CSEC Economics · May/June 2013 · Paper 2 · Question 8(a)(ii)
Define 'wants'.
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- 8(a)(i)Define 'efficiency'.[2 marks]
- 8(b)List THREE examples of societal needs.[3 marks]
- 8(c)(i)Using a diagram, explain the effect of widespread unemployment on the production possibility curve of a nation producing bananas and sugar cane.[4 marks]
- 8(c)(ii)Using a diagram, explain the effect of government investment in a new fertilizer that benefits only banana yields on the country's production possibility curve.[4 marks]
- 8(d)Discuss how scarcity, choice, and opportunity cost apply to a university graduate spending their first paycheck on a shopping trip.[5 marks]
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