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  1. Asked: January 21, 2023In:

    Explain six circumstances under which price controls may be justified in an economy. (12 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Price controls are government-imposed limits on the price of goods and services. There are certain circumstances under which price controls may be justified in an economy. Some of these include: Market failure: Price controls may be used to address market failures, such as when prices become too higRead more

    Price controls are government-imposed limits on the price of goods and services. There are certain circumstances under which price controls may be justified in an economy. Some of these include:

    1. Market failure: Price controls may be used to address market failures, such as when prices become too high or low due to a lack of competition in a market. For example, price controls may be used to prevent monopolies from charging excessively high prices.
    2. Natural disasters: Price controls may be imposed in the aftermath of natural disasters to prevent price gouging on essential goods and services, such as food, water, and shelter.
    3. Essential goods and services: Price controls may be used to ensure that essential goods and services, such as medicine and electricity, remain affordable for all members of society.
    4. Social welfare: Price controls may be used to promote social welfare by ensuring that goods and services are affordable for low-income individuals and families.
    5. Inflation control: Price controls may be used to control inflation by preventing prices from rising too quickly.
    6. Strategic goods: Price controls may be used to control the prices of goods that are deemed important for national security or strategic reasons.
    7. Public goods and services: Price controls may be used to regulate prices of goods and services that are provided by the government, such as public transportation, to ensure they are affordable and accessible to all citizens.
    8. Externalities: Price controls may be used to internalize externalities, such as pollution, by making sure that the prices of goods and services reflect their true social cost.
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  2. Asked: January 21, 2023In:

    (b) | A company intends to acquire application software to support their operations. Outline four factors, other than cost, they should consider when selecting the software. (4 marks)November 2022 November 2022 (i) Describe bus network topology. (2 marks)November 2022

    Jemshah Enlightened

    Compatibility: The company should consider the compatibility of the software with their existing hardware and software. They should ensure that the new software will work seamlessly with their current systems and that it can be integrated with their current workflows. Scalability: The company shouldRead more

    1. Compatibility: The company should consider the compatibility of the software with their existing hardware and software. They should ensure that the new software will work seamlessly with their current systems and that it can be integrated with their current workflows.
    2. Scalability: The company should consider the scalability of the software, whether it can accommodate the company’s growing needs and future expansion. They should choose software that can easily adapt to their current and future requirements.
    3. User-friendliness: The company should consider the user-friendliness of the software and how easy it is for their employees to learn and use it. They should choose software that is intuitive and easy to navigate, and that does not require extensive training.
    4. Technical support: The company should consider the level of technical support available for the software. They should choose software that offers reliable and responsive technical support, so that they can quickly resolve any issues that may arise.
    5. Security: The company should consider the security features of the software and whether it meets their security needs. They should ensure that the software has the necessary security features to protect the company’s data and resources from unauthorized access.

    (i) Bus network topology is a type of network topology in which all devices are connected to a single central cable, called the bus. The bus serves as the backbone of the network, to which all devices connect and communicate through. Data is transmitted along the bus in both directions and all devices connected to the bus can access the data. Bus topology is simple and easy to set up, but it has a single point of failure and limited scalability.

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  3. Asked: January 21, 2023In:

    Explain four assumptions implied in the law of supply. (8 marks)November 2022

    Best Answer
    Jemshah Enlightened

    The law of supply states that, all other things being equal, as the price of a good or service increases, the quantity supplied will also increase. The following are some of the assumptions implied in the law of supply: Constant technology: The law of supply assumes that the technology used to produRead more

    The law of supply states that, all other things being equal, as the price of a good or service increases, the quantity supplied will also increase. The following are some of the assumptions implied in the law of supply:

    1. Constant technology: The law of supply assumes that the technology used to produce a good or service remains constant. If technology changes, it could affect the cost of production, which in turn could affect the quantity supplied.
    2. Rational producers: The law of supply assumes that producers are rational and will respond to changes in price in a logical manner. If producers are not rational, they may not respond to changes in price in the way that the law of supply predicts.
    3. Perfect competition: The law of supply assumes that the market is perfectly competitive, meaning that there are many buyers and sellers in the market and no one buyer or seller has significant market power.
    4. No external factors: The law of supply assumes that there are no external factors that could affect the quantity supplied. For example, if a natural disaster destroys a key production facility, it could affect the quantity supplied of a good or service.
    5. No change in production cost: The law of supply assumes that the cost of production remains constant. If the cost of production changes, it could affect the quantity supplied.
    6. No change in government policies: The law of supply assumes that there is no change in government policies that could affect the quantity supplied, such as taxes, subsidies, or regulations.
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  4. Asked: January 21, 2023In:

