Economic_Paper_1[Mr_Kaybee].pdf

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This is the A-Level Economics question paper for Paper 1. Use it for exam practice under timed conditions.

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Text from the first page

"A" LEVEL ECONOMICS PAPER 1

Topics:demand, supply \& elasticity[Mr Kaybee]
1. The elasticity of demand for a product will be higher , the
A. larger the numbers of substitutes
B. larger of close compliments
C. lower the initial price
D. smaller the proportion of income spent on the product
2. Inferior goods are goods for which the demand
A. falls as price falls
B. fall as price increase
C. fall as income rises
D. fall as income falls
3. Which of the following factors will tend to make supply inelastic?
A. an absence of barriers to international trade
B. a shortage of highly specific capital equipment
C. good transport facilities
D. a mobile labour force

4 We would expect resources in an economy to be allocated efficiently when for the output of every firm

A marginal cost= price
B. marginal cost= total revenue
C. marginal cost= marginal revenue
D. average cost= price
5. Which of the following factors will not cause the supply of potatoes to shift to the right?
A. a fall in the wages of potato farmers
B. an increase in the popularity of Zimbabweans
C. better harvesting technique

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