Alevel 经济 9708_s14_qp_12

Thisdocumentconsistsof13printedpagesand3blankpages.IB1406_9708_12/2RP©UCLES2014[Turnover*1167540896*CambridgeInternationalExaminationsCambridgeInternationalAdvancedSubsidiaryandAdvancedLevelECONOMICS9708/12Paper1MultipleChoice(Core)May/June20141hourAdditionalMaterials:MultipleChoiceAnswerSheetSoftcleaneraserSoftpencil(typeBorHBisrecommended)READTHESEINSTRUCTIONSFIRSTWriteinsoftpencil.Donotusestaples,paperclips,glueorcorrectionfluid.Writeyourname,CentrenumberandcandidatenumberontheAnswerSheetinthespacesprovidedunlessthishasbeendoneforyou.DONOTWRITEINANYBARCODES.Therearethirtyquestionsonthispaper.Answerallquestions.ForeachquestiontherearefourpossibleanswersA,B,CandD.ChoosetheoneyouconsidercorrectandrecordyourchoiceinsoftpencilontheseparateAnswerSheet.ReadtheinstructionsontheAnswerSheetverycarefully.Eachcorrectanswerwillscoreonemark.Amarkwillnotbedeductedforawronganswer.Anyroughworkingshouldbedoneinthisbooklet.2©UCLES20149708/12/M/J/141By2030,asthehumanpopulationgrows,theworldwillneedatleast50%morefood,45%moreenergyand30%morewaterfromthesameresources.Whatdoesthisstatementdirectlyindicate?AcomparativeadvantageBmeritgoodsCnegativeexternalitiesDtheeconomicproblem2AcountrywasatpointPonitsproductionpossibilitycurve.Followingthethreatofinvasionitpreparedforwar.Thewarthenreducedthecountry’sinfrastructure.PQRSOmilitarygoodsconsumergoodsWhatarethemostlikelychangesontheproductionpossibilitycurvediagramthatareconsistentwiththeseevents?APtoQfollowedbyQtoRBPtoQfollowedbyQtoSCPtoRfollowedbyRtoQDPtoRfollowedbyRtoS3Whichisanormativestatement?AAreductioninunemploymentbelowacertainlevelwillleadtohigherinflation.BAnincreaseintherateofinflationwillleadinevitablytoanincreaseinunemployment.CInflationcanbereducedonlybyincreasingthelevelofunemployment.DUnemploymentismoreharmfultoeconomicwelfarethaninflation.SunShashaSunShashaSunShasha3©UCLES20149708/12/M/J/14[Turnover4Meerahasjustfinishedacourseatartcollegeandhasdecidedtosetupabusinessonherownproducingclayfiguresoffamouspeople.Whichfactorsofproductionisshelikelytohavetopurchasefromotherbusinesses?landlabourcapitalenterpriseA✓✓✓✗keyB✓✗✓✓✓=purchasedC✓✗✓✗✗=notpurchasedD✗✓✗✓5Thedemandcurveinthediagramshowstherelationshipbetweenthenumberofcarjourneysandthecostofacarjourney.DOnumberofcarjourneyscostofacarjourneyWhatwouldcausethedemandcurvetoshifttotheleft?AareductionincartaxBareductioninpetrolpricesCareductioninpublictransportpricesDtheintroductionoftollsonmotorwaysSunShashaSunShasha4©UCLES20149708/12/M/J/146Thediagramshowsthemarketformilk.Twoconditionschange.Thecostofcattlefeedrisessharplyandthisisfollowedbythegovernmentraisingthetaxoncheesewhichusesmilkinitsproduction.ODDDYZWXpricequantityWhichchangesinpositiononthediagramofdemandcurvesformilkareconsistentwiththeseevents?AfromWtoX,followedbyXtoZBfromWtoZ,followedbyZtoXCfromXtoZ,followedbyZtoYDfromZtoX,followedbyXtoY7Iftheelasticityofdemandforacommodityisunity,anincreaseinitspricewillAdecreasethequantitypurchased.Bhavenoeffectonconsumersurplus.Cincreasetotalexpenditureonthecommodity.Dleavethequantitypurchasedunchanged.8Thetableshowsaconsumer’sexpenditureonarangeofgoodsatdifferentlevelsofincome.Forwhichgooddoestheconsumerhaveanincomeelasticityofdemandgreaterthanzero,butlessthanone?consumer’sincome($)4050100goodconsumer’sexpenditure($)A101840B101120C101010D1086SunShashaSunShashaSunShasha5©UCLES20149708/12/M/J/14[Turnover9Whatmightcauseamarketsupplycurvetoshifttotheright?AincreasedgovernmentsubsidiesBincreasedlabourcostsCincreasedproductadvertisingDlowerincometaxrates10Thediagramshowsfourdifferentstraightlinesupplycurves.S1pricequantityOS2S3S4Whatcanbeconcludedfromthediagram?AS1hasunitaryelasticity.BS2haszeroelasticity.CS3hasaconstantelasticity.DS4hasinfiniteelasticity.SunShashaSunShasha6©UCLES20149708/12/M/J/1411ThediagramillustratestheeffectsofplacingaspecifictaxequaltoJMonagood.pricequantityOJLMKDS1S2XYZWhicharearepresentstotaltaxreceipts?AJKMBXJKYCXJLYDXJMZ12Whatisconsumersurplus?AthedifferencebetweenthecostofproducingagoodandwhatconsumerswouldbewillingtopayforitBthedifferencebetweenwhatconsumersactuallypayforagoodanditscostofproductionCthedifferencebetweenwhatconsumersactuallypayforagoodandthemaximumamounttheywouldbewillingtopayforitDthedifferencebetweenwhatconsumersarewillingtopayforagoodandtheamountrequiredbyproducerstosupplythegood13Inamarketforagoodbothdemandandsupplychangeatthesametime.Whichcombinationofchangeswouldenableaneconomisttopredictwithconfidencethatmoreresourceswillbeneededinitsproductionbutnotthedirectionoftheassociatedpricechange?demandsupplyAdecreasedecreaseBdecreaseincreaseCincreasedecreaseDincreaseincreaseSunShashaSunShashaSunShasha7©UCLES20149708/12/M/J/14[Turnover14TheexistenceofapositiveexternalityispossiblewhenAconsumersarenotthebestjudgesofthefuturebenefitsfromconsumingaproduct.Bgroupsofconsumersacttogethertonegotiateadiscountonthesaleofaproduct.Cproducersuseagovernmentschemetoclearwastefromtheirofficesatnocosttothemselves.Dsocialcostsofproductionexceedprivatecostsofproduction.15Afirmopensanewfactoryonderelictgroundontheoutskirtsofatown.Whatwillbeincludedamongtheexternalitiesarisingfromtheopeningofthenewfactory?anincreaseinairpollutionanincreaseintherentsofneighbouringfactorysitesthechangeintheappearanceoftheneighbourhoodAnonoyesBnoyesnoCyesnoyesDyesyesno16Afirmownsabridgeandchargesallvehicleuserswhocrossit.Howmightthechargebeclassified?AaprivatebenefitandaprivatecostBaprivatebenefitandanexternalcostCanexternalbenefitandaprivatecostDanexternalbenefitandanexternalcostSunShashaSunShashaSunShasha8©UCLES20149708/12/M/J/1417Thetableshowstheresultsofacost-benefitanalysisintothebuildingofanewrunwayatanairport.costsUS$mbenefitsUS$mprivate100125external2520Whichstatementaboutthenewrunwayiscorrect?AThenetexternalbenefitisUS$5million.BThenetprivatebenefitisUS$25million.CThenetsocialbenefitisUS$105million.DThenetsocialbenefitisUS$145million.18Inthediagram,theinitialquantitytradedwasQandthepricewasP.priceOquantityQQ1S1S1P1SSDPDThepricethenrosetoP1andthequantitytradedrosetoQ1.Whichcombinationofgovernmentpolicymeasurescouldexplainthischange?AtheremovalofamaximumpriceandtheimpositionofanincometaxonconsumersBtheremovalofamaximumpriceandtheremovalofasubsidytoproducersCtheremovalofaminimumpriceandthegrantingofasubsidytoproducersDtheremovalofaminimumpriceandtheimpositionofanindirecttaxontheproductSunShashaSunShasha9©UCLES20149708/12/M/J/14[Turnover19Thetableshowstheoutputofcarsandtelevisionsperworkerperweekbeforetradeandspecialisation.countryXcountryYcars28televisions648Eachcountryspecialisesintheproductwhereithasacomparativeadvantageandtradesonthebasisofanexchangeratewhichliesbetweentheiropportunitycostratios.Whichchangewouldstopthecountriesspecialisingandtrading?ATheexchangeratemovestoonecarforfivetelevisions.BTheexchangeratemovestoonecarforeighttelevisions.CTheproductivityofworkersincountryXrisestothreecarsperweek.DTheproductivityofworkersincountryYrisestofiftysixtelevisionsperweek.20Acountryproduceswashingmachines.Thegovernmentloweredboththetaxonwashingmachinesproducedinitscountryandthequotaonimportsofforeignwashingmachines.Whatisthelikelyresult