    Explain six factors that may lead to an increase in demand for commodities in a market. (12 marks)November 2022

    Best Answer
    Jemshah Enlightened

    There are several factors that can lead to an increase in demand for commodities in a market. Some of the most important include: Population growth: As the population increases, so does the demand for goods and services. This can lead to an increase in demand for commodities, as more people need toRead more

    There are several factors that can lead to an increase in demand for commodities in a market. Some of the most important include:

    1. Population growth: As the population increases, so does the demand for goods and services. This can lead to an increase in demand for commodities, as more people need to purchase them to meet their basic needs.
    2. Income growth: As incomes rise, people have more disposable income to spend on goods and services. This can lead to an increase in demand for commodities, as people are able to afford to purchase more of them.
    3. Changes in consumer preferences: Consumers’ preferences and tastes can change over time, leading to an increase in demand for certain commodities. For example, if there is a trend towards more healthy eating, there will be an increase in demand for organic fruits and vegetables.
    4. Technological advancements: Technological advancements can make it easier and cheaper to produce goods and services, which can lead to an increase in demand. This can be the case with digitalization and automation in production process.
    5. Government policies: Government policies can also affect demand for commodities. For example, if the government increases taxes on certain goods or services, it can lead to a decrease in demand for those goods or services. On the other hand, if the government provides subsidies for certain goods or services, it can lead to an increase in demand for those goods or services.
    6. Advertising and marketing: The marketing and advertising efforts of firms can also affect the demand for their products. Advertising and marketing campaigns can increase awareness of a product, which can lead to an increase in demand for that product.
    7. Seasonal fluctuations: demand for certain goods and services may be affected by the seasons, for example, ice-cream in summer or Christmas gifts in December.
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  5. Asked: January 21, 2023In:

    6. (a) Outline two ways of changing the column width in a spreadsheet worksheet. (2 marks) November 2022

    Jemshah Enlightened
    This answer was edited.

    Using the mouse: To change the width of a column in a spreadsheet worksheet using the mouse, you can place the cursor over the right border of the column heading until it becomes a double-headed arrow. Then, click and drag the border to the left or right to change the width of the column. Using theRead more

    1. Using the mouse: To change the width of a column in a spreadsheet worksheet using the mouse, you can place the cursor over the right border of the column heading until it becomes a double-headed arrow. Then, click and drag the border to the left or right to change the width of the column.
    2. Using the ribbon: In some spreadsheet software, you can also change the width of a column using the ribbon. You can select the column(s) you want to change, go to the Home tab, and under the Cells group, you will find the option of Format which has Width and Height options, where you can set the desired width value.

     

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  6. Asked: January 21, 2023In:

    (d) A college intends to improve its operations by connecting all their computers. Outline four benefits the college will gain from this move. (4 marks) November 2022

    Jemshah Enlightened

    Increased efficiency: By connecting all of the college's computers, employees will be able to access and share information more easily and quickly, which will increase efficiency and productivity. Improved communication: Connecting all of the college's computers will allow employees to communicate mRead more

    1. Increased efficiency: By connecting all of the college’s computers, employees will be able to access and share information more easily and quickly, which will increase efficiency and productivity.
    2. Improved communication: Connecting all of the college’s computers will allow employees to communicate more effectively and collaborate more easily, which will improve teamwork and coordination.
    3. Enhanced security: By connecting all of the college’s computers, the college will be able to better protect its data and resources from unauthorized access, which will enhance security.
    4. Greater flexibility: Connecting all of the college’s computers will allow employees to access information and resources from anywhere on the network, which will provide greater flexibility and allow employees to work more effectively.
    5. Cost-effective: With all the computers connected, the college can make use of centralized system management, which can save costs in terms of IT support, maintenance and software upgrade.

    Note: The benefits of connecting all the college’s computers depends on the scale and complexity of the college’s operations and the specific technology used to connect the computers.

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  7. Asked: January 21, 2023In:

    Explain four differences between micro-economics and macro-economics.(8 marks)November 2022

    Best Answer
    Jemshah Enlightened

    Microeconomics is the study of individual economic behavior, such as that of consumers, firms, and markets. It examines how these actors make decisions and how they interact with one another in specific markets. Microeconomics is concerned with understanding the behavior of individual agents such asRead more

    Microeconomics is the study of individual economic behavior, such as that of consumers, firms, and markets. It examines how these actors make decisions and how they interact with one another in specific markets. Microeconomics is concerned with understanding the behavior of individual agents such as households and firms, and how they interact in markets.

