Advanced level 2023 south west regional mock Economics 2

Advanced level 2023 south west regional mock Economics 2

Advanced level 2023 south west regional mock Economics 2

Describe the strengths and weaknesses of a command economic system. (20 Marks)

2. How may an increase in the price of a good affect the market for its:
i. Complement?
ii. Substitute?

3. Of what significance are those features that distinguish a perfectly competitive market? P (
+ r
l
4. a) Distinguish between economic rents and quasi-rents, (5 Marks)
b) Explain how the concept of economic rents applies to factors of production other than land. (15 Marks)
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k
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SECTION B
) Under what circumstances would an increase in national income indicate improved standards of living in
can be eliminated 1^12 Marks when )
(8 Marks)
P
5. a
a country?
b) Using an example, briefly explain how the problem- of double counting

measuring national income. k

(8 Marks)
6. ba))What For what problems reasons aredoencountered people holdinmoney constructing ? the Retail Price IndexOR? (12 Marks)
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i
7. a) Distinguish between an internal national debt and an external national debt. .(5 Marks) a
b) To what extent does an increase in the size of a country’s national debt constitute a burden on its ^
citizens? r I p (ISMks)
(8 Marks)
8. ba)) What What measures is the difference can be taken between to improve the termsonofCameroon trade and’the s terms balance of trade of trade ? ? P (12 Marks)