Economics 9708/11 Oct Nov 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 production possibility frontiers to explain opportunity costs, resource allocation, and economic efficiency.
2. Analysis of market dynamics, focusing on price elasticity of demand (PED), consumer surplus, and equilibrium adjustments.
3. Evaluation of externalities in resource consumption, including their identification and implications for government interventions like subsidies and taxes.
4. Discussion of comparative advantage and specialization in international trade, supported by productivity data and potential trade gains.
5. Impact of trade policies, including tariffs, quotas, and exchange rate fluctuations, on domestic and international markets.
6. Assessment of monetary and fiscal measures, such as expenditure-dampening policies, to address inflation, trade balances, and resource allocation.