Economics 9708/21 Oct Nov 2020 | Cambridge AS Level Past Papers With Mark Scheme

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

1. Functions of an entrepreneur in production, emphasizing innovation, risk-taking, and resource coordination.
2. Comparison of customs unions and free trade areas, focusing on trade barriers and external tariffs.
3. Impact of capital outflows on exchange rates during financial crises, explained using supply and demand diagrams.
4. Analysis of budget deficits and their role in managing inflation through fiscal measures, supported by diagrams.
5. Discussion on Latvia’s specialization in banking services versus diversification for economic stability and growth.
6. Examination of market failures due to imperfect information and their effects on merit and demerit goods consumption.