Economics 9708/23 Oct Nov 2022 | Cambridge AS Level Past Papers With Mark Scheme

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- Agricultural Subsidies in Pakistan: Analysis of opportunity cost, trade disadvantages, and the effects of fertilizer sales tax on the market.
- Subsidy Impact: Examination of alternative government support mechanisms and the implications of subsidies in areas with lower opportunity costs.
- Demerit and Merit Goods: Explanation of over-consumption and under-consumption drivers, and the impact of maximum price policies on consumers.
- Taxation Types: Distinction between progressive direct taxes and regressive indirect taxes with examples, and their comparative effectiveness in controlling inflation alongside interest rate changes.
- Terms of Trade: Influence of inflation rate differences and exchange rate fluctuations on terms of trade.
- Tariff Impact: Evaluation of the US-China tariff scenario, focusing on beneficiaries, losers, and the overall economic impact.