Economics 9708/12 — May/June 2016
Cambridge AS Level · AS Level Multiple Choice · answer key with instant marking and worked solutions
Topics Methods of Government Intervention in Markets · Demand and Supply · Elasticities of Demand · International Trade and Comparative Advantage · Balance of Payments · (Legacy) - Money · +14 more
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In 2007 there was a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) in 2007 for selected countries.
What can be concluded from the diagram?
Options
A In Britain, oil had zero opportunity cost.
B In Japan, there was self-sufficiency in oil.
C In Russia, there was no shortage of oil.
D In the United States, rationing was the only solution to oil shortage.
The rest of this paper
29 more questions- Q2Factors of Production · (Legacy) - Money1M
- Q3Production Possibility Curves1M
- Q4(Legacy) - Money1M
- Q5Demand and Supply1M
- Q6Demand and Supply1M
- Q7Elasticities of Demand1M
- Q8Elasticities of Demand1M
- Q9Price Elasticity of Supply1M
- Q10Demand and Supply · Market Equilibrium and the Price Mechanism1M
- Q11Market Equilibrium and the Price Mechanism1M
- Q12Methods of Government Intervention in Markets1M
- Q13Consumer and Producer Surplus1M
- Q14Methods of Government Intervention in Markets1M
- Q15Methods of Government Intervention in Markets1M
- Q16Income and Wealth Inequality1M
- Q17Methods of Government Intervention in Markets · Elasticities of Demand1M
- Q18Methods of Government Intervention in Markets1M
- Q19Aggregate Demand and Aggregate Supply1M
- Q20Aggregate Demand and Aggregate Supply · Supply-Side Policy1M
- Q21Price Stability1M
- Q22International Trade and Comparative Advantage · Balance of Payments1M
- Q23Exchange Rates1M
- Q24International Trade and Comparative Advantage1M
- Q25Production Possibility Curves · International Trade and Comparative Advantage1M
- Q26(Legacy) - Economic Integration1M
- Q27Protectionism1M
- Q28Monetary Policy1M
- Q29Balance of Payments1M
- Q30Exchange Rates · Balance of Payments1M