The table shows how three people spend their income.

Put the three people in the most likely order of their incomes, from the lowest income to the highest income.

• R, S, T

• S, T, R

• T, R, S

• T, S, R

A market changes from perfect competition to monopoly.

What is likely to happen to output and price in this market?

• A

• B

• C

• D

A company decided to reduce the price of its product by 10%.

What would happen?

• The firm’s costs would decrease if the elasticity of demand was greater than one.

• The firm’s profits would increase if the elasticity of demand was greater than one.

• The firm’s revenue would increase if the elasticity of demand was greater than one.

• The quantity sold would decrease if the elasticity of demand was less than one.

The world’s open-cast mining of mineral ores is dominated by a few multinational companies which employ relatively few workers.

What does this indicate?

• Production is capital-intensive.

• Productivity of labour is low.

• The market is perfectly competitive.

• There is a monopoly of world production.

The table shows the information that managers of a company have from a week of business activity.

Assuming there are no other costs, what is the value of the fixed costs?

• $300

• $10000

• $20000

• $30000

How is a sharp rise in the price of oil likely to be seen by different oil-consuming countries?

• A

• B

• C

• D

The diagram shows China’s trade with Brazil for 1999 and 2003 in billions of dollars.

With reference to the diagram, what happened to China’s trade balance with Brazil between 1999 and 2003?

• It experienced a falling surplus.

• It experienced a rising deficit.

• It moved from deficit to surplus.

• It moved from surplus to deficit.

The diagram shows the market for imported cars.

Which government action could be shown by the change in the diagram?

• an embargo

• an exchange rate revaluation (appreciation)

• an import tax

• a quota

What is most likely to encourage international specialisation?

• similarities in climate in different countries

• the ability to produce products more cheaply than other countries

• the discovery of oil in a country that had no oil before

• very high international transport costs

Turkey’s agricultural sector employs 48% of the country’s workforce, compared with 17% in the United States (US) and 3.9% in France.

What could be concluded from this?

• France is likely to import more agricultural produce than the US.

• The workers in France are not as productive as those in Turkey.

• Total agricultural production is likely to be higher in Turkey than in the US.

• Turkey is likely to be less developed than France.