EcoHL P1 N02 - c 1 hour IB DIPLOMA PROGRAMME PROGRAMME DU...

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ECONOMICS HIGHER LEVEL PAPER 1 Monday 4 November 2002 (afternoon) 1 hour N02/330/H(1) IB DIPLOMA PROGRAMME PROGRAMME DU DIPL°ME DU BI PROGRAMA DEL DIPLOMA DEL BI c 882-031 20 pages INSTRUCTIONS TO CANDIDATES ! Do not open this examination paper until instructed to do so. ! Answer all the questions. ! For each question, choose the answer you consider to be the best and indicate your choice on the answer sheet provided.
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1. In economics, a good which is ±scarce² is one which A. is provided by the government. B. has an opportunity cost. C. has increasing utility with consumption of it. D. is known as a Veblen good. 2. The diagram below shows a Production Possibility Frontier (PPF). Good X Good Y 0 PPF The PPF, in the short run, curves outwards because 3. Positive economics differs from normative economics in that positive economics is based on ³ 2 ³ N02/330/H(1) 882-031
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4. The weekly balance sheet in $ of a one person business appears as follows: Total revenue 200 Rent 50 Wages 100 Interest Payments 25 The entrepreneur believes that he/she could earn a salary of $50 per week working for someone else. According to an economist, the entrepreneur has this week made a 5. According to a newspaper article, °Thai government measures such as export subsidies are intended to help small landholders in Thailand± . The action taken by the Thai government would be illustrated on a supply and demand diagram as A. a leftward shift of the supply curve. B. a rightward shift of the supply curve. C. a leftward shift of the demand curve. D. a rightward shift of the demand curve. ³ 3 ³ N02/330/H(1) 882-031 Turn over
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6. The diagram below shows the labour market for a particular country in which a minimum wage is introduced at W . m Wages Quantity of labour W S D ............................ ......................... ................... ................... W m 0 The effect of the minimum wage will be
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