Economics 9708/41 Oct Nov 2022 | Cambridge AS Level Past Papers With Mark Scheme

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1. Romania's economic performance in 2017 compared to the EU, highlighting higher GDP growth rates, lower unemployment, and workforce challenges.

2. Factors driving Romania’s rapid growth, including increased foreign direct investment (FDI), low wages, high-tech industry expansion, and government measures like tax cuts.

3. Labor force changes due to emigration, workforce shortages, and the impact on employment and production capabilities.

4. Budget deficit explanations and government policy analysis, focusing on the effects of reduced sales taxes and increased minimum wages.

5. Cost-benefit analysis applications for public projects, such as evaluating the feasibility of building a new hospital based on social and economic benefits.

6. Economic theories and models:
- Marginal revenue product theory and its role in wage determination with unions.
- Keynesian liquidity trap implications for fiscal and monetary policies.
- Distinctions between economic rent and transfer earnings with examples.

7. Real GDP per capita's influence on development, evaluating growth's relationship with broader socio-economic impacts and inequality.

8. Budget deficit adjustments in relation to positive or negative output gaps, supported by diagrams to illustrate fiscal policies' effectiveness.