Economics 9708/01 May June 2003 | Cambridge AS Level Past Papers With Mark Scheme

The user can download the PDF file for detailed review. Key questions summarized:

1. Examination of opportunity costs, focusing on trade-offs in production possibility curves and resource reallocation.
2. Analysis of price elasticity in consumer demand for goods, highlighting short-run versus long-run responsiveness.
3. Discussion of externalities in cost-benefit analysis, emphasizing external benefits and their inclusion in public project evaluations.
4. Exploration of international trade impacts, including comparative advantage, customs unions, and changes in terms of trade indices.
5. Evaluation of inflation's effects on money value, labor productivity, and trade balance adjustments in open economies.
6. Assessment of currency devaluation policies and their short-term versus long-term impacts on balance of payments and trade balances.