Economics 9708/32 May June 2012 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Examination of economic efficiency criteria, focusing on optimal resource allocation and social cost minimization.
2. Analysis of marginal utility and consumer behavior in maximizing utility under budget constraints.
3. Evaluation of cost structures, including fixed, variable, and total costs, to explain production and pricing strategies.
4. Assessment of external benefits, market failures, and policy interventions such as subsidies or taxes to address social welfare.
5. Discussion of economic growth versus economic development, emphasizing investment in human capital and resource utilization.
6. Exploration of trade-offs between short-term national output changes and long-term growth potential through policy decisions like investment and labor force adjustments.