Economics 9708/12 Oct Nov 2019 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Definition and implications of scarcity, production possibility curve labels, and normative economic statements.
2. Functions of the price mechanism, consumer surplus, and impacts of government price controls on equilibrium.
3. Relationships between elasticity (price, demand, supply) and tax burdens or subsidies.
4. Impact of exchange rates, terms of trade, and international trade advantages on balance of payments.
5. Use of fiscal policies, aggregate demand shifts, and government interventions in managing economic stability.
6. Roles of protectionism, current account components, and expansionary fiscal policies in addressing deficits and growth.