Economics 9708/04 May June 2004 | Cambridge AS Level Past Papers With Mark Scheme

Download the attached file to view the complete content. Key questions extracted:

1. Analysis of factors reducing US workers’ disposable incomes, including health insurance costs and wage stagnation.
2. Examination of employer decisions to shift costs to employees versus bearing them to maintain workforce stability.
3. Evaluation of divergent views on consumer spending trends and their economic implications.
4. Impact of reduced earnings on consumer demand and overall economic recovery potential.
5. Comparison of income and substitution effects of price changes across different goods.
6. Assessment of market failure using examples like traffic congestion and related corrective policies.