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4 marksScarcity, Choice, and Opportunity Cost

CSEC Economics · May/June 2010 · Paper 2 · Question 6(c)(i)

Figure 1 shows the production possibility frontier for petroleum and sugar.

Explain what is taking place at Point A in the diagram.

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Other parts of this question

  1. 6(a)Define the term 'economics'.[2 marks]
  2. 6(b)Distinguish between the terms 'scarcity' and 'choice'.[5 marks]
  3. 6(c)(ii)Outline TWO measures that a producer can take to attain the production level indicated at Point C in the diagram.[4 marks]
  4. 6(d)Discuss TWO economic factors that may encourage a producer of bread to remain in bread production.[5 marks]

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