ZIMSEC A Level Economics Paper 2 Past Papers

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Demand and Supply Exchange Rates and International Trade National Income and Economic Growth Market Structures Price Elasticity of DemandMoney and banking, monetary policy and currency unionsCosts and Revenueinflationmarket prices and government interventionOpportunity Cost and Scarcity

Explained questions

A maximum price (price ceiling) set by the government in a market is only effective in altering the market outcome if it is set...
The Bulawayo Public Transport Association is made up of a small number of commuter omnibus operators who coordinate to charge similar fares along shared routes, resembling a cartel arrangement. This is most consistent with which market structure?
According to the table of Zimbabwe's national income data for 1980 to 1990, as Net Government Current Expenditure rose over the period, GDP...
In economics, define the term 'excess demand'.
According to the passage, international crude oil prices rose from US$44 per barrel in January 2005. Which price mark did they break through by August 2005?
What is Gross Domestic Product (GDP)?
The construction industry contributes an average of 2.4% to Gross Domestic Product (GDP) but 4.5% to total formal employment. Which of the following best explains this difference?
In economics, the term 'terms of trade' refers to
The article states that Indian and Chinese economic growth 'dampened world inflation pressures, lowered global interest rates, and raised raw material prices', and that this 'helped to improve Africa's terms of trade'. Which of the following describes one of the effects reported in the article?
Gross National Product per capita is best described as
In 2005 Malawi had a GNP per capita of US$720 and a life expectancy at birth of 46 years, while Spain had a GNP per capita of US$28 030 and a life expectancy of 81 years. Across a wide sample of countries this pattern shows that
Which feature of a market made up of a few large supermarket chains is the clearest evidence that it is an oligopoly?
Which of the following is a form of non-price competition used by firms in an oligopoly?
The multiplier effect describes the way in which
The main reason banks lend small and medium enterprises far less than those firms want to borrow is that
State the term for a systematic record of all economic transactions between the residents of a country and the rest of the world over a period, usually one year.
State the term for the situation in which the value of a country's visible imports exceeds the value of its visible exports over a period.
State the term for the weighted index number that measures the average change over time in the prices of a representative basket of goods and services bought by a typical household.
Annual inflation fell from 46,6% in December 1998 to 44,2% in January 1999 even though prices rose by 3,8% during January itself. The best explanation is
Income elasticity of demand measures the responsiveness of quantity demanded of a good to a change in
In a UK survey of income elasticities (1998-2000), liquid whole milk had an income elasticity of demand of -0.17, while fish had an income elasticity of demand of +0.27. Based on these figures, liquid whole milk is classified as
A survey found food overall has an income elasticity of demand of +0.20: a 10 percent rise in income raises the quantity of food demanded by only about 2 percent. As household income grows over time, this low income elasticity means that spending on food as a proportion of total household expenditure will
An inferior good is one with a negative income elasticity of demand: quantity demanded falls as income rises. When the price of such an inferior good falls, the substitution effect alone (real income held constant) causes quantity demanded of that good to
For that same inferior good, a fall in its price also raises the consumer's real income. Because the good is inferior, this income effect on its own causes quantity demanded to

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