AS & A Level Economics (9708) — October–November 2023, Paper 12
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →PPC is the production possibility curve in country T. Which changes take place in country T’s opportunity costs of producing X as it increases production of X? A Opportunity costs…
Answer this question and get it marked →What is considered the essential requirement for all entrepreneurs? A attracting customers B buying stock C managing staff D taking risks
Answer this question and get it marked →A new section of a road is provided toll-free by the government. What best describes this good? A a demerit good B a free good C a private good D a public good
Answer this question and get it marked →Eastern European nations have changed from planned to market economies. Which policy was least likely to have been adopted? A allowing prices to fluctuate B keeping established…
Answer this question and get it marked →Rice and pasta are both basic foods in a country. How would a health scare concerning rice affect the market for pasta? A There will be a shift of demand and a contraction of…
Answer this question and get it marked →Some goods are over-consumed in a market economy. What is likely to be the cause of this? A Consumer surplus exceeds producer surplus. B Consumers undervalue the benefits of…
Answer this question and get it marked →A family is willing to pay a maximum of $600, $500 and $400 for air tickets for the mother, father and daughter to attend a wedding in another city. The airline announces a…
Answer this question and get it marked →After a 10% decrease in a consumer’s income, the consumer’s demand for a good rises from 100 to 105. What is the value of the consumer’s income elasticity of demand for this good?…
Answer this question and get it marked →In 2010, poor harvests reduced fruit crops and furniture producers gave big discounts on furniture products. How might these changes have affected the position of the supply curve…
Answer this question and get it marked →In the diagram, D and S represent the demand for and supply of smartphones. Many components used in the production of smartphones are imported. The initial equilibrium is at point…
Answer this question and get it marked →The diagrams show the demand for and the supply of houses. In the short run, the stock of houses for sale, S1, is fixed. A government decides to allow some agricultural land to be…
Answer this question and get it marked →The equation for the quantity demanded, QD, for a product is QD = 400 − 20P where P = price in $. The quantity supplied, QS, is given by QS = 100 + 40P. Which change will occur if…
Answer this question and get it marked →What is the most likely cause of the continuous increase in prices of famous paintings by now dead artists? A the increasing technological ability to copy famous paintings…
Answer this question and get it marked →What is most likely to be regressive? A corporate profit taxes B state pension benefits C specific tax on cigarettes D unemployment benefits
Answer this question and get it marked →What is necessary for an action to be classed as a transfer payment? A It must include a cash payment. B It must involve a banking transaction. C It must originate from government…
Answer this question and get it marked →The government imposes a specific indirect tax of $1 on each unit of a good sold. How does the imposition of the tax shift the demand or supply curve of the good? A The demand…
Answer this question and get it marked →Which term relates to a fall in the domestic real value of a currency? A deflation B depreciation C appreciation D inflation
Answer this question and get it marked →What must be the result for a country of a rise in its export prices relative to its import prices? A a deficit in its trade in goods B an improvement in its terms of trade C an…
Answer this question and get it marked →Country X can produce a product at a lower opportunity cost than country Y. Which term best describes this statement? A absolute advantage B comparative advantage C specialisation…
Answer this question and get it marked →For a given year, economy X publishes the following. $bn --- --- Gross Domestic Product (GDP) 100 factor income earned by residents of economy X working in foreign countries 10…
Answer this question and get it marked →Which combination is possible for an economy experiencing zero inflation? average nominal wages average real wages --- --- --- A falling falling B falling rising C rising falling…
Answer this question and get it marked →The graph shows the rate of inflation in Japan from April 2020 to February 2021. Over which period did disinflation occur in Japan? A July 2020 to February 2021 B July 2020 to…
Answer this question and get it marked →The diagram shows three production possibility curves (PPC) for a country, labelled 3, 2 and 1. The original PPC for the country is 2. This country experiences a fall in its…
Answer this question and get it marked →A government increases the rate of income tax. What is the effect, in the short run, on the aggregate demand curve or the aggregate supply curve? A The aggregate demand curve…
Answer this question and get it marked →A country’s current account deficit is larger this year than last. What is the most likely reason for this increase? A Demand for domestically produced goods has risen. B Domestic…
Answer this question and get it marked →Which supply-side measure is most likely to produce short-run growth in a country’s aggregate supply? A easing of controls on immigration of workers B expenditure on primary…
Answer this question and get it marked →Which tax may a government use to reduce inequality? A progressive income tax B proportionate income tax C proportionate indirect tax D specific indirect tax
Answer this question and get it marked →A foreign government pays a UK university to educate its students. How would this be recorded on the balance of payments current account of the UK? current account component money…
Answer this question and get it marked →A government wants to reduce inflation. It has decided to cut government spending by $1bn. The diagram shows different starting positions for the country’s aggregate demand (AD)…
Answer this question and get it marked →A government reduces the rate of tax firms are charged on their land and buildings. How is this likely to affect the economy’s price level and real output? price level real output…
Answer this question and get it marked →← October–November 2023 Paper 13 · October–November 2023 Paper 11 →