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Author Topic: need help in economics AS question  (Read 6610 times)

Offline twilight

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need help in economics AS question
« on: April 19, 2009, 02:56:23 pm »
hey everyone.. ;)
i really need help economics AS in a question in O/N 2008 exam , paper1 multiple choice questions (9708_w08_qp_1.pdf)

its question 17 .. i've attached a copy of the question (its a graph question)
the correct answer was B but my answer was D .. i dont understand why

hope any1 cud explain to me why the answer is B not D bcoz i am really confused!!!! :-\ :-\
i asked my teacher and i got even more confused  :-[

thanks
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Offline astarmathsandphysics

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Re: need help in economics AS question
« Reply #1 on: April 19, 2009, 04:13:06 pm »
With the price fixed at P2 the cuantity demanded is Q1, but the quantity supplied is Q2. The surplus at P2 must be bought up by the government. I think the answer is D. Incidentally I got an A in economics. 20 years ago.
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Offline wriggle

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Re: need help in economics AS question
« Reply #2 on: April 20, 2009, 12:23:43 am »
I agree. D is da answer as correctly explaind by astarmathz&phyx (i wish ur name was shortr lol!). Answer 'B' represents da amount spent by da CONSUMERS to keep da price afloat at P2.
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Offline twilight

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Re: need help in economics AS question
« Reply #3 on: April 20, 2009, 08:34:38 am »
yeah .. thats y i answered D..
i TRULY hate the graph questions wen it cumz to government intervention and the part related to minimum and maximum price .. i get stuck with them  :-[

i'm taking the xams in the june 2009 and i still cant score a full mark in 1 multiple choice paper.. am getting really stressed out :-\

thanks wriggle and astar(i made ur nick shorter now .. lol) ;)
« Last Edit: April 20, 2009, 08:37:14 am by twilight »
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Offline twilight

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Re: need help in economics AS question
« Reply #4 on: April 21, 2009, 09:06:03 am »
hii...

sorry but there was this multiple choice question about the characteristics of money that said:

Which characteristic of money is necessary for it to be accepted as a medium of exchange?
A. it is durable
B. it acts as legal tender
C. it is limited in supply
D. it is portable

my answer was B(acts as legal tender) but in the marking scheme it was C(limited in supply).. ???
i answered B becoz i think if it wasn't a legal tender ppl wud not use it.. but if its not limited in supply (like during inflation) only its value wud fall and ppl wud use it LESS.. :-\

hope any1 cud help me .. thanks  ;)
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Offline astarmathsandphysics

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Re: need help in economics AS question
« Reply #5 on: April 21, 2009, 10:01:43 am »
The reichsmark was legal tender in postwar germany but not accepyed cos it was worthless. For a while cigarettes were a currency. People must value  a currency and for this to happen it must ae limited in supply.
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Offline twilight

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Re: need help in economics AS question
« Reply #6 on: April 21, 2009, 02:34:38 pm »
hmmm ur right .. i get the point .. thanksssss

and its kinda cool 2 have cigarettes as money in ur wallet ;D  i can imagine sumthing like wen ur buying sumthing cheap like a coke 4 example u can give a cheap cigarette .. and to buy a car u'll give away boxes of marlboro  ;) .. niceee
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Offline twilight

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Re: need help in economics AS question
« Reply #7 on: April 25, 2009, 02:12:10 pm »
hi .. can anyone please help me with this question ..
its an MCQ .. why is the answer C not A ? i get confused in the comparitive and absolute advantage part  :-[
i've attached the question ..

thx in advance .. ;)
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master786

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Re: need help in economics AS question
« Reply #8 on: April 25, 2009, 02:15:37 pm »
do the hwole ratio thing and u will be able to get ur answer
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Offline twilight

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Re: need help in economics AS question
« Reply #9 on: April 25, 2009, 02:21:44 pm »
i get the part that country P has a comparitive advantage in producing Z bcoz it can produce Z at a lower opportunity cost that country Q..
but how duz country Q have an absolute advantage in producing Y??
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master786

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Re: need help in economics AS question
« Reply #10 on: April 25, 2009, 02:34:54 pm »
bcozcountry P can produce only 1000 while Q produces 1500 ...
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Offline twilight

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Re: need help in economics AS question
« Reply #11 on: April 25, 2009, 02:38:06 pm »
thanksssssss  :D
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Offline astarmathsandphysics

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Re: need help in economics AS question
« Reply #12 on: April 25, 2009, 05:51:04 pm »
Quote from: twilight on April 25, 2009, 02:12:10 pm
hi .. can anyone please help me with this question ..
its an MCQ .. why is the answer C not A ? i get confused in the comparitive and absolute advantage part  :-[
i've attached the question ..

thx in advance .. ;)

People in Q can produce 50% more of good Y than people in P but only 25% more of good Z. Q has an absolute adantage in both product but it's advantage is less for good z, so this is p's comparative advantage.
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Offline twilight

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Re: need help in economics AS question
« Reply #13 on: April 26, 2009, 07:51:46 am »
ahaaaa .. its much clear now .. yaaaayyyyy ;D
wowwww...... thanks loads astarmathsandphysics.. i like the way u did it .. i'll use it to solve the MCQs that came in this chapter.. ;)
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Offline twilight

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Re: need help in economics AS question
« Reply #14 on: April 26, 2009, 05:18:51 pm »
hi evry1 ..  ;)
i have a question about exchange rates .. i'm confused  .. i've attached the part of the question .. but if u need to get a look at the whole question here's the link http://www.freeexampapers.com/FreeExamPapers.com_.php?__lo=QSBMZXZlbC9FY29ub21pY3MvQ0lFLzIwMDcgTm92Lzk3MDhfdzA3X3FwXzIucGRm

when we say that the exchange rate of US$/euro increased .. doesn't this mean that the US$ becomes stronger with respect to the euro, and the euro becomes weaker with respect to the US$ ??!! ???

thats what i think ..
but in this paper the upward arrow shows that the euro becomes stronger and the US$ weaker .. why is it this way??can sum1 please explain
thanks.. :)
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