Economics 9708/12 March 2018 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Examination of opportunity cost using production possibility data, emphasizing marginal trade-offs in resource allocation.
2. Analysis of income elasticity, price elasticity, and market equilibrium in diverse scenarios, with implications for demand and supply dynamics.
3. Discussion on government interventions, including taxes, subsidies, and protectionism, with their impacts on markets and trade balances.
4. Exploration of fiscal and monetary policies, focusing on deflationary downturns, liquidity adjustments, and investment impacts.
5. Differentiation between customs unions and free trade areas, analyzing their effects on tariffs and market integration.
6. Assessment of terms of trade and currency depreciation on production and trade patterns in interconnected economies.