Economics 9708/42 May June 2022 | Cambridge AS Level Past Papers With Mark Scheme

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1. Define a cartel and explain its role in markets like OPEC’s oil production.

2. Discuss collusion in the context of an oligopoly, with reference to Russia and the US in the oil market.

3. Analyze the impact of falling oil prices on the US oil industry, focusing on differences in fixed and variable cost structures.

4. Use AD/AS diagrams to evaluate how Russia and Saudi Arabia might respond to reduced oil prices to stabilize their economies.

5. Examine the significance of economies of scale for firm survival, considering production costs and market competitiveness.

6. Evaluate two government policies aimed at mitigating climate change, such as carbon taxes and subsidies for renewable energy.