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ECONOMICS P1 PAST PAPER
PROBLEMS (1)
notes for tricky mcqs:
— GNP: GNP + NET INCOME(income from abroad - income sent abroad)
GDP, GNP, NNI ETC
— current account all info:
— short term remittance are part of primary income, long term remittance are
part of secondary income.
ECONOMICS P1 PAST PAPER PROBLEMS (1) 1
, comparative advantage, opp cost
2024
FEB/MARCH VRNT 12 (22/30)
q1
ECONOMICS P1 PAST PAPER PROBLEMS (1) 2
, Q8
REMEMBER THE STRAIGHT LINE ME INFINITY, ELASTIC, UNIT, INELASTIC,
0 WALA DIAGRAM!
to check for C OTHER THAN ELIMINATION, we can see X has more which
is elastic (by drawing the points)
ECONOMICS P1 PAST PAPER PROBLEMS (1) 3
, OR select a price and decrease it, then see that X has more change in
quantity compared to Y. (hence more elastic)
Q9
PES = (CHANGE IN Q.S / 100 ) / ( CHANGE IN PRICE/100)
1.5 = (CHANGE IN Q.S/100) / (20/100)
1.5 X 20/100 = CHANGE IN Q.S / 100
0.3 = CHANGE IN Q.S / 100
0.3 X 100
30% !!!!!!!!!! CHANGE IN QS.
Q11
ECONOMICS P1 PAST PAPER PROBLEMS (1) 4
ECONOMICS P1 PAST PAPER
PROBLEMS (1)
notes for tricky mcqs:
— GNP: GNP + NET INCOME(income from abroad - income sent abroad)
GDP, GNP, NNI ETC
— current account all info:
— short term remittance are part of primary income, long term remittance are
part of secondary income.
ECONOMICS P1 PAST PAPER PROBLEMS (1) 1
, comparative advantage, opp cost
2024
FEB/MARCH VRNT 12 (22/30)
q1
ECONOMICS P1 PAST PAPER PROBLEMS (1) 2
, Q8
REMEMBER THE STRAIGHT LINE ME INFINITY, ELASTIC, UNIT, INELASTIC,
0 WALA DIAGRAM!
to check for C OTHER THAN ELIMINATION, we can see X has more which
is elastic (by drawing the points)
ECONOMICS P1 PAST PAPER PROBLEMS (1) 3
, OR select a price and decrease it, then see that X has more change in
quantity compared to Y. (hence more elastic)
Q9
PES = (CHANGE IN Q.S / 100 ) / ( CHANGE IN PRICE/100)
1.5 = (CHANGE IN Q.S/100) / (20/100)
1.5 X 20/100 = CHANGE IN Q.S / 100
0.3 = CHANGE IN Q.S / 100
0.3 X 100
30% !!!!!!!!!! CHANGE IN QS.
Q11
ECONOMICS P1 PAST PAPER PROBLEMS (1) 4
