AS & A Level Economics (9708) — October–November 2024, Paper 33
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →A rational consumer chooses what quantities of two products Y and Z to purchase with a given income. MUY and MUZ are the additions to total utility that would result if the…
Answer this question and get it marked →Which statement about indifference curves is not correct? A Indifference curves are usually convex to the origin of the diagram. B Indifference curves can intersect each other. C…
Answer this question and get it marked →A firm increases its production. When will this result in allocative efficiency? A when the cost of producing the last extra unit equals the value the consumers place on it B when…
Answer this question and get it marked →The table shows a firm's revenue and costs at different levels of output. output marginal revenue average revenue marginal cost average total cost --- --- --- --- --- 1 125 125 90…
Answer this question and get it marked →Which diagram shows a monopolistically competitive firm in long-run equilibrium? Each of the four diagrams A, B, C and D has a vertical axis labelled 'revenue/cost', a horizontal…
Answer this question and get it marked →In a perfectly contestable market, entries and exits are cost-free. In reality, why is this not the case with some firms in contestable markets? A Firms cannot recover all fixed…
Answer this question and get it marked →Which points show where each maximisation objective occurs? [Diagram: vertical axis labelled 'cost or price $', horizontal axis labelled 'quantity', origin O. A marginal cost…
Answer this question and get it marked →What is an external economy of scale? A cheaper costs from purchasing large quantities of inputs B decreased interest rates on borrowed funds C increased labour productivity D…
Answer this question and get it marked →A group of producers enter into an agreement to restrict supply or fix the price of a good. What does this describe? A a cartel B a conglomerate merger C economies of scale D…
Answer this question and get it marked →What is meant by a four-firm concentration ratio of 25%? A The largest four firms' market share totals 25%. B The largest four firms have a market share of 25% each. C There are…
Answer this question and get it marked →A government decides to use price controls to achieve allocative efficiency in a monopoly market. Which price would need to be set to achieve allocative efficiency? [Diagram:…
Answer this question and get it marked →The diagram shows the supply of and the demand for workers in the car manufacturing industry. A trade union successfully negotiates a wage increase from W₁ to W₂. [Diagram:…
Answer this question and get it marked →A firm buys new machinery which increases the marginal productivity of its workforce. What will be the resulting impact on the market for labour? A a shift to the left in the…
Answer this question and get it marked →The diagram represents the market for labour. [Diagram: vertical axis labelled 'wage', horizontal axis labelled 'number of workers', origin O. A downward-sloping demand curve D…
Answer this question and get it marked →Which combination of policies is most likely to increase the number of low-paid workers caught in the poverty trap? individual's tax-free allowance for income tax proportion of…
Answer this question and get it marked →A website compares the prices of groceries. Which function of money is illustrated by this? A medium of exchange B standard of deferred payment C store of value D unit of account
Answer this question and get it marked →Two statements about the types of unemployment are shown. 1 You will get unemployment if you pay people not to work, and tax them when they do. 2 An individual is actively seeking…
Answer this question and get it marked →A government decides to cut the rate of interest in order to stimulate aggregate demand and increase employment. Why might this policy not work in a recession? A Business…
Answer this question and get it marked →Households in an economy change their consumption behaviour causing the consumption curve to shift from C₁ to C₂. [Diagram: vertical axis labelled 'consumption spending',…
Answer this question and get it marked →How would decreasing interest rates be most likely to reduce unemployment? A by decreasing the borrowing costs of business B by decreasing the government's budget deficit C by…
Answer this question and get it marked →The diagram shows a curve representing the relationship between a country's unemployment rate and its inflation rate. [Diagram: vertical axis labelled 'inflation rate', horizontal…
Answer this question and get it marked →What is the most likely result of a period of negative actual growth? A an increase in the surplus of the financial account of the balance of payments B an increase in the deficit…
Answer this question and get it marked →An economy experiences falling incomes and rising unemployment. The central bank decides to reduce the rate of interest to stimulate economic activity. When would such a policy be…
Answer this question and get it marked →Monetary policy does not usually work immediately. Which time lag is likely to be the least concern to a government whose priority is a rapid domestic impact? A the time it takes…
Answer this question and get it marked →The optimum level of population is deemed to be that level at which real output per head is maximised. The diagram shows the relationship between population size and output per…
Answer this question and get it marked →A government wants to reduce the current account deficit on the balance of payments. What is an example of an expenditure-reducing policy? A a devaluation of the currency B a…
Answer this question and get it marked →During a year, a country's national income in money terms increased by 5%, prices increased by 4% and the total population increased by 2%. What was the approximate change in real…
Answer this question and get it marked →What is most likely to result from foreign direct investment in a developing economy? A an improvement in the developing economy's trade balance B an increase in the developing…
Answer this question and get it marked →The diagram shows an economy's Lorenz curve (VW). [Diagram: a square with vertical axis labelled 'cumulative % of income' (from 0 to 100) and horizontal axis labelled 'cumulative…
Answer this question and get it marked →The table gives the percentage of employment in the primary, secondary and tertiary sectors in four countries. Which country is most likely to be a high-income country? primary…
Answer this question and get it marked →← October–November 2024 Paper 41 · October–November 2024 Paper 32 →