The acronym ECOWAS stands for............................ 19. The motive for holding money against unforeseen happenings such as sudden illness, car accidents and fire disaster is described as............................... 20. The transfer of ownership and control of a business enterprise originally owned and controlled by a private firm to the government is called................................ SOLUTIONS TO SHORT-ANSWER QUESTIONS 1. Microeconomics 2. Dumping 3. ¢16.00 4. Demand-pull inflation 5. Economic growth 6. International Finance Corporation 7. Zero 8. The Production function 9. Net National Product (NNP) 10. National Budget 11. Terms of trade 12. Less than zero/Negative 13. Maximum 14. The short-run 15. Acceleration 16. A legal tender 26
Page 1 and 2: CONTENTS PAGE BASIC ACCOUNTING PROC
Page 3 and 4: E. Employee Timing form 5. ONE of t
Page 5 and 6: 15. Which of the following is NOT a
Page 7 and 8: 24. The Trade Receivables balance i
Page 9 and 10: 29. A 30. C WORKINGS QUESTION 12 CO
Page 11 and 12: SOLUTION 1 1. Books of Original Ent
Page 13 and 14: Business Analysts: They need inform
Page 15 and 16: QUESTION 4 31/12/10 Balance c/d 220
Page 17 and 18: You are required to: (a) Compute th
Page 19 and 20: Depreciation - Motor vehicle 22,000
Page 21 and 22: E. Absence of competition 6. Divisi
Page 23 and 24: C. Equilibrium price D. Marginal ra
Page 25: 29. When the proposed government ex
Page 29 and 30: (iv) It does not give room for impr
Page 31 and 32: SOLUTION 3 Sources of business fina
Page 33 and 34: increasing her import prices. Deval
Page 35 and 36: T = LS 8 million (Lump-sum tax) Yd
Page 37 and 38: 5. The display of goods in a superm
Page 39 and 40: 16. Who, of the following, may NOT
Page 41 and 42: 28. A bank may disclose the state o
Page 43 and 44: 8. State the type of influence whic
Page 45 and 46: (b) (i) A Legal Practitioner with a
Page 47 and 48: (iv) When the buyer signifies his a
Page 49 and 50: (c) Business Name application form
Page 51 and 52: D. Facial expression E. Distance 6.
Page 53 and 54: 18. ONE of the following is NOT a m
Page 55 and 56: 15. The address to which a letter i
Page 57 and 58: the reader would not have become a
Page 59 and 60: 3.0 Methods of Investigation The Co
Page 61 and 62: vi. their its vii. in from viii. si
Page 63: SOLUTION 4 Experts agree that the o

atswa pilot questions answers part i - The Institute of Chartered ...

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