Economics 9708/32 Oct Nov 2016 | Cambridge AS Level Past Papers With Mark Scheme

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1. Economic efficiency and its importance in preventing resource wastage, with applications to firm behavior and cost-benefit analysis.

2. Supply-demand dynamics in markets, exploring shifts due to price elasticity, externalities, and government regulations like subsidies or minimum wages.

3. Labor market scenarios:
- Marginal revenue product and its role in wage determination.
- Economic rent and the factors influencing wage disparities across sectors.

4. Characteristics of developing economies, such as underemployment, rural population trends, and indicators of development like GDP per capita and life expectancy.

5. Macroeconomic policies and time lags, focusing on fiscal, monetary, and supply-side interventions to ensure stability, growth, and sound public finances.

6. Global economic trends, analyzing impacts of urbanization, environmental depletion, and contractionary monetary policies like selling government bonds.