Economics 9708/12 Oct Nov 2016 | Cambridge AS Level Past Papers With Mark Scheme

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1. Explain the use of production possibility curves to determine opportunity costs when producing two goods.

2. Analyze factors affecting price elasticity of demand and cross-elasticity of complementary goods.

3. Evaluate government interventions like subsidies, tariffs, and price controls in markets, considering their impact on resource allocation and consumer/producer surplus.

4. Discuss fiscal, monetary, and supply-side policies aimed at correcting balance of payments deficits and managing inflationary pressures.

5. Assess the effectiveness of protectionist measures, such as tariffs and quotas, in improving trade performance and generating government revenue.

6. Use trade theories like comparative and absolute advantage to explain patterns in international trade and resource allocation efficiency.