alevel经济 9708_s17_qp_12

Thisdocumentconsistsof11printedpagesand1blankpage.IB1706_9708_12/3RP©UCLES2017[Turnover*4323488513*CambridgeInternationalExaminationsCambridgeInternationalAdvancedSubsidiaryandAdvancedLevelECONOMICS9708/12Paper1MultipleChoiceMay/June20171hourAdditionalMaterials:MultipleChoiceAnswerSheetSoftcleaneraserSoftpencil(typeBorHBisrecommended)READTHESEINSTRUCTIONSFIRSTWriteinsoftpencil.Donotusestaples,paperclips,glueorcorrectionfluid.Writeyourname,CentrenumberandcandidatenumberontheAnswerSheetinthespacesprovidedunlessthishasbeendoneforyou.DONOTWRITEINANYBARCODES.Therearethirtyquestionsonthispaper.Answerallquestions.ForeachquestiontherearefourpossibleanswersA,B,CandD.ChoosetheoneyouconsidercorrectandrecordyourchoiceinsoftpencilontheseparateAnswerSheet.ReadtheinstructionsontheAnswerSheetverycarefully.Eachcorrectanswerwillscoreonemark.Amarkwillnotbedeductedforawronganswer.Anyroughworkingshouldbedoneinthisbooklet.2©UCLES20179708/12/M/J/171Scarcitymeansthatgoodsneedtoberationedbetweencompetingconsumers.Whichbasisforrationingisthemostlikelytoresultinthemostequaldistributionofgoods?AconsumerpreferenceBmarketpriceCpoliticaldecisionDsellerpreference2Inwhichaspectistheplannedeconomylikelytooffermorethanthemarketeconomy?AcompetitionBincentiveCinnovationDsecurity3LineXXistheproductionpossibilitycurve(PPC)ofaworkerpickingpeasandbeansina10hourworkingday.quantityofpeaspickedperdayquantityofbeanspickedperdayOYYXXWhatwouldcausetheworker’sPPCtoshifttothelineYY?Aamachinethatincreasestheworker’speapickingproductivityonlyBanewworkschedulewheretheworkerspends6hoursperdaypickingpeasandonly4hourspickingbeansCareductioninworkinghoursto8perdayandamachinethatincreasestheworker’speapickingproductivityDareductioninworkinghoursto8perdayonly3©UCLES20179708/12/M/J/17[Turnover4Fourstudentsaregiventhefollowinglistofassets.●athreebedroomhouse●banknotesandcoinsinapurse●moneyinabanksavingsaccount●sharesinapubliclimitedcompanyThestudentsareaskedtoordertheassetsfromthemostliquidtotheleastliquidandthetableshowstheirchoices.Whichstudentiscorrect?mostliquidleastliquidAnotesandcoinssavingsaccountshareshouseBnotesandcoinssavingsaccounthousesharesCnotesandcoinssharessavingsaccounthouseDsavingsaccountnotesandcoinsshareshouse5Howwouldaneconomistestablishthemarketdemandcurveforaprivategood?AbyaddingconsumersurplustototalexpenditureBbycombiningindividualdemandcurveshorizontallyCbycombiningthepriceelasticityofindividualdemandsDbymultiplyingpricebyquantitydemanded4©UCLES20179708/12/M/J/176D1andS1aretheinitialdemandandsupplycurvesforanormalproduct.TheythenchangetoD2andS2.OpriceofgoodquantityofgoodS1D1X1X2D2S2WhichpairofchangeswouldresultinthemarketequilibriumfortheproductchangingfromX1toX2?AafallinthepriceofarawmaterialusedinthemanufacturingandadecreaseinthepriceofacomplementarygoodBanincreaseinaverageconsumerincomesandanincreaseinthelevelofanindirecttaximposedCanincreaseinthepriceelasticityofdemandfortheproductandafallinitspriceelasticityofsupplyDariseinthepopulationandanincreaseinthepriceoflabourusedinmanufacturing7Thetablegivesasetofpriceandcross-priceelasticitiesforfourcommodities,W,X,YandZ.withrespecttopriceofelasticityofdemandforcommodityWXYZW–0.3–0.5+0.7–1.3X–0.7–1.2+0.8+1.6Y+1.3+1.7–3.6+0.8Z–2.7+2.6+1.7–0.7Whichpairsofcommoditiesarecomplements?AWandX;WandZBWandY;XandYCWandZ;XandZDXandY;XandZ5©UCLES20179708/12/M/J/17[Turnover8Thepriceelasticityofdemandforaproductisconstantandequaltounity.Whichcurveinthediagramshowstherelationshipbetweentotalexpenditureontheproductanditsprice?totalexpenditurepriceOABCD9Abottlemakingbusinessannouncedithadintroducedanewproductionsystem.Asaresultthequantityproducedperweekcouldbeincreasedorreducedmuchmoreeasilywhenthepriceofbottleschanged.Whattermdescribesthischange?AalesselasticdemandBalesselasticsupplyCamoreelasticdemandDamoreelasticsupply10ThesupplyfunctionforagoodcanbewrittenasQ=2P+10,whereQisthequantitysuppliedinkilosandPisthepriceperkiloindollars.Thepricefallsfrom$15to$10perkilo.ThevalueofpriceelasticityofsupplyforthispricechangeliesinarangefromA61to41.B83to21.C32to43.D141to121.6©UCLES20179708/12/M/J/1711Alocalgovernmentisdecidingwhethertoincreaseparkingchargesandprovidemorelanesforbususeonly.Oneofficialsaidthattheincreaseinparkingchargesshouldcausemorebustravel.Asecondofficialsaidthatanincreaseinthefrequencyofbusserviceswillnotcausedemandforbustraveltorise.Aretheseofficialstatementscorrectorincorrect?firststatementsecondstatementAcorrectcorrectBcorrectincorrectCincorrectcorrectDincorrectincorrect12Whatwouldpreventtheoperationofthemarketmechanism’srationingfunction?AfallingpricesBpricecontrolsCrisingprofitsDselfinterest13Thediagramshowsthedemandandsupplycurvesforagoodduringacertainperiod.ThemarketpriceisshownbyPandthequantitytradedbypointM.ABPXMOpricesupplydemandquantityWhichareaindicatesproducersurplus?AAXBBAXMOCAXPDPXB7©UCLES20179708/12/M/J/17[Turnover14Aspecifictaxisplacedonthesaleofbottlesoflemonade.Inthediagram,SSisthesupplycurvebeforeimpositionofthetaxandStStisthesupplycurveaftertax.pricequantityODDWTUXSSStStWhichdistancerepresentsthespecifictaxoneachbottle?AUTBWTCWUDWX15AmarketisinequilibriumatpointX.Thegovernmentthensubsidisesbothconsumersandproducersbydirectpayments.Whatwillbethenewequilibriumposition?pricequantityOS2S1D1S3D2ABCDX16Whichisatransferpayment?AanannualallowancepaidbyanindividualtoagrandchildBaone-offbonuspaidtoanemployeeforaspecialcontributiontoafirm’sprofitsCapaymentmadebyaparenttoaregularchild-minderDthemonthlysalaryofanemployeeofalocalauthority8©UCLES20179708/12/M/J/1717Whatisanexampleofdirectpublicprovisionofgoodsandservices?AacharityhospitalfundedbypublicdonationsthatoffersfreetreatmenttotheruralpoorBamobilegovernmentlibrarythattravelstoruralvillagesofferingaccesstobooksCapharmacyinalocalshoppingcentrethatprovidestreatmentdirecttothepublicDaprivateschoolthatoffersfreeplacestochildrenoflowincomefamilies18Whatwouldsupportersofanationalisedpublictransportserviceexpecttobethemostlikelyoutcomefromtheprivatisationoftrainandbusservices?AfewerdestinationsservedbytrainsandbusesBlowerfaresCmorefrequentservicestoalldestinationsDmorepeopleemployedinpublictransportservices19ThediagramshowsashiftintheaggregatedemandcurveofaneconomyfromAD1toAD2.pricelevelrealnationalincomeOAD1AD2Whatcouldhavecausedthisshift?AanincreaseinexpenditureonimportsBanincreaseingovernmenttaxratesCanincreaseintheinternationaltradedeficitDanincreaseinthemoneysupply9©UCLES20179708/12/M/J/17[Turnover20Whichstatementaboutchangingpricelevelsiscorrect?AAnyoneonafixedincomehasrisingrealincomeduringdeflation.BGovernmentrevenuefromindirecttaxesfallsduringinflation.CProducerspreferdeflationtoinflation.DSaverspreferindex-linkedsavingswhenthereisdeflationratherthaninflation.21Whichcombinationofeventsismostlikelytocauseinflation?exchangeratedirecttaxesmoneysupplyAfallingfallingfallingBfallingfallingrisingCrisingrisingrisingDrisingrisingfalling22ThetablegivesinformationaboutthetradebetweenSingaporeandNewZealandduring2001,thefirstyearaftertheysignedafreetradeagreement.ThevaluesaregivenbothinSingaporedollars(S$)andNewZealanddollars(NZ$).S$mNZ$mpercentagechangefrom2000SingaporeexportstoNewZealand508618+20%SingaporeimportsfromNewZealand331403–17%Whatcanbeconcludedfromthetable?ANewZealandgainedmorethanSingaporefromthetradeagreement.BNewZealand’stradepositionwithSingaporeimprovedin2001.CSingaporehadatradesurpluswithNewZealandin2001.DTheexchangeratein2001wasapproximatelyNZ$1=S$1.2.23CountryXconducts60%ofitstradewithcountryYand40%ofitstradewithcountryZ.TheinitialvalueofthetradeweightedexchangerateindexofcountryXis100.Whatwillbeitsnewtradeweightedexchangerateindexvalueifitscurrencyrisesinvalueby20%againstthecurrencyofYandfallsby10%againstthecurrencyofZ?A84B92C108D11610©UCLES20179708/12/M/J/1724InthediagramD1andS1aretheinitialsupplyanddemandcurvesofthepoundsterling(£)ontheforeignexchangemarkets.D1S1D2S2Opriceof£(in$)quantityof£WhatwillcausethedemandcurvetoshifttoD2andthesupplycurvetoS2?AadepreciationofthepoundsterlingBadecreaseinUKinterestratesCanincreaseinthepricelevelsofothercountriesDanincreaseinthelevelofUKimporttariffs25Acountry’stermsoftradecurrentlystandsat150(baseyear2000=100).Since2000theaveragepricethecountryhasreceivedforitsexportshasincreasedby20%.Whathasbeenthechangeintheaveragepriceithaspaidforitsimports?A–25%B–20%C+20%D+25%26Thetableshowstheabilityoftwocountries,PandQ,toproducetwogoods,YandZ.productionofgoodYperpersonproductionofgoodZperpersoncountryP18002800countryQ15002000Whichstatementiscorrect?APhasanabsoluteadvantageinYandQhasanabsoluteadvantageinZ.BPhasanabsoluteadvantageinZandQhasacomparativeadvantageinY.CPhasacomparativeadvantageinYandQhasacomparativeadvantageinZ.DPhasacomparativeadvantageinZandQhasanabsoluteadvantageinY.11©UCLES20179708/12/M/J/1727Whichgovernmentpolicycouldbeconsideredasaprotectionistpolicy?AanimpositionofcontrolsoncapitaloutflowsfromtheeconomyBforeignexchangeinterventiontopreventadevaluationofthecountry’scurrencyCpollutionchargesimposedondomesticproducersDsubsidiespaidtodomesticproducersofatradeablegood28Thegovernmentofacountryplanstoraiseincometaxrates.TheinitialequilibriumforthecountryisrepresentedbypointXonthediagram.Whichnewequilibriumpointwouldaneconomistpredictastheresult?OpricelevelrealnationalincomeAS1AS2AD3XABCDAD1AD229Whatisanexampleofanexpenditure-dampeningpolicy?AanincreaseinincometaxratesBanincreaseinthelevelofimporttariffsCanupwardrevaluationoftheexchangerateDtheintroductionofimportquotas30Aneconomyiscurrentlyoperatingclosetoitsfullemploymentlevelofnationalincome.Whichcombinationofmacro-economicpolicieswouldbemostlikelytohavenetdeflationaryeffects?Aa10%cutinthestandardrateofincometaxanda5%devaluationofthecurrencyBa10%cutinthestandardrateofincometaxanda5%revaluationofthecurrencyCa10%riseinthestandardrateofincometaxanda5%devaluationofthecurrencyDa10%riseinthestandardrateofincometaxanda5%revaluationofthecurrency12Permissiontoreproduceitemswherethird-partyownedmaterialprotectedbycopyrightisincludedhasbeensoughtandclearedwherepossible.Everyreasonableefforthasbeenmadebythepublisher(UCLES)totracecopyrightholders,butifanyitemsrequiringclearancehaveunwittinglybeenincluded,thepublisherwillbepleasedtomakeamendsattheearliestpossibleopportunity.Toavoidtheissueofdisclosureofanswer-relatedinformationtocandidates,allcopyrightacknowledgementsarereproducedonlineintheCambridgeInternationalExaminationsCopyrightAcknowledgementsBooklet.Thisisproducedforeachseriesofexaminationsandisfreelyavailabletodownloadatwww.cie.org.ukaftertheliveexaminationseries.CambridgeInternationalExaminationsispartoftheCambridgeAssessmentGroup.CambridgeAssessmentisthebrandnameofUniversityofCambridgeLocalExaminationsSyndicate(UCLES),whichisitselfadepartmentoftheUniversityofCambridge.©UCLES20179708/12/M/J/17BLANKPAGE