Economics 9708/22 May June 2014 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Analysis of New Zealand's terms of trade from 2011 to 2012, including the impact of price and volume changes on dairy and meat exports.
2. Calculation of price elasticity for meat exports and explanation of revenue growth despite falling prices, based on demand responsiveness.
3. Discussion of trade specialization in New Zealand, focusing on dairy and meat exports versus machinery and consumer goods imports, using comparative advantage theory.
4. Evaluation of factors stabilizing New Zealand’s terms of trade in 2013, considering international inflation and commodity price trends.
5. Explanation of equilibrium price and quantity changes in response to demand shifts, with diagrams illustrating the adjustment process.
6. Examination of inflation’s causes, distinguishing between demand-pull and cost-push, and their respective domestic versus external consequences.