end of semester AS p1p21.docx

end of semester AS p1p21.docx

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endofsemesterASp1p21

UNIVERSITYOFCAMBRIDGEINTERNATIONALEXAMINATIONS

GeneralCertificateofEducation

AdvancedSubsidiaryLevelandAdvancedLevel

ECONOMICS9708/01

ENDOFSEMESTERJanuaryexamination

Paper1MultipleChoice（Core）

January2011

TimeDuration:

1hour

AdditionalMaterials:

MultipleChoiceAnswerSheetSoftcleaneraser

Softpencil（typeBorHBisrecommended）

READTHESEINSTRUCTIONSFIRST

Writeinsoftpencil.

Donotusestaples,paperclips,highlighters,glueorcorrectionfluid.

Writeyourname,Centrenumberandcandidatenumberontheanswersheetinthespacesprovidedunlessthishasbeendoneforyou.

Therearethirtyquestionsonthispaper.Answerallquestions.ForeachquestiontherearefourpossibleanswersA,B,C,andD.

Choosetheoneyouconsidercorrectandrecordyourchoiceinsoftpencilontheseparateanswersheet.

Readtheinstructionsontheanswersheetverycarefully.

Eachcorrectanswerwillscoreonemark.Amarkwillnotbedeductedforawronganswer.Anyroughworkingshouldbedoneinthisbooklet.

IB0411_9708_01/3RPUCLES

Thisdocumentconsistsof11printedpages.

[Turnover

1.Whatmightexplainasimultaneousincreaseinbothpriceandquantitytradedinthemarketforanormalgood?

Atheremovalofaneffectivemaximumpriceonthegood

Btechnologicalprogressintheproductionofthegood

Ctheimpositionofataxonthegood

Dthegrantingofasubsidytoproducersofthegood

2.Thediagramshowsdemandandsupplycurvesforpetrol.ThepresentequilibriumisatX.Whatcouldbethenewequilibriumiftherewerealargefallinthepriceofcars?

D1S2

DAS

D2

BS1

price

X

S2

D

C

D1

S

D

S1D2

Oquantity

3.Thediagramshowsthedemandandsupplycurvesforaproduct.

X

S

price

Y

W

V

D

O

Z

quantity

Whichareameasuresthetotalamountconsumerswouldbewillingtopayfortheequilibriumlevelofoutput?

AOWYZBOXYZCOVYZDXYV

©UCLES9708/01/

[Turnover

4.ThediagramshowstheaverageworldpriceofcoffeeinUScentsperpoundweight（lb）between1997and2005.

Thepriceofcoffee,1997to2005

150

125

100

UScents/lb

75

50

25

0

1997

2001

2005

year

Whicheventisconsistentwiththepricebehaviourshowninthespecifiedtimeperiod?

Aacontinuousriseinthepriceofteabetween1997and2001

Btheentrytothemarketofnewproducersofcoffeebetween1997and2001

Caseriesofgoodcoffeeharvestsbetween2001and2005

Dincreasinghealthworriesaboutdrinkingcoffeebetween2001and2005

5.Afirmownsabridgeandchargesallvehicleuserswhocrossit.Howmightthechargebeclassified?

Aanexternalbenefitandanexternalcost

Banexternalbenefitandaprivatecost

Caprivatebenefitandanexternalcost

Daprivatebenefitandaprivatecost

6.Whichstatementaboutexternalitiesiscorrect?

AExternalitiesareeasiertovaluethanprivatecostsandbenefits.

BExternalitiesareonlyassociatedwithindustrialproduction.

CExternalitiescanbebothbeneficialandharmful.

DExternalitiescannotexceedprivatecostsandbenefits.

©UCLES9708/1

7.Thetableshows,fortwodifferentquantitiesofgoodX,thetotalamountconsumersarewillingtopayandthetotalexternalbenefitsthataregenerated.

quantityofgoodX

consumers’willingness

totalexternalbenefits

（units）

topay（$）

（$）

3

240

54

4

280

68

Whatistheadditionalsocialbenefitwhen4unitsratherthan3unitsareproduced?

A$14B$40C$54D$348

8.Thediagramshowsthemarketforapples.AgovernmentmaintainsaminimumpriceP2bybuyingapples.

D

S

P2

V

W

price

P1

X

Z

Y

S

D

O

Q1

Q

Q2

quantity

WhichareashowstheamountofmoneythegovernmenthastospendtomaintainthepriceP2?

AP2WYP1BP2VQ1OCP2WQ2ODVWQ2Q1

9.Whatisadefiningcharacteristicofaprivategood?

AItispurchasedbyindividualcustomers.

BItissuppliedexclusivelythroughthemarket.

CItisproducedonlybyprivatesectorfirms.

DWhenconsumedbyoneindividual,itisnotavailabletoothers.

©UCLES9708/01

10.ThediagramrepresentstheproductionpossibilitycurvesoftwoeconomiesXandY.

2500

2000X1X

agriculturalgoods（units）

1000

Y

05001000

manufacturedgoods（units）

AsaresultofsoilerosionineconomyX,theproductionpossibilitycurveshiftsfromXtoX1.

Accordingtothelawofcomparativeadvantage,whatshouldcountryYdofollowingthischange?

