Specification point 1.2.4 · Theme 1
How markets work · Introduction to markets and market failure
Questions tagged to this specification point
8 questions
Long-form evaluation and discussion
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Questions built around exam extracts
Case study · The electronics industry
With reference to Extract A, explain the likely reasons for the change in price of electronic devices. Include a supply and demand diagram in your answer.
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Case study · The market for television content
Discuss likely reasons why the market price of streaming television content is increasing. Draw a supply and demand diagram to support your answer.
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Focused calculations, explanations and diagrams
Define the term ‘supply.’
Annotate the diagram below to show the effect of the cyclone on the price of vanilla beans.
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Define the term ‘base year’.
Calculate the index numbers for 2011 and 2012, using 2010 as the base year.
Quick checks of economic understanding
During the period from October to December 2022, production of coffee beans in the Philippines increased by 2.7% from the same quarter in 2021. Which one of the following is most likely to cause a shift to the right of the supply curve?
The percentage change in wheat production from 2014 to 2015 was: