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    621 views11 pages

    Economics 2022 Paper 1

    Uploaded by

    Ashley

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 11
    1 Which of the fot i e folk ems isa y produces wt fellowing items isa primary A) Truck (®) Bread 42) Bauxite ©) — Clothing 2. The Government of Country P decides to move resources ftom manufacturing {0 crop production, The opportunity cost of this decision is the (A) rent forthe land on which crops are grown AB) profits earned from manufacturing (©) wages earned by farm workers ©) profit eamed by farmers 3. Which of the following is NOT a way in ‘which governments influence the economic decisions of businesses? {A} _ Increasing retirement benefits (B) _- Passing rainimum wage legislation (C) Regulating the emissions of toxic waste (@) Identifying areas where businesses should be located 01216010/MI/CSEC 2022 4, Es Sugar he following diagram sérnc‘tion possibitity that is capable of ar in different Item_4 refers to th ‘hia iMastrates the pte frontier for an economy producing bauxite and sugt combinations. Bauxite Point X on the diagram above represents (A) economic growth (B) unemployed resources (C) _ anefficient combination (DY an unattainable combination An ‘economy’ is BEST described as {A) a system where suppliers produce all the goods and services needed by consumers ©) the wtitization of resources by Manufacturers to produce goods _ __ and maximize profits ACY" the utilization of resources to Produce goods and services to meet the needs and wants of society. @M) 4 System whereby all the goods and services used by citizens of & Country are provided by the government SON TOTHE RET ail [6 packet to vary X altows the foreign exchange Cou determine the rate of its domestic sed on the forces of demand rency ba coer ee yhnis Type CA eACHANBE Ta 1s and SOPPIY: referred 10 85 a fred (B) pesecd + 4e, ‘floating {D) managed eonomic choices are made because (a) _people’s needs exceed their wants - (B) _ people may not have the money to conduct business () Tesowrces ae uNKimated and. people’s wants are limited {Dy resources are searce while people's wants are unlimited “Resources, both human and physical, are required io produce gous.” ‘The statement above MOST accurately describes (A) productivity (B) entrepreneurship ' Ar — factars of production (D) factors of productivity Which of the foilowing pairs of activities in a country falls under the tertiary sector? (AY Banking snd tourism (B) Tourism and agriculture (C) Banking and construction (D) Manufacturing and fishing 10. 72 Which of the following is # reward © @ factor of production? “Yunes paid to government ‘Annual review oremployee Perfor mance 42x — Profits declared by 2 comps its annual report The managerial skills managers of a business tay (B) any in of the tems Land 12 refer to the following table which shows the cost of production for a small business, | Quantity of Bread | Total Cost | (loaves) s { o 200 2 250 Lhe Se I 4 300 ‘ { 6 {360 an ' 8 400 i 10 410 The fixed cost of production is ee $0 ae fe 5 (C) $20 {D) $410 The marginal cost of production between 2 and 4 loaves of bread is eens 25 (B) $50 (©) $100 ) $550 GO ON TO THE NEXT PAGE, B. dvantage of a planned economic Ao advaniag system is that consumers have a wider variety of goods 3) workers are more motivated and diligent 2 (©) _ firms havea greater incentive to be efficient ‘ (D) there is usually a more equitable distribution of wealth Item 14 refers to the following table which shows government spending as a percentage of gross domestic product for four counties, W, X, ¥ and Z. Government Spending as Country | “x Percentage of GDP W 47 a The economic system of Country X is MOST fikely (Ay mixed (8) planned (©) subsistence (D) free market When Bargain Supermarket increased the Brice of tissue by 65%, tisgue sales Feit by 118%, Therefore, the price elasticity of demand for Bargain’s tissue is A) elastic ' (BY inelastic <9 ©) perfectly elastic 06 oO ly elastic Perfectly inelastic O 16. Item 16 refers to the followin, Shows the marker Son Buen apr vty Price | Quantity = Which of the following statements is rug) (AY There is no shortage of golden apples at $4. (B) There is a shortage of 150 golden apples at $5. There is @ surplus of 300 golden apples at $2. There is a surplus of 450 golden apples at $1. © (D) All things being equal, an increase in the supply of a good wil} result in (A) an increase in both price and quantity traded (8) a decrease in both price and quantity traded (C) _anincrease in price anda decrease ia quantity traded ~€®). a decrease in price and an increase in quantity traded \ sp 18 refers 10 the following diagram ay represents a monopoly fim B, ese) re AR=D ‘Quantity MR ®) hich of the foliowing statements BEST describes what the diagram is illustrating? (A) The finn is making losses. ‘The firm is making normat profits (C) The firm is making excess profits. {D) The firm is making zero economic profit, 19, The income elasticity of demend for cars is 5. Ifa recession causes a decrease of 20% in incomes, then the quantity of cars demanded is tikely to Ley increase by 25% eat (B) increase by 100% s (C) decrease by 25% ye (D) decrease by 100% 20. ‘The supply curve will shift m the left if (A) incomes fait (B) costs of production rise (©) _ costs of production fall (D) technology is introduced H2te010MuesEC 2022 é a. A normal supply curve for farm produce will slope upwards from left to right if farmers (A) passon increased costs to customers {BA arewilling to produce more as price increases (©) increase their profit margins as price increases (D) are willing to increase supply 2s demand increases ‘Mr Phillip had imended to buy 50 pens at $8. When the price rose to $10 he decided to buy only 40 pens. His elasticity of demand for pens is (A) 0.00 @) 9.40 (0.80 > 1.30 ‘The relationship between price and quantity demanded of anormal good is described as (A) direct (B)ashif (C) inverse (D) non-existent GO ON TO THE NEXT PAGE 24. eam C ich 1 24 refers (o the following ble whic! ‘ives the short-run sehedvles of three firms, X, Y and Z, which comprise an industry Price | Firm X | Firm ¥ | Firm Z t 100 a eB 150 | 30 = 3 200 my 7 4 250_| 150 | 100] Which of the following price-quantity combinations would occur on the short-run supply schedule of the industry? (AY Vand WO emits (B) $3 and 350 units (©) S4and 650 units (D} $5.and 1150 units Governments often put measures in place tocontrel monopolies because monopolies (A) set fair prices (B) restrict supply

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