Use this ZIMSEC O-Level Economics Paper 1 November 2021 marking scheme for checking answers, revision, and exam preparation in Zimbabwe.
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Questions: ZIMSEC O-Level Economics Paper 1 November 2021 Question Paper
This is the ZIMSEC O-Level Economics marking scheme for Paper 1 from November 2021. It shows how marks are awarded, so you can mark your own answers to the matching question paper. See the question paper.
\begin{table}
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\caption{NOVEMBER 2021 ECONOMICS PAPER 1}
QSN | KEY
1. | B_Marginal utility is the added satisfaction a consumer gets from having one more unit of a good or service. 33-30= 3 units
2. | C_change in price of the good causes a movement along the initial demand curve that is movement from point a to point b.Option A,B and D causes a shift of the whole demand curve.
3. | C_In the momentary period supply is fixed and Es is zero.
4. | A - Because of economies of scale
5. | B_By definition.Normal profit is earned when AR=AC.
6. |
NO ANSWER
A - Those with high qualifications are paid higher wages and those with low qualifications are paid lower wages.Hence incomes vary with education.
B- some jobs may be hazardous and dirty hence people working in such environments may earn more money than those working in safe and clean environment. Hence incomes vary with the type of job. C-longer servicing employees are normally rewarded with higher wages as compared to new employees.Hence incomes vary with experience.
D-Wage differences may also be due to different in locations. If there are differences in the cost of living for different locations ,then wages are more likely to differ as well.In most cases locations with high cost of living have higher wages than those with low cost of living. Hence incomes vary with location of the industry.
7. | A- Imports are a leakage because money is sent to the exporting country when an import is acquired.
8. | A_By definition
9. | D-Protectionism hinders economic development .
10. | C_Devaluation makes the country's exports relatively less expensive for foreigners.
11. | C_Speculative demand for money is inversely related to the interest rate ie ,higher the rate of interest ,smaller will be speculative demand for money and vice versa
12. | A_When government spending decreases AD decreases resulting in fall in prices and Y .Fall in Y will reduce marginal propensity to mport.
13. | A_improvement in technology will cause a rightward shift of the PPC.
14. |
B_cabbages carrots Peas
TU. | MU. | TU. | MU. | TU. | MU
10. | 10. | 7. | 7. | 9. | 9
18. | 8. | 14. | 7. | 16. | 7
25. | 7. | 21. | 7 | 21. | 5
30. | 5. | 28. | 7. | 23. | 2
32. | 2. | 35. | 7. | 22. | -1
The law of diminishing marginal utility states that all else equal as consumption increases the MU derived from each additional …