0455 Economics November 2024 Question paper 13

Consumer wants for gold are limited.

capital and labour

earnings $hours of leisure per day X Y What is the opportunity cost to the individual of the extra earnings when moving from position X to position Y?$10

advertising expenditure on products made from cocoa market for cocoa decrease excess demand

supply (kg) demand (kg) price ($) The following year, more efficient harvesting means that the supply increases by 50% at each price. What will happen to the suppliers’ total revenue? It will fall by$10.

quantity demanded

When the price of meat increased from $5 to$6 per kg, Joe decreased his purchase of meat from 40kg to 20kg a month. What was Joe’s price elasticity of demand for meat? 7 20 D 2.5 C 2.0 B 0.4 A

price $ quantity O

private benefits minus private costs

accepting deposits

unemployment rate interest rate inflation rate high high high

extending the training period for nurses

Job security and promotion prospects tend to be restricted.

advise the workers to ask individually for a pay rise

How is total revenue calculated? price divided by the total output

profits prices decrease decrease

equilibrium prices in markets

total income tax paid $earnings$ 1000 5000 2000 8000 3000 9000 Which type of tax system does this illustrate? indirect

an increase in government spending

What is Gross Domestic Product (GDP) divided by in order to calculate GDP per head? the adult population

the economy individuals increase in inflation increase in absolute poverty

the number of workers on the national minimum wage

weights item year 2 year 1 food clothing housing 100 100 total What can be concluded from this data? Clothing prices have fallen.

living standards distribution of income fall becomes less even

100+ 95–99 90–94 85–89 80–84 75–79 70–74 65–69 60–64 55–59 50–54 45–49 40–44 35–39 30–34 25–29 20–24 15–19 10–14 5–9 0–4 male female percentage country 2 100+ 95–99 90–94 85–89 80–84 75–79 70–74 65–69 60–64 55–59 50–54 45–49 40–44 35–39 30–34 25–29 20–24 15–19 10–14 5–9 0–4 male female percentage country 1 What can be deduced from these population pyramids? Country 1 has a greater population size than country 2.

population (millions) gross domestic product per year ($m) 600

a foreign exchange shortage

an embargo

The diagram shows a change in the exchange rate for the Indian rupee against the US$. quantity of Indian rupees price of Indian rupee in US$ Q2 Q1 P2 P1 S2 S1 O

• Country X exports $200m of goods. • Country X imports$50m of services. • Country Y’s citizens working in country X send home to relatives $25m. • Country X sends country Y$75m of aid. By how much did the balance on the current account of country X increase? $350m