Sam wrote a list of how he would prefer to spend his Saturday afternoon.

Unfortunately a thunderstorm caused the cricket match and the town parade to be cancelled.

Sam went to the cinema. What was the opportunity cost of going to the cinema?

• going to a cricket match

• watching the annual town parade

• visiting relatives

• losing his Saturday free time

The table shows the quantity that producers are willing to supply at different price levels.

180 80 If the price increases from $120 to $180, what would be the price elasticity of supply?

• 0.16

• 4

• 6

• 60

The table shows how three people (X, Y and Z) spend their income.

For these three people, what is the most likely order of income, from highest income to lowest income?

• X > Y > Z

• X > Y > Z

• Z > X > Y

• Z > Y > X

A musician has a choice of playing for an orchestra in either Germany or England.

Which combination of incomes and cost of living is most likely to cause her to choose the German orchestra?

• A

• B

• C

• D

The table shows the sales of cold drinks made by a company in the UK in 2016 and 2017. Demand for cold drinks is influenced by changes in the temperature. In 2016 the sales followed the usual seasonal pattern.

In which month of 2017 was the usual pattern disturbed?

• May

• June

• July

• August

A firm producing bicycles has the following costs at different levels of output.

What happens to the average total cost over this range of output?

• It falls continuously.

• It falls then rises.

• It rises continuously.

• It rises then falls.

Which actions would be likely to increase government expenditure and reduce revenues from taxation?

• A

• B

• C

• D

The diagram shows the impact of a government imposing an indirect tax on a good. The original demand curve is D1 and original supply curve is S1.

What is the total tax revenue gained by the government?

• $1600

• $3200

• $4800

• $5000

The chart shows the GDP annual growth rate (percentage), 2012–2016, for Greece.

In which years did Greece experience the longest period of positive economic growth?

• 2012–2013

• 2013–2014

• 2014–2015

• 2015–2016

Rates of inflation and deflation are measured using a consumer prices index (CPI) over a period of time.

The table shows average rates of CPI for Japan from 2010–2014.

In which period did Japan experience deflation followed by inflation?

• 2010–2011

• 2011–2012

• 2012–2013

• 2013–2014