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10 marksMarket Equilibrium

CAPE Economics Unit 1 · 2008 · Paper 2 · Question 2(a)(i)

Using a demand and supply diagram, explain how a rapid economic expansion in China and India may affect each of the specified dimensions of the market for oil, ceteris paribus:

Demand

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Other parts of this question

  1. 2(a)(ii)Supply[8 marks]
  2. 2(a)(iii)Quantity bought and sold[10 marks]
  3. 2(a)(iv)Price[10 marks]
  4. 2(b)Analyze the likely effects of an increase in oil prices on the market for food.[12 marks]

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