?AGovernmentrevenueincreased.BHomeproductiondecreased.CPricesofforeignwashingmachinesfell.DThebalanceoftradeingoodsimproved.SunShashaSunShasha10©UCLES20149708/12/M/J/1421Thediagramshowstheeffectonthequantityofanimporttothedomesticmarketoftheremovalofatariffthatreducestheimport’spricetoP1.15304048S(domestic)D(domestic)S(worldwithtariff)S(worldnotariff)PP1quantity(000s)OpriceByhowmuchwillthequantityofimportsincrease?A8000tonnesB10000tonnesC23000tonnesD33000tonnes22Agroupofcountriesjointogethertoformasinglemarketwithasinglecommoncurrency.Whichtermbestdescribestheresultingorganisation?AcustomsunionBeconomicunionCfreetradeareaDtradeunionSunShashaSunShasha11©UCLES20149708/12/M/J/14[Turnover23Thetableshowstheunemploymentrateandthesizeofthelabourforceinfourcountriesin2012.Whichcountryhadthehighestnumberofpeopleinemploymentin2012?countryunemploymentrate(%)sizeofthelabourforce(millions)AEgypt12.627.7BIran15.326.4CItaly9.325.1DTurkey8.027.424Thediagramshowsaneconomy’saggregatedemandcurveandtwoshort-runaggregatesupplycurves.Y1SRAS1SRAS2Y2OpricelevelrealoutputADWhatcouldcausethechangeinrealoutputfromY1toY2?AadecreaseinbanklendingBadecreaseinworldoilpricesCanincreaseinindirecttaxationDanincreaseinwageratesSunShashaSunShasha12©UCLES20149708/12/M/J/1425Thetableshowsacountry’srateofinflationforfouryears.yearrateofinflation%20094.020103.020112.520122.0Whatfellbetween2009and2012?AaveragepricesBthecostoflivingCtheexchangerateDthevalueofmoney26Whatisnotapossiblecauseofcost-pushinflation?Aanincreaseinfirms’profitmarginsBanincreaseinrawmaterialpricesCanincreaseinthesupplyofmoneyDanincreaseintradeunionpower27Whatwouldleadacountrytomovefromasurplustoadeficitonthecurrentaccountofthebalanceofpayments?AadepreciatingexchangeratecombinedwithahighrateofinflationandfallingproductivityBadepreciatingexchangeratecombinedwithalowrateofinflationandrisingproductivityCanappreciatingexchangeratecombinedwithahighrateofinflationandfallingproductivityDanappreciatingexchangeratecombinedwithalowrateofinflationandrisingproductivity28Whatdeterminesthepurchasingpowerparityofacurrency?ArelativecostsoflivingBrelativeratesofinterestCthebalanceofpaymentscurrentaccountDthevolumeoftradecreationSunShashaSunShashaSunShashaSunShasha13©UCLES20149708/12/M/J/1429Withanexchangerateof5Egyptianpounds(EGP)=1USdollar($),anAmericanproductsellsinEgyptforEGP100.Assumingthatthedollarpriceremainsunchanged,whatwillbethepriceoftheproductinEgyptiftheEgyptianpoundappreciatesto4EGP=1US$?AEGP75BEGP80CEGP120DEGP12530TheUSCentralBankraisesitsinterestratetoimproveitsbalanceofpaymentsposition.ThediagramshowstheresultingchangesinthedemandforandsupplyofUS$intheforeignexchangemarket.OquantityofUS$exchangerateofUS$WXYZWhatshouldcurvesW,X,YandZbelabelledtoshowtheeffectoftheinterestrateriseontheexchangerate?(Assumeachangeisshownbyamovefromacurvenumbered1toacurvenumbered2.)WXYZAS1S2D1D2BS1S2D2D1CS2S1D1D2DS2S1D2D1SunShashaSunShasha14©UCLES20149708/12/M/J/14BLANKPAGE15©UCLES20149708/12/M/J/14BLANKPAGE16Permissiontoreproduceitemswherethird-partyownedmaterialprotectedbycopyrightisincludedhasbeensoughtandclearedwherepossible.Everyreasonableefforthasbeenmadebythepublisher(UCLES)totracecopyrightholders,butifanyitemsrequiringclearancehaveunwittinglybeenincluded,thepublisherwillbepleasedtomakeamendsattheearliestpossibleopportunity.CambridgeInternationalExaminationsispartoftheCambridgeAssessmentGroup.CambridgeAssessmentisthebrandnameofUniversityofCambridgeLocalExaminationsSyndicate(UCLES),whichisitselfadepartmentoftheUniversityofCambridge.©UCLES20149708/12/M/J/14BLANKPAGE