Oxford Cambridge and RSA
Examinations
GCEEconomicsH060/01:
Microeconomics AS Level
question paper with marking
scheme (merged)
,
, 2
SECTION A
Write your answer to each question in the box provided.
1 Which of these contains all the four factors of production?
A Capital, enterprise, labour, land
B Capital, labour, profit, rent
C Enterprise, interest, land, wages
D Interest, profit, rent, wages
Your answer [1]
2 What is the income elasticity of demand if a 10% increase in consumer income leads to a 40%
decrease in quantity demanded?
A –4.00
B –0.25
C +0.25
D +4.00
Your answer [1]
3 Which of these is an example of a normative statement?
A Taxes on cigarettes provide the government with tax revenue
B The government should raise taxes even higher on cigarettes
C The tax on cigarettes accounts for 80% of the price of cigarettes
D VAT is one of the taxes charged on cigarettes
Your answer [1]
4 Opportunity cost is defined as the value of:
A all alternative goods foregone
B the cost of other goods and services
C the cost imposed on a third party
D the next best alternative foregone
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