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CSEC Economics · May/June 2013 · Paper 2

44 questions and parts from this paper. Open one to see it in full, then practise it on Quelpr and get it marked against the mark scheme.

Practise this paper
  1. 1(a)1 markState ONE type of economic system.
  2. 1(b)4 marksReplicate Table 1 and fill in the missing factors of production and rewards.
  3. 1(c)6 marksExplain TWO disadvantages of division of labour.
  4. 1(d)4 marksUsing ONE example, differentiate between production and productivity.
  5. 2(a)2 marksDefine 'market structure'.
  6. 2(b)3 marksList THREE types of market structures.
  7. 2(c)6 marksUsing a diagram, explain market adjustments when a surplus occurs.
  8. 2(d)4 marksExplain the market structure associated with cellular phone manufacturers using THREE characteristics.
  9. 3(a)(i)1 markState the full name for the acronym EU.
  10. 3(a)(ii)1 markState the full name for the acronym CDB.
  11. 3(a)(iii)1 markState the full name for the acronym FTAA.
  12. 3(a)(iv)1 markState the full name for the acronym CARICOM.
  13. 3(b)1 markIdentify the international organization established to offer short-term financing to member states.
  14. 3(c)6 marksDiscuss TWO potential issues a consumer might face when shopping online.
  15. 3(d)4 marksExplain TWO challenges a small island could face when attempting to substantially increase banana production.
  16. 4(a)(i)2 marksDefine 'barter'.
  17. 4(a)(ii)2 marksDefine 'legal tender'.
  18. 4(b)1 markState the primary disadvantage of barter.
  19. 4(c)6 marksExplain THREE functions performed by a Central Bank.
  20. 4(d)(i)1 markIdentify the function of money demonstrated when Mark compares the prices of two clothing items.
  21. 4(d)(ii)1 markIdentify the function of money demonstrated when Margaret participates in a meeting turn / sou-sou / partner.
  22. 4(d)(iii)1 markIdentify the function of money demonstrated when Odette takes a loan to fund her studies.
  23. 4(d)(iv)1 markIdentify the function of money demonstrated when Peter purchases a car for US $120,000.
  24. 5(a)(i)2 marksDefine 'deflation'.
  25. 5(a)(ii)2 marksDefine 'unemployment'.
  26. 5(b)3 marksIdentify THREE withdrawals from the circular flow of income.
  27. 5(c)8 marksExplain TWO measures that can help minimize seasonal unemployment in an economy.
  28. 5(d)5 marksDiscuss TWO challenges trade unions face when seeking to represent workers during an economic recession.
  29. 6(a)(i)2 marksDefine 'comparative advantage' in the context of international trade.
  30. 6(a)(ii)2 marksDefine 'absolute advantage' in the context of international trade.
  31. 6(b)3 marksList THREE exchange rate regimes.
  32. 6(c)(i)4 marksExplain TWO gains from international trade for consumers.
  33. 6(c)(ii)4 marksExplain TWO gains from international trade for producers.
  34. 6(d)5 marksDiscuss TWO causes of balance of payments deficits.
  35. 7(a)4 marksIdentify which short-run cost curve each letter (A, B, C, and D) corresponds to in Figure 1 from the provided options: AFC, MC, AVC, and ATC.
  36. 7(b)3 marksList THREE examples of services.
  37. 7(c)8 marksDescribe TWO advantages associated with operating as a sole trader.
  38. 7(d)5 marksExplain TWO examples of fixed costs encountered by a small supermarket owner.
  39. 8(a)(i)2 marksDefine 'efficiency'.
  40. 8(a)(ii)2 marksDefine 'wants'.
  41. 8(b)3 marksList THREE examples of societal needs.
  42. 8(c)(i)4 marksUsing a diagram, explain the effect of widespread unemployment on the production possibility curve of a nation producing bananas and sugar cane.
  43. 8(c)(ii)4 marksUsing a diagram, explain the effect of government investment in a new fertilizer that benefits only banana yields on the country's production possibility curve.
  44. 8(d)5 marksDiscuss how scarcity, choice, and opportunity cost apply to a university graduate spending their first paycheck on a shopping trip.

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