    Macroeconomics, on the other hand, is the study of the economy as a whole. It examines aggregate economic phenomena such as gross domestic product (GDP), inflation, and unemployment. Macroeconomics is concerned with the economy as a whole, and with the large-scale phenomena that affect it. It looks at issues such as growth, inflation, and unemployment.

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  8. Asked: January 21, 2023In:

    (c) Salome, a data entry clerk, complained of body aches and pains. Outline four possible —~ work-related causes that may have led to the pains. (4 marks) November 2022

    Jemshah Enlightened

    Repetitive motions: Salome's job as a data entry clerk likely involves a lot of repetitive motions, such as typing on a keyboard or clicking a mouse. These motions can put a lot of strain on the muscles and joints, leading to aches and pains over time. Poor posture: Salome may be experiencing pain dRead more

    1. Repetitive motions: Salome’s job as a data entry clerk likely involves a lot of repetitive motions, such as typing on a keyboard or clicking a mouse. These motions can put a lot of strain on the muscles and joints, leading to aches and pains over time.
    2. Poor posture: Salome may be experiencing pain due to poor posture while sitting at her desk. Sitting in the same position for long periods of time, slouching, and hunching over a computer screen can all contribute to poor posture, which can lead to pain in the back, neck, and shoulders.
    3. Stress: Salome’s job as a data entry clerk can be stressful and this stress can manifest as aches and pains in the body. Stress can cause tension in the muscles and can lead to headaches, neck and shoulder pain, and back pain.
    4. Lack of physical activity: Sitting at a desk for most of the day can lead to a lack of physical activity, which can contribute to body aches and pains. The lack of movement can cause stiffness and soreness in the muscles, and can also affect the circulation of blood, leading to pain in the legs and feet.

    Note: These are possible causes of Salome’s pain, it is always recommended to seek medical advice to get an accurate diagnosis and treatment plan.

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  9. Asked: January 21, 2023In:

    (b) A microfinance company intends to computerize its operations. Outline five computer devices that the company requires to relay the output from computer transactions(5marks)November 2022

    Jemshah Enlightened

    Desktop computers: These computers will be used by employees of the microfinance company to perform various tasks such as data entry, record keeping, and financial transactions. Servers: Servers are necessary for the company to store and manage large amounts of data, and to provide access to the datRead more

    1. Desktop computers: These computers will be used by employees of the microfinance company to perform various tasks such as data entry, record keeping, and financial transactions.
    2. Servers: Servers are necessary for the company to store and manage large amounts of data, and to provide access to the data for employees and customers.
    3. Network devices: Network devices such as routers, switches, and modems are necessary to connect the company’s computer devices to the internet and to each other, allowing employees to access the data and resources they need to perform their tasks.
    4. Point of Sale (POS) terminals: Microfinance companies handle financial transactions and POS terminals can be used to process these transactions.
    5. Mobile devices: For field workers of the microfinance company, mobile devices such as smartphones or tablets can be used to access the company’s systems and perform tasks while out of the office. This can include collecting data, processing transactions, and communicating with customers.

    Note: The above list of devices are the basic requirement for a microfinance company to computerize its operations. Depending on the size and complexity of the company, additional devices and software may be required.

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  10. Asked: January 21, 2023In:

    (d) Some Technical colleges have embraced online learning. Explain two challenges the students are likely to face from using this mode of learning. (4 marks)November 2022

    Jemshah Enlightened
    This answer was edited.

    Limited interaction and feedback: One of the main challenges that students may face when using online learning is the lack of interaction and feedback from their teachers and peers. In a traditional classroom setting, students are able to ask questions and receive immediate feedback from their instrRead more

    1. Limited interaction and feedback: One of the main challenges that students may face when using online learning is the lack of interaction and feedback from their teachers and peers. In a traditional classroom setting, students are able to ask questions and receive immediate feedback from their instructors and classmates. With online learning, students may feel isolated and disconnected from their teachers and peers, which can make it more difficult for them to understand the material and stay motivated.
    2. Technical difficulties: Another challenge that students may face when using online learning is technical difficulties. Online learning often requires students to have access to a reliable internet connection, a computer or mobile device, and certain software or applications. If students do not have access to these resources, or if they experience technical difficulties such as slow internet speeds or software compatibility issues, they may have difficulty accessing and participating in their online classes.
    3. Time management and self-discipline: With online learning, students are given more flexibility in terms of when and where they can study. However, this also means that they need to have the self-discipline and time management skills to make the most of their study time. Without the structure and guidance of a traditional classroom, some students may struggle to stay focused and motivated.
    4. Limited social interaction: Online learning can be a lonely experience for many students, as the traditional interactions with classmates and instructors are not present. This can make it more difficult for students to form connections and support networks, which can be important for their academic and personal well-being.
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