Paper 2 - Pearson.docx

1、Suggested answers to Mock Paper(2013February)Paper 1(40 marks)LA6. A11. B16. D21.C26. B31. B36. C2. D7. D12. C17. B22. D27. D32. B37. A3. C8. D13. A18. D23. A28. B33. C38. A4. D9. A14. C19. B24. B29. D34. B39. D5.D10. C15. C20. A25. C30. C35. A40. DPaper 2Section A(2 marks)(2 marks)1. a. The value of being a teacher.b. If students are more obedient, it means the value of being a teacher increases.Therefore, Samuels cost of being an accountant increases.(2 marks)When Samuel buys clothes now, he h

2、as to pay interest, which can be used for future consumption. Thus, interest is the cost of earlier availability of goods in this case.(2marks)(1 mark)(1 mark)(1 mark)(1 mark)(1 mark)(1 mark)2. a. i. Capitalii. Capitalii. Labourb. Possible reasonsinclude: Complex organisation of the expanded restaurant may delay decisions, block communication and weaken coordination. The restaurant may expand its scale through borrowing. Lenders may charge the restaurant a higher interest rate when the restauran

3、ts loans increase. The supply of some inputs is limited. When the restaurant continuously increases its inputs, it may have to purchase inputs from more expensive sources or use costlier substitutes.(Any TWO of the above or other reasonable answers.2 marks x 2 = 4 marks)c. Features (of monopolistic competition) include: Large number of sellers Free entry Heterogeneous products Imperfect information Price searching behaviour Both price and non-price competition may occur(Any TWO of the above or o

4、ther reasonable answers. 1 mark x 2 = 2 marks)(2 marks)(1 mark)(2 marks)(1 mark)3 The law of diminishing marginal returns states that when a variable factor is added continuously to a given quantity of fixed factors, the marginal return or marginal product (of the variable factor) will eventually decrease, cctcris paribus. The data illustrate the law as the marginal product decreases.Machines (units)Marginal output (units)1100211031154100(2 marks)4. Indicate in the diagram: Decrease in the deman

5、d for digital cameras(1mark) Decrease in the quantity transacted and price of digital cameras(1mark) Original producer surplus (Area abe) New producer surplus (Area cde)(1mark)Digital camerasDigital camerasVerbal elaboration:The price of memory cards increases as the sales tax decreases the supply of memory cards.(1 mark)The demand for digital cameras decreases as memory cards are a complement of digital cameras.(1 mark)Both the price and quantity transacted of digital cameras decrease. As a res

6、ult,the producer surplus decreases from Area abe to Area cde.(2 marks)When parallel traders gather at the MTR stations to divide up and distribute their goods,they only consider their private costs.(1 mark)However, their activities adversely affect other MTR users and residents nearby, such as blocking their way and worsening the environmental hygiene in nearby areas. (1 mark) Since parallel traders do not compensate the parties who arc adversely affected, their activities impose an external cos

7、t on other people. As a result, there is a divergence between private and social costs.(2 marks)a. Usesinclude: To assess the economic performance of an economy To reflect the economic welfare of an economy To facilitate international comparison To provide information for the government in formulating economic policies To help firms make production and investment plans(Any TWO of the above or other reasonable answers. 1 mark x 2 = 2 marks)b. The costs to the unemployedinclude: Lower living stand

8、ard Family problems Loss of skills Loss of self-esteem(Any TWO of the above or other reasonable answers. 1 mark x 2 = 2 marks)c. Recovery(1 mark)a. GNP at current market prices=$200 + (50 + 12)+ 100-5 + 8 billion = $365 billion(3 marks)b. Possible reasons include: The supermarket chains sell second-hand products. Some of the revenue comes from the sale of past inventory. Intermediate consumption is involved.(ONE of the above or olher reasonable answer. 2 marks)a. Required reserve ratio = $ 10/$

9、100= 10%(2 marks)b. i. Maximum change in money supply = $20 xl/10% = +$200(2 marks)ii. Percentage change in money supply = $200/$ 100 = +200%(1 mark)According to the quantity theory of money,the percentage change in nominal GDPmust be equal to the percentage change in money supply (+200%);thusthe percentage change in nominal GDP is +200%.(2 marks)c. The monetary policies include: Buying government bonds from the market Lowering the discount rate Lowering the required reserve ratio(Any TWO of the above or other reasonable answers. 1 mark x 2 = 2 marks)Section B5. a. The shareholders of a limited company enjoy limited liability. Their losses are confined to the amount they have invested in the company.(2 ma

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