Quelpr

CSEC Economics · May/June 2015 · Paper 2

52 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)(i)1 markIdentify the equilibrium price.
  2. 1(a)(ii)1 markIdentify the equilibrium quantity.
  3. 1(b)3 marksList THREE factors that affect the price elasticity of demand.
  4. 1(c)(i)3 marksExplain what happens in the market when the price per sno-cone is $4.
  5. 1(c)(ii)3 marksExplain what happens in the market when the price per sno-cone is $1.
  6. 1(d)4 marksCalculate the price elasticity of supply when the price per sno-cone changes from 2 to 4.
  7. 2(a)(i)1 markHairdressing
  8. 2(a)(ii)1 markHairdryers
  9. 2(a)(iii)1 markTourism
  10. 2(a)(iv)1 markIsland tours
  11. 2(a)(v)1 markTractors
  12. 2(b)6 marksExplain the THREE resource allocation decisions that are often made under a free market system.
  13. 2(c)4 marksDiscuss ONE benefit of entrepreneurial talent that can accrue to Caribbean economies.
  14. 3(a)(i)2 marksDefine the term 'Terms of trade'.
  15. 3(a)(ii)2 marksDefine the term 'Balance of payments'.
  16. 3(b)1 markName ONE of the three MAIN parts of the balance of payments statement.
  17. 3(c)(i)3 marksAn increase in international demand for the country's local products
  18. 3(c)(ii)3 marksAn increase in local demand for imported goods
  19. 3(d)(i)2 marksState, with reason, which country has absolute advantage in the production of the two types of products.
  20. 3(d)(ii)2 marksState, with reason, which country has a comparative advantage in the production of agricultural products.
  21. 4(a)(i)2 marksDefine the term 'Monetary policy'.
  22. 4(a)(ii)2 marksDefine the term 'Fiscal policy'.
  23. 4(b)1 markName ONE type of unemployment.
  24. 4(c)6 marksDistinguish between the 'national budget' and 'national debt'.
  25. 4(d)4 marksDiscuss ONE weakness in using gross domestic product (GDP) as a measure of the standard of living.
  26. 5(a)(i)2 marksDefine the term 'Ceteris paribus'.
  27. 5(a)(ii)2 marksDefine the term 'Income elasticity of demand'.
  28. 5(b)3 marksList THREE characteristics of a monopolist.
  29. 5(c)(i)4 marksExternalities
  30. 5(c)(ii)4 marksMonopolies
  31. 5(d)5 marksUsing a diagram, illustrate the impact of a rise in the cost of production in a free market economy on BOTH the equilibrium price and the equilibrium quantity.
  32. 6(a)(i)2 marksDefine the term 'Barter'.
  33. 6(a)(ii)2 marksDefine the term 'Money'.
  34. 6(b)3 marksList THREE characteristics of money.
  35. 6(c)8 marksExplain TWO ways in which the roles of the central bank and commercial bank differ.
  36. 6(d)5 marksDiscuss how inflation can affect any TWO functions of money.
  37. 7(a)(i)1 markIMF
  38. 7(a)(ii)1 markCSME
  39. 7(a)(iii)1 markWTO
  40. 7(a)(iv)1 markFDI
  41. 7(a)(v)1 markCARICOM
  42. 7(b)2 marksList TWO characteristics of Caribbean economies.
  43. 7(c)8 marksDifferentiate between the development strategies of 'import substitution' and 'export push'.
  44. 7(d)5 marksDiscuss ONE challenge of implementing e-commerce in the Caribbean.
  45. 8(a)1 markIdentify the central problem in economics.
  46. 8(b)(i)2 marksNeed
  47. 8(b)(ii)2 marksWant
  48. 8(b)(iii)2 marksOpportunity cost
  49. 8(c)8 marksExplain TWO economic factors that will influence the decision the student makes.
  50. 8(d)(i)3 marksDecreasing opportunity costs
  51. 8(d)(ii)1 markAn efficient point
  52. 8(d)(iii)1 markAn unattainable point

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