CSEC Economics · May/June 2009 · Paper 2 · Question 1(a)
Section I consists of four compulsory questions.
Define the term 'opportunity cost'.
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Practise this questionOther parts of this question
- 1(b)List THREE factors that firms must consider when determining what goods or services to produce.[3 marks]
- 1(c)Outline TWO factors that might affect the distribution of goods in your territory.[4 marks]
- 1(d)With the aid of a diagram, discuss TWO effects of setting a price ceiling below the equilibrium price for rice.[6 marks]
More practice: the rest of this paper · more Scarcity, Choice, and Opportunity Cost questions · all CSEC Economics past papers