0455 Economics June 2025 Question Paper 12

infinite quantity of capital

a desire to live near family and friends

output of capital goods O output of consumer goods X Y Which change in the economy’s labour market will allow it to reach point Y? employed workers become more productive

decision 2 decision 1 a firm sets the prices for its products a school recruits more teachers

supply (kilos) demand (kilos) price ($) per kilo At the equilibrium price, what will be the total expenditure on coffee?$400

price quantity price quantity O O What will be the shape of the market demand curve for the good?

O price quantity S1 D1 D2 P2 P1 If prices had remained at P1 even during the hot weather, what was likely to have happened in the market for ice cream? equilibrium

time taken to produce the good the good is easily stored one day no

it is more beneficial to the consumer than they realise

female $male$ 100

costs output O ATC X Y Why is the movement from X to Y likely to result from this merger? Consumer demand is rising.

a decrease in the number of customers in the restaurant

costs that are divided by the amount produced

variable costs ($) fixed costs ($) output (units) 140 100

The only information known about a firm is the price it charges for its product and the quantity it sells. What else can be concluded from this? 15 its average cost and profit A its average cost and total revenue B its average revenue and profit C its average revenue and total revenue D

decrease increase economies of scale barriers to entry

economic growth

% paid in tax income tax O Which term is used to describe the tax? indirect

a rise in government borrowing

increasing the money supply

the rate of absolute poverty

number of people 10000000 of working age 7000000 employed 1000000 unemployed 2000000 not seeking work Which percentage of working-age people are in the labour force? 90%

cyclical

supply of goods and services in country X demand for goods and services in country X 5% decrease 5% decrease

The food grown is not exported.

increased government budget deficit

$500

developing courses for training in mining

local currency price in local currency country Australian dollars $14.99 Australia Canadian dollars$11.99 Canada New Zealand dollars $20.95 New Zealand GB pound £6.99 United Kingdom What additional information is required to make a meaningful comparison of the price of the book between the countries? direct tax rates

a decrease in GDP