Economics 9708/03 May June 2004 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Examination of allocative efficiency threats, including imperfect information, income inequality, and externalities.
2. Analysis of labor market dynamics, focusing on marginal revenue product, wage adjustments, and the supply of labor effects.
3. Exploration of firm behavior in competitive and monopolistic markets, highlighting profit maximization, price discrimination, and revenue curves.
4. Discussion of aggregate demand and supply, the impact of fiscal and monetary policies, and their effects on unemployment and inflation.
5. Evaluation of macroeconomic principles like the multiplier, accelerator effect, and consumption function shifts in response to policy changes.
6. Assessment of monetarist policies to control inflation, including interest rate adjustments and open market operations' effects on economic stability.