9708_w12_qp_11
A paper of Economics, 9708
Questions:
30
Year:
2012
Paper:
1
Variant:
1
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4
There is a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) in 2007 for selected countries. United States Japan Russia Britain 0.2 0.4 bn tonnes 0.6 0.8 1.0 consumption production What can be concluded from the diagram?
1. Basic economic ideas and resource allocation (AS Level)  →  1.1. Scarcity, choice and opportunity cost
2. The price system and the microeconomy (AS Level)  →  2.5. Consumer and producer surplus
5. Government macroeconomic intervention (AS Level)  →  5.4. Supply-side policy
Open
16
An international oil company announced that it would stop exploring for oil off the coast of Namibia. This was because there was only enough oil to support a local power station for Namibia and not enough to allow exports of oil. What might be a possible advantage and disadvantage to Namibia of this decision?
6. International economic issues (AS Level)  →  6.1. The reasons for international trade
8. Government microeconomic intervention (A Level)  →  8.1. Government policies to achieve efficient resource allocation and correct market failure
7. The price system and the microeconomy (A Level)  →  7.4. Private costs and benefits, externalities and social costs and benefits
Open
21
Russia is a significant exporter of wheat. In 2010 there was a poor harvest and the Russian government stopped all exports of wheat to ensure enough supplies for domestic use. Which statement about Russia’s policy is correct?
5. Government macroeconomic intervention (AS Level)  →  5.4. Supply-side policy
3. Government microeconomic intervention (AS Level)  →  3.1. Reasons for government intervention in markets
8. Government microeconomic intervention (A Level)  →  8.1. Government policies to achieve efficient resource allocation and correct market failure
Open
27
The diagram shows Australia’s exports to and imports from four trade partners in $billion in 1994 and 2004. Japan United States China New Zealand exports imports Australia’s exports and imports, $bn, 1994 and 2004 With which country did Australia have a trade deficit in 1994 and a trade surplus in 2004?
6. International economic issues (AS Level)  →  6.1. The reasons for international trade
11. International economic issues (A Level)  →  11.5. Relationship between countries at different levels of development
Open
28
Country X trades with only two countries, Nigeria and Malaysia. 80 % of the country’s trade is with Nigeria and 20 % is with Malaysia. The original value of the trade-weighted exchange rate index is 100. The value of the country X’s currency against the Nigerian Naira rises by 10 %. The value of the country X’s currency against the Malaysian Ringgit rises by 50 %. What will be the value of country X’s new trade-weighted exchange rate index?
6. International economic issues (AS Level)  →  6.4. Exchange rates
11. International economic issues (A Level)  →  11.2. Exchange rates
Open