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1995 Econ Marking Scheme

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2K views

1995 Econ Marking Scheme

Uploaded by

api-3704874
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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seegrtecon 1 Harking Scheme {5 * Bon earhe a. RESTRIC EGY ramen (ceneral) partnership = 2 to 20 partners = unlimited Liability, ~ each partner is fully liable for the fira’s debts = act by one partner binds ll other partners = difficult to admit or withdraw partners = easy to set up and dissolve ae x3 ~ financial statesents need not be publicly disclosed = death and bankruptcy of a partner will lead to dissolution of the partnership = any other relevant point = not 0. Unga k entity wei (wark the PIRST TEREE features only.) bivision of isbour/speci a - assigned according to talents and skiils - skilfel at jobs due ve continuove prect: - saved from moving fron cne job to another job 2x2 - saved fom learning all the jobs = encouraged the vse of capital / more sévanced capital max: & rk the FIRST THO reasons cnly-) (a) Tf the peice of a good rises, ite quantity demanded decrease, end vice verse. 2 (>) ‘Quantity denanded’ refers to cont plan, and does not imply, what can be actually bought (in what quantity end, at what peice) in the marke 2 RESTRICTED. AaBsceE sequrnsow I Marking Schene ee a6. = only © enall number of shops vithin the sase region = different services or haterogensous product, eg. different dlsce in different chops = imperfect information, eg. cv service of other shops = existence of non-price competition, eg. free gifts tonere may not know well the 2ex2 = any other reasonable answer (ark the FIRST Two pointe only.) Progressive tax : the tex rate t as income T 2 one local example : selaries tex/estate duty, (Mark the FIRST exemple only.) 1 1 2 standard Proportional tax : the tax rate is constant as inci one local example : salaries tax for those who pay at t! gate/profits tex/property tax. (Mark the FIRST example only.) a The newly graduated job seekers increase the labour fore : enemploynent cate (x) = BUZS}guId memslasion (DLs yon, 2 ———_—_. 2 Job, then the unenploynent sate will deéresse; and if 2 —————_—__ ‘ = whether the cnenploywent race ie higher or lover dezende CC — : unemployed populaticn. + A change in U > ¥ change in L => RT \ change in U <4 change in L => Ri RESTRICTED ABE -E&erking Scheme oa/eoonoake prosperity : exploynent rate/low uneaploysent rate/full exploysent a to full exployment 1 investaent level ote ae uf a consumption devel igi % Shanda aex3 o rate t co level t ozest rete + + other relevent point max: 3 < the FIRST TEREE points only.) Ave advantage. Z£ each country Specializes in producing the good in which 4 has a lower opportunity cost, then the total output will ine: LS¥ 1X 0.25 x <1 ¥ < 0.665 x Says othe ev 4. ok, cosh [+] RESTRICTED UABSCE

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