AS · June 2024 · Paper 1
With reference to the information provided, explain the distinction between renewable and non-renewable resources.
Which one of the following best describes ‘scarcity’?
Define the term ‘supply.’
The diagrams below show movements from position X to Y on production possibility frontiers. In which one of the diagrams does the movement from X to Y illustrate the most likely impact on Madagascar’s economy of a natural disaster such as a cyclone?
Annotate the diagram below to show the effect of the cyclone on the price of vanilla beans.
Diagram needed. Open the original question paper for the diagram
Which one of the following statements about a free market economy is true?
Singapore’s education system is provided by the state. With reference to the information above, explain why education is normally provided by the state.
Which one of the following best describes the two statements above?
With reference to the information above, explain what is meant by ‘opportunity cost’.
In June 2023, Tesla further reduced the price of its Model 3 vehicle by £4 200 from £42 990. It has been forecast that the price cut will lead to a 15% increase in demand. Ceteris paribus, calculate the price elasticity of demand for the Model 3. You are advised to show your working.
Define the term ‘ceteris paribus’.
Which one of the following is most likely to be a determinant of price elasticity of demand for the Model 3 electric vehicle?
Case study · The market for plastic in the UK
Explain what is meant by the ‘unintended consequence’ (Extract B, line 9) of the plastic tax.
Case study · The market for plastic in the UK
With reference to Extract A and your own knowledge, assess the view that it is irrational to buy plastic carrier bags when shopping.
Case study · The market for plastic in the UK
With reference to Extract A, explain the likely numerical value for the income elasticity of demand for reusable cleaning products.
Case study · The market for plastic in the UK
With reference to Extract C, explain how incentives to use reusable coffee cups may lead to a fall in demand for single-use cups.
Case study · The market for plastic in the UK
Discuss the likely private costs and external costs of the production of plastic.
Case study · The market for plastic in the UK
Evaluate the likely impact of a tax on plastic food-packaging. Use a diagram to support your answer.
Diagram needed. Open the original question paper for the diagram
Case study · The market for plastic in the UK
Evaluate methods of government intervention which could be used to reduce the market failure associated with plastic waste. Use a diagram to support your answer.
Diagram needed. Open the original question paper for the diagram