AceasetotradewithcountryX

BexportagriculturalgoodstocountryX

CexportmanufacturedgoodstocountryX

DimportbothagriculturalandmanufacturedgoodsfromcountryX

11.Whatwillbetheimmediateeffectoftheremovaloftariffsonimportedconsumergoods?

Aadecreaseinthecostofliving

Badecreaseinfreetrade

Canincreaseincustomsrevenuesreceivedbythegovernment

Danincreaseinthelevelofdomesticemployment

12.Whichfeatureisfoundinbothacustomsunionandafreetradearea?

Aacommoncurrency

Bacommonexternaltariff

Cfreedomfrominternaltradebarriers

Duniformtaxrates

©UCLES20089708/01

13Inwhichsituationmustthetermsoftradebemovinginacountry’sfavour?

AItsimportpricesarerisingataslowerratethanitsexportprices.

BThereisafallinbothitsimportanditsexportprices.

CThereisanincreaseinitsofficialreserves.

DThevolumeofitsexportsisincreasingmorethanthevolumeofitsimports.

14.Thetableshowsacountry’semploymentstatistics.

million

populationofworkingage

100

numberinemployment

60

numberunemployed

4

Whataretheparticipationrateandtheunemploymentrate?

participationrate（%）

unemploymentrate（%）

A

60

4.0

B

64

6.25

C

60

6.25

D

64

4.0

15.Thefiguresweretakenfromtheconsumerpriceindicesofretailpricesforthreecountries.

country

2006

2007

X

100

120

Y

140

150

Z

90

99

Between2006and2007,whatiscorrect?

ACountryXhasthehighestgrowthinthepurchasingpowerofmoney.

BCountryYhasthehighestgrowthinthepurchasingpowerofmoney.

CCountryZhasthelowestrateofinflation.

DCountryYhasthelowestrateofinflation.

©UCLES9708/01

[Turnover

16.Whatiscorrectaboutthecausesofinflation?

ACost-pushinflationcanbecausedbyarisingexchangerate.

BCost-pushinflationcanbecausedbylowerindirecttaxes.

CDemand-pullinflationcanbecausedbyarisingexchangerate.

DDemand-pullinflationcanbecausedbylowerdirecttaxes.

17.ThediagramshowsAustralia’sexportstoandimportsfromfourtradepartnersin$billionin1994and2004.

Australia’sexportsandimports,$bn,1994and2004

30

imports

25

1994

20

2004

15

exports

10

1994

5

2004

0

JapanUnitedStatesChinaNewZealand

WithwhichcountrydidAustraliahaveatradedeficitin1994andatradesurplusin2004?

AJapan

BUnitedStates

CChina

DNewZealand

©UCLES9708/01

11

18.Acountrysucceedsinattractingforeigndirectinvestment.

Howisitseffectrecordedinitsbalanceofpaymentsintheshortrunandlongrun?

shortrun

longrun

A

acredititeminthecurrent

adebititeminthe

account

financialaccount

B

adebititeminthecurrent

acredititeminthe

account

financialaccount

C

acredititeminthe

adebititeminthecurrent

financialaccount

account

D

adebititeminthe

acredititeminthecurrent

financialaccount

account

19.Underasystemofflexibleexchangerates,whatdeterminestheforeignexchangevalueofacurrency?

Atheoverallsupplyofanddemandforacurrency

Bthepurchasingpowerofthecurrencyrelativetothepurchasingpowerofforeigncurrencies

Cthesurplusordeficitonthebalanceofpaymentsoncurrentaccount

Dthedifferentialbetweendomesticandforeigninterestrates

20.Withanexchangerateof5Egyptianpounds（EGP）=1USdollar（$）,anAmericanproductsellsinEgyptforEGP100.

Assumingthatthedollarpriceremainsunchanged,whatwillbethepriceoftheproductinEgyptiftheEgyptianpoundappreciatestoEGP4=1US$?

AEGP75BEGP80CEGP120DEGP125

21.Whichmeasuretocorrectabalanceofpaymentscurrentaccountdeficitwouldbeclassifiedasanexpenditure-dampeningpolicy?

AareductionininterestratesBanincreaseindirecttaxes

Canintroductionofforeignexchangecontrols

Danupwardrevaluationofthecurrency

22.Whatwillbetheresult,fromsociety’sview,ifthemarketpriceforaproductdoesnotreflectthenegativeexternalitiesinitsproduction?

Atoomuchconsumptionandtoomuchproduction

Btoomuchconsumptionandtoolittleproduction

Ctoolittleconsumptionandtoolittleproduction

Dtoolittleconsumptionandtoomuchproduction

23.Thegovernmenthastochoosethebestoneoffourpossiblesitestolocateaport.Thebenefitsandcostsofeachsiteareshownin$minthetable.

Whichsitewouldbechosen?

private

external

private

external

benefits

benefits

costs

costs

A

900

600

10

50

B

700

1100

20

5

C

800

1100

80

40

D

1000

900

100

200

24.Thetableshowstheabilityoftwocountries,PandQ,toproducetwogoods,YandZ.

productionofgoodY

productionofgoodZ

perperson

perperson

country