AS & A Level Economics (9708) — October–November 2023, Paper 31
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →Economists normally assume that the marginal utility from consuming additional goods is positive and diminishing. What is the effect on total satisfaction of consuming extra units…
Answer this question and get it marked →A budget line (b–b) shows the combinations of two goods, X and Y, that a consumer can obtain within a fixed income of $60 per week, when the price of Y = $1 and X = $2. [Diagram:…
Answer this question and get it marked →Which market structures are contestable? perfect competition monopolistic competition pure monopoly --- --- --- --- A no no yes B no yes yes C yes no no D yes yes no A combination…
Answer this question and get it marked →The diagram shows a long-run average cost curve (LRAC), and three short-run average cost curves (SRAC₁, SRAC₂ and SRAC₃) for an individual firm. Each short-run average cost curve…
Answer this question and get it marked →Which combination of reactions by rivals results in a kinked demand curve for an oligopolist when a price is changed? A copying both a price rise and a price fall B copying a…
Answer this question and get it marked →What is a key condition for effective price discrimination? A The product cannot be resold to another consumer. B The product must be price inelastic. C The profits from one…
Answer this question and get it marked →Which combination of cost conditions is most likely to act as a barrier to entry to a new firm wanting to join an industry? fixed costs as a proportion of total costs minimum…
Answer this question and get it marked →How is dynamic efficiency represented on a diagram? A a downward move to the minimum point of a long-run average cost curve B a downward shift in the long-run average cost curve C…
Answer this question and get it marked →A city council is considering building a passenger terminal at its port so that the city can benefit from large cruise ships that could then dock there. It undertakes a…
Answer this question and get it marked →Some multinational oil companies extracting oil in developing countries are now required to repair the damage they do to the environment. What best describes the total costs…
Answer this question and get it marked →Which statement is not an example of government failure? A government intervention leading to a less efficient allocation of resources B government intervention leading to a net…
Answer this question and get it marked →The diagram shows the demand for and supply of labour. [Diagram: the vertical axis is wage and the horizontal axis is quantity of labour. The supply of labour curve SL slopes…
Answer this question and get it marked →A firm is faced with a shortage of labour. It decides to introduce its own training scheme for school leavers. Which effect is this most likely to have on the firm? A a decrease…
Answer this question and get it marked →What is likely to result if a government introduces a new regressive tax? A Aggregate demand will increase. B Employment opportunities will increase. C Income equality will…
Answer this question and get it marked →Which government policy to counter the effects of income inequality is correctly matched with one of its advantages and one of its disadvantages? policy advantage of policy…
Answer this question and get it marked →Under which circumstances will a subsidy from the government be most beneficial if there are externalities from producing good X? externality caused by good X price elasticity of…
Answer this question and get it marked →What might decrease if a closed economy with a government sector decides to allow international trade? A components of aggregate expenditure B number of injections into the…
Answer this question and get it marked →The diagram shows a closed economy in which the full employment level of income is YF. [Diagram: the vertical axis is labelled aggregate demand, consumption and the horizontal…
Answer this question and get it marked →Which policy to counter climate change is considered to be regulatory rather than market based? A the introduction of carbon taxes on pollution B the operation of tradable…
Answer this question and get it marked →Which cause of economic growth is most likely to ensure that the growth is sustainable? A deregulation of industrial production that uses mineral resources and fossil fuel B…
Answer this question and get it marked →In all major towns in a country, a government adopts a policy of opening centres where job vacancies are advertised. Which type of unemployment is the government aiming to reduce…
Answer this question and get it marked →What is the basic assumption underlying the accelerator theory? A Investment depends on the level of business confidence. B Investment depends on the level of savings. C…
Answer this question and get it marked →What shows the correct outcome for the policy option? policy option outcome --- --- --- A depreciation of the exchange rate encourages more exports, which also means greater…
Answer this question and get it marked →The Laffer curve shows expected tax revenues at different tax rates. [Diagram: the vertical axis is tax revenue and the horizontal axis is tax rate / %. An inverted-U…
Answer this question and get it marked →A government wishes to improve the income distribution between the richest and poorest in society. It introduces means tested benefits for workers on low incomes. To pay for this,…
Answer this question and get it marked →The table shows data on the unemployment and inflation rates for four countries in 2010 and 2014. country unemployment rate (% of workforce), 2010 unemployment rate (% of…
Answer this question and get it marked →Which adjustment is made to gross domestic product (GDP) to calculate a measure of economic welfare (MEW)? environmental costs and benefits the value of leisure activity the value…
Answer this question and get it marked →Purchasing power parity (PPP) allows a comparison of the purchasing power in two countries. What is a definition of PPP? A the amount of the domestic currency needed to purchase a…
Answer this question and get it marked →A Lorenz curve measures the income distribution in a country. The further the Lorenz curve is from the line of absolute equality, the greater the level of inequality. [Diagram:…
Answer this question and get it marked →The turning point on the Kuznets curve for income inequality has been estimated to be in the region of US$10 500. For a country that has a GDP per capita of $8000, what is most…
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