Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
FORM TP 2013166
CARIBBEAN
02116010
MAY/JUNE 2013
EXAMINATIONS
COUNCIL
Unit 1 -Paper 01
1 hour 30 minutes
1.
This test consists of 45 items. You will have 1 hour and 30 minutes to answer them.
2.
3.
Do not be concerned that the answer sheet provides spaces for more answers than there are
items in this test.
4.
Each item in this test has four suggested answers lettered (A), (B), (C), (D). Read each item
you are about to answer and decide which choice is best.
5.
On your answer sheet, find the number which corresponds to your item and shade the space
having the same letter as the answer you have chosen. Look at the sample item below.
Sample Item
Prime cost is calculated by adding direct factory expenses to cost of
Sample Answer
(A)
(B)
(C)
(D)
goods used
goods bought
materials used
materials produced
The best answer to this item is "materials used", so answer space (C) has been shaded.
-------
6.
If you want to change your answer, be sure to erase your old answer completely and fill in
your new choice.
7.
When you are told to begin, tum the page and work as quickly and as carefully as you can.
If you cannot answer an item, omit it and go on to the next one. You can come back to that
item later. Your score will be the total number of correct answers.
8.
9.
i iiiiii
!!!!!!!
02116010/CAPE 2013
-2-
1.
4.
(C)
(D)
2.
Cakes
96
12
15
75
Bread A
3.
1 loaf of bread
5 loaves of bread
7 loaves of bread
8 loaves of bread
(C)
(D)
O L_------------------~S~o~d~
a
5.
inefficiency
equilibrium
technical efficiency
an unattainable level of production
- 3-
6.
(A)
(B)
(C)
(D)
7.
(A)
(B)
(C)
(D)
9.
10.
($)
F f------------x
11.
D
o'--------------7Number of Trips
8.
(D)
(A)
(B)
(C)
Cto E
BtoD
AtoD
(D)
A to F
Ticket
Price
increase
decrease
fluctuate
remain the same
Rent controls
Farm price supports
Taxes on the market
Minimum wage laws
-4-
12.
(C)
(D)
14.
Price
s
p
Quantity
Price U
(B)
Price
s
p
Quantity
D
13.
(C)
(D)
RPT
PUT
ORTS 1
OUTD 1
Quantity
(C)
Price
Quantity
(D)
Price
Quantity
02 116010/CAPE 2013
-5Item 15 refers to the diagram below which shows total marginal utility of ice cream and the
quantity of ice cream.
50
TU
15.
1
3
4
5
(D)
17.
5
----MU
Quantity of Ice Cream
(number of cones)
In the diagram, at which quantity of ice cream is the consumer maximizing utility?
(A)
(B)
(C)
(D)
16.
Perfect competition
Duopolistic competition
Oligopolistic competition
Monopolistic competition
18.
Free market
Government
Private sector
Individual choice
- 6-
19.
(A)
(B)
(C)
(D)
excludable
non-excludable
rival in consumption
nonrival in consumption
SMC
Price
AC
0
'-----------::L'-----='---~
Ql
21.
(B)
(C)
Quantity
(D)
20.
Excess capacity
Shut-down point
Equilibrium point
Minimum efficiency scale
22.
Quantity
MRI
Q2
Output
SMC
Output
SMB
Output
PMC
Output
SMB
Q2 is efficient
> PMC.
Ql is efficient
= SMC.
Q2 is efficient
= SMB.
Q 1 is efficient
> PMC.
because
because
because
because
-7-
23.
(B)
(C)
(D)
24.
(A)
(B)
(C)
(D)
Taxation
Monopoly
Externalities
Imperfect knowledge
I
I
I
I
I
I
I
I
I
tn
(B)
(C)
(D)
26.
(B)
(C)
(D)
non-rival problem
free-rider problem
non-excludable problem
drop-in-the-bucket problem
(B)
(C)
(D)
29.
30.
P 1 and Q1
P 2 and Q2
P2 and Q3
P3 and Q3
27.
D=MSB
Quantity
28.
25 .
S=MSC
P 1 and
P 2 and
P2 and
P 3 and
Q1
Q2
Q3
Q3
02116010/CAPE 2013
- 831.
(A)
(B)
(C)
(D)
32.
14
$ 140
$1 000
$1 680
Cost of labour
Increased birth rate
Increased population growth
Migration of skilled workers
MRPL
Quantity Labour
35.
(A)
(B)
(C)
(D)
34.
Wage
33.
(A)
(B)
(C)
(D)
Direct
Inverse
Indirect
Negative
Poverty
Economic rent
Transfer earnings
Consumer surplus
(A)
(B)
(C)
Value of Gini
Coefficient
0.1
0.3
(D)
0.7
0.9
Percentage %
Income Earned
Factor
Land
Labour
Capital
Entrepreneurship
36.
15%
25%
20%
40%
Price
e8
100
=
.....
r
l
~- 80
~ ~
=~....e=
ell ...
~
~
y
60
=-- - 40
S
t
oL---------~--~~--~~
Quantity
38.
Percentage of Households
37.
Gini coefficient
concentration ratio
elasticity coefficient
marginal rate of substitution
Dp 1 will result in
(A)
(B)
(C)
(D)
39.
40.
Gini coefficient
Human Development Index
Fair-firm concentration ratio
Herfindahl-Hirschman index
..
- I 0-
41.
44.
(A)
(B)
(C)
(D)
42.
derived demand
increase in demand
increase in factors demanded
increase in quantity demanded
(A)
(B)
(C)
(D)
$ I
$ 2
$ 5
$20
500
000
000
000
45.
(A)
(B)
(C)
(D)
43.
For the factor of production, entrepreneurship, how much did Jack's Inc. pay?
(A)
(B)
(C)
(D)
$ 1 500
$ 2 000
$ 5 000
$20 000
Vertical
Horizontal
Geographical
Occupational
(A)
(B)
(C)
(D)
END OF TEST
IF YOU FINISH BEFORE TIME IS CALLED, CHECK YOUR WORK ON THIS TEST.
02116010/CAPE 2013