Economics 9708/23 Oct Nov 2015 | Cambridge AS Level Past Papers With Mark Scheme

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1. Comparison of Canada’s current account balance in 2008 and 2012, identifying trends in receipts, payments, and trade deficits.

2. Analysis of tariff removal on EU imports into Canada, illustrating price and quantity effects using supply and demand diagrams.

3. Evaluation of whether Canada’s cheese producers should receive protection from EU competition, weighing potential benefits for domestic industries against consumer choice and market efficiency.

4. Application of comparative advantage theory to explain mutual benefits for consumers in the EU and Canada from increased trade and specialization under the free trade agreement.

5. Assessment of additional information needed to evaluate the economic impact of CETA, such as long-term trade balance trends, industry-specific growth, and changes in consumer prices.

6. Discussion of free market functions of price, enterprise, and profit, and the conditions under which production possibility curve shifts are more likely in free market versus centrally planned economies.