Economics 9708/23 Oct Nov 2017 | Cambridge AS Level Past Papers With Mark Scheme

The PDF file can be downloaded for reference. Key questions include:

1. Percentage change in rice prices from 2014 to 2015 and implications for global markets.
2. Benefits of subsidies on fertilisers, power, and water for Japanese rice farmers, supported by diagrams.
3. Role of minimum prices in protecting rice farmers and the sustainability of such policies.
4. Justification of specialization in rice production for Thailand and Vietnam using the principle of comparative advantage.
5. Evaluation of the advantages and disadvantages for rice-importing countries of removing controls on the rice market.
6. Importance of understanding price elasticity versus income elasticity of demand for government decision-making.