ZIMSEC A Level Economics Paper 3 Past Papers

Topics in this paper

Exchange Rates and International Trade National Income and Economic Growth Costs and Revenue Demand and Supply Price Elasticity of Demand Market Structures Economic SystemsinflationOpportunity Cost and ScarcityLabour markets and wage determination

Explained questions

In a planned (command) economy, decisions about what to produce, how to produce it, and for whom it is produced are made primarily by...
The principle stating that as a consumer consumes successive additional units of a good, the extra utility gained from each additional unit falls is called the law of ___.
In a perfectly competitive market, supernormal profits earned by firms in the short run attract new entrants, and competition drives price down in the long run until firms earn only ___ profit.
Which market structure allows firms to go on earning supernormal profits in the long run, because significant barriers prevent new firms from entering to compete the profits away?
In a planned (command) economy, decisions about what, how, and for whom to produce are made primarily by...
National income comparisons between countries are often adjusted for differences in relative price levels and the cost of living, using an adjustment known as ______.
The classical economist credited with developing the theory of comparative advantage in international trade was ______.
According to the theory of comparative advantage developed by David Ricardo, a country should specialise in producing and exporting the good for which it has...
State the term for an economic system in which decisions about what to produce and at what price are made through the interaction of buyers and sellers responding to price signals, rather than through central government planning.
Which characteristic distinguishes a public good, such as street lighting or national defence, from a private good?
In the short run, at what point does a perfectly competitive firm choose to shut down production rather than continue operating?
At which price level does a perfectly competitive firm in the short run earn exactly normal profit, covering all its costs including the opportunity cost of capital, but no supernormal profit?
Which theory of wage differentials explains that a worker's wage reflects the value of their marginal contribution to a firm's output?
State the economic theory of wage differentials which holds that workers who invest more in their own education, training and skills earn higher wages as a result.
Opportunity cost is best defined as...
What is meant by the basic economic problem of scarcity?
In a free market economy, resources are primarily allocated through which of the following?
State the term for the mechanism that allocates resources in a market economy through the interaction of supply and demand, rather than through central government planning.
In discussions of the costs and benefits of firm size, 'diseconomies of scale' refers to which of the following?
Allocative efficiency in an economy is achieved when...
In economics, the basic economic problem describes a situation in which...
Which of the following is a role that government plays in a mixed economy?
A country that moves from a command economy to a market economy can expect efficiency to rise because
A mixed economy is one in which resources are allocated by
A firm that consistently deals honestly with its customers and suppliers benefits chiefly because
In a mixed economy, the question of what to produce is settled for ordinary private goods mainly by
In a free enterprise economy the question of what to produce is settled by

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