Study Economics revision pack on Basic economic ideas and resource allocation for AS Level. Useful for revision, homework, and exam preparation in Zimbabwe.
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This is the Cambridge International AS Level Economics revision pack for Paper 2 from 2016. It is a free revision pack for revision. The paper code is 9708/02.
AS Level Paper 2 From Section B only CHAPTER 1: Basic economic ideas and resource allocation 2 a) With the help of a diagram, explain how a production possibility curve can illustrate the concepts of opportunity cost and economic growth. [8] (b) Discuss whether free market economies or centrally planned economies are more likely to make choices that will maximise the benefits for consumers. [12] 9708/02/SP/16 2 (a) Explain, using examples, why the prices charged for merit goods and demerit goods in a free market do not reflect the value to consumers. [8] 9708/22/F/M/16 (b) Discuss why some goods and services are provided by private enterprise and others are provided by the government in a mixed economy. [12] 9708/21/M/J/16 2 (a) Use examples to illustrate the difference between private goods and public goods, and explain why only private goods will be supplied in a free market economy. [8] (b) 'The factor enterprise and the free working of the price mechanism always ensure a satisfactory outcome for consumers even when imperfect information exists.' Discuss this view. [12] 9708/22/M/J/16 (b) Discuss how knowledge of the differences between these types of goods would help government policy makers and entrepreneurs to make decisions. [12] 9708/23/M/J/16 3 (a) Explain how the contribution of each factor of production differs in an agricultural economy from that in an industrialised economy. [8]