Economics 9708/21 Oct Nov 2022 | Cambridge AS Level Past Papers With Mark Scheme

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1. Explain how a product’s price acts as a signal of scarcity and influences market behavior.

2. Analyze the effects of an effective minimum price on the market for a basic food product, like rice in Haiti, using diagrams.

3. Assess whether government action to smooth price fluctuations enhances or disrupts the efficiency of the price mechanism.

4. Evaluate the effectiveness of maximum price controls in controlling inflation, considering potential consequences like black markets.

5. Discuss the determinants of price elasticity of demand for cars and how this may change over time.

6. Analyze whether knowledge of price elasticity or income elasticity is more beneficial for businesses producing cars.