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1 markScarcity, Choice, and Opportunity Cost

CSEC Economics · May/June 2014 · Paper 2 · Question 1(b)(i)

State whether the opportunity cost is decreasing, increasing, or constant when moving from combination A through E in Table 1.

This question uses a figure or table from the paper — you'll see it when you practise.

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Other parts of this question

  1. 1(a)State the name of the curve commonly used to represent the production combinations shown in Table 1.[1 mark]
  2. 1(b)(ii)State the maximum amount of sugar that can be produced if 40 000 tons of bananas are produced.[1 mark]
  3. 1(b)(iii)State TWO factors that would cause the curve identified in (a) to shift inward.[2 marks]
  4. 1(c)(i)Determine whether Country X is operating efficiently or not if it produces 2 000 tons of sugar and 15 000 tons of bananas.[2 marks]
  5. 1(c)(ii)Determine whether Country X is operating efficiently or not if it produces 1 000 tons of sugar and 15 000 tons of bananas.[2 marks]
  6. 1(d)Explain TWO factors that should be considered before opening an internet cafe.[6 marks]

More practice: the rest of this paper · more Scarcity, Choice, and Opportunity Cost questions · all CSEC Economics past papers