Economics 9708/13 Oct Nov 2017 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Differentiation between short-run, long-run, and very long-run economic scenarios based on resource allocation and technology changes.
2. Analysis of elasticity in demand and supply curves, with examples like income elasticity of milk and market responses to price changes.
3. Discussion on government interventions such as subsidies, price ceilings, and taxes, examining their economic welfare impacts.
4. Evaluation of trade policies, including tariffs and quotas, with their respective effects on domestic markets and international trade balances.
5. Exploration of currency devaluation effects on the balance of payments, incorporating price elasticity and time-lag analysis.
6. Assessment of macroeconomic recommendations to address unemployment, inflation, and trade deficits through fiscal, monetary, and supply-side policies.