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Guess Paper for AS level Economics Paper-2
BY
Qamar Baloch: 0321-7555550 and 03334429673
Join me on facebook: [email protected]
You may join qamar baloch on skype to study economics.Help for paper 1 is also available by Qamar Baloch on Skype and his cell phone.
Note: The word Guess means something predicted based on experience. So, all the students are advised to keep this point in their mind before going to prepare for the exams. Examiner might not use the same statements, however the material covered in these questions is expected to be asked by the examiner in the examination June 2011.
For Solution to these questions and important data responses contact at 03217555550.
V.V.V.V.Important questions (1 and 3)
Q.1 (a) Discuss whether it is the behavior of producers, consumers or governments that is most likely to cause inflation. [8-12]
(b) Discuss the methods and problems involved in constructing an accurate measure of the rate of inflation. [8-12]
c) Discuss whether inflation is necessarily harmful? [12]
Q. 2(a) Explain the differences in the features of a market economy and a
planned economy. [8]
(b) Explain the link between the basic economic problem of scarcity and opportunity cost. [8]
(c) Discuss whether increased division of labour among workers and nations brings only benefits. [12]
Q.3 (a) Explain, with examples, the significance of the value of a good’s cross-elasticity of demand in relation to its substitutes and complements. [8]
(b) Discuss whether a firm’s revenue would increase, in response to price and income changes, if the price elasticity and income elasticity of demand for its product became highly elastic. [12]
(c) Explain the meaning of the ‘equilibrium price’ of a good and how it is set in a free market. [8]
(d) Explain what influences the price elasticity of supply of a product? [8]
Q.4 (a) explain with the aid of a diagram, how consumer surplus will be affected by the introduction of an indirect tax. [8]
(b) Discuss the advantages and disadvantages of using indirect taxes to deal with the negative externalities associated with some products. [12]
(c) Explain the meaning of ‘public good’ and ‘private good’. [8]
Q.5(a) Explain how a country’s balance of payments is organized to account for all its international transactions. [8]
(b) Explain how the determination of a floating exchange rate differs from that of a fixed exchange rate. [8]
(c) Discuss the circumstances in which reducing the exchange rate and introducing quotas are effective policies to tackle a trade deficit. [12]
BY
Qamar Baloch: 0321-7555550 and 03334429673
Join me on facebook: [email protected]
You may join qamar baloch on skype to study economics.Help for paper 1 is also available by Qamar Baloch on Skype and his cell phone.
Note: The word Guess means something predicted based on experience. So, all the students are advised to keep this point in their mind before going to prepare for the exams. Examiner might not use the same statements, however the material covered in these questions is expected to be asked by the examiner in the examination June 2011.
For Solution to these questions and important data responses contact at 03217555550.
V.V.V.V.Important questions (1 and 3)
Q.1 (a) Discuss whether it is the behavior of producers, consumers or governments that is most likely to cause inflation. [8-12]
(b) Discuss the methods and problems involved in constructing an accurate measure of the rate of inflation. [8-12]
c) Discuss whether inflation is necessarily harmful? [12]
Q. 2(a) Explain the differences in the features of a market economy and a
planned economy. [8]
(b) Explain the link between the basic economic problem of scarcity and opportunity cost. [8]
(c) Discuss whether increased division of labour among workers and nations brings only benefits. [12]
Q.3 (a) Explain, with examples, the significance of the value of a good’s cross-elasticity of demand in relation to its substitutes and complements. [8]
(b) Discuss whether a firm’s revenue would increase, in response to price and income changes, if the price elasticity and income elasticity of demand for its product became highly elastic. [12]
(c) Explain the meaning of the ‘equilibrium price’ of a good and how it is set in a free market. [8]
(d) Explain what influences the price elasticity of supply of a product? [8]
Q.4 (a) explain with the aid of a diagram, how consumer surplus will be affected by the introduction of an indirect tax. [8]
(b) Discuss the advantages and disadvantages of using indirect taxes to deal with the negative externalities associated with some products. [12]
(c) Explain the meaning of ‘public good’ and ‘private good’. [8]
Q.5(a) Explain how a country’s balance of payments is organized to account for all its international transactions. [8]
(b) Explain how the determination of a floating exchange rate differs from that of a fixed exchange rate. [8]
(c) Discuss the circumstances in which reducing the exchange rate and introducing quotas are effective policies to tackle a trade deficit. [12]
