CSEC Economics · May/June 2007 · Paper 2 · Question 7(a)
List the TWO means by which resources are allocated in an economy.
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Practise this questionOther parts of this question
- 7(b)Distinguish between a change in 'demand' and a change in 'quantity demanded'.[5 marks]
- 7(c)Explain TWO determinants of the price elasticity of demand for BMW vehicles.[5 marks]
- 7(d)Using the determinants identified in (c) above, discuss how these may be responsible for the demand curve shifting from D to D1 in Figure 1.[8 marks]
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