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Economics
O N S C O UEXAMINATION

1. You
NCIL
EDUCATION CERTIFICATE®
ECONOMICS
Paper 032 –
1 hour
General
30
Pro!ciency
minutes
READ THE FOLLOWING
MUST answer CAREFULLY.
INSTRUCTIONS ALL
2.
theUse this answer
questions booklet to
your answeron in this
respond
paper.
3. Ifthe
you to theadditional
need questions. For EACH
paper to
space
question,
4. A"ach
write write
any additional paper
your answers, request it from
provided.
5. Return
that thissecurely
you use answer to this
the supervisor.
6. You
booklet
answer may
at use
the
booklet. a silent,
end electronic
of the
working
calculator
examination. to answer questions but
should be
ALL necessary
clearly shown.

DO NOT TURN THIS PAGE UNTIL

Copyright
YOU ARE TOLD © 2012
All TO DO SO.
Caribbean
01216032/F rights
2014 Examinations Council.
reserved.

Page 2 of 5
-
2
Answer
ALL -
Figures 1(a) and 1(b) below represent TWO
Examine the !gures carefully
questions.
!rms operating under TWO di#erent market
and answer the following P($)
P($)
structures. MC MC
questions.
Price E1 P1
Price
P1 D0 P2
P3

MR D
0 Q(kg)Q1 0 Q1 Q(units)
Quantity Quantity
Q2
Figure 1(a): A !rm operating in a Figure
perfectly competitive market in a
1(b): A !rm operating
1. (a)monopolist market
De!ne the term
‘perfect competition’.
_______________________________________________________________________
:
 ‘perfect competition’.
_______________________________________________________________________
_______________________________________________________________________

Past Papers
(2 marks)
(b) De!ne the
term
_______________________________________________________________________
_______________________________________________________________________
‘monopoly’.
(2 marks)
(c) State TWO characteristics of a
perfectly competitive market
_______________________________________________________________________
_______________________________________________________________________
structure.
(2 marks)

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Similar Subjects:
Prinicples of Accounts
Prinicples of Business

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