2000 Economics (AL) Paper 1 B&C

2000-AL ECON
PAPER 1 B&C
HONG KONG EXAMINATIONS AUTHORITY HONG KONG ADVANCED LEVEL EXAMINATION 2000
ECONOMICS A-LEVEL PAPER 1 Question-Answer Book for Section B and Section C

This paper must be answered in English
Candidate Number Centre Number Seat Number
INSTRUCTIONS FOR CANDIDATES

1. 2. 3. Write your Candidate Number, Centre Number and Seat Number in the spaces provided on this cover. Write your Candidate Number in the spaces provided on EACH answer sheet in this book. Answer each question on the TWO pages provided for that particular question. NO marks will be given for answers written on the wrong page. There are FIVE questions in Section B and FOUR questions in Section C. Attempt ALL questions and keep your answers SHORT. If you have used any supplementary answer sheets, you should write your Candidate Number on every supplementary answer sheet and fasten it with a white string to the page in this book where the relevant question is.
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5.

Hong Kong Examinations Authority All Rights Reserved 2000
2000-AL-ECON 1B&C1
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2000-AL-ECON 1B&C2
All Rights Reserved 2000
Marks Marker No. Examiner No. Checkers Initial Candidate No. Paper/Section Question No.
IB 1
Explain one chief difference between diminishing marginal use value and diminishing marginal rate of substitution. (8 marks)
[NOTE : Dont use a supplementary answer sheet unless you have fully utilized this page and the next page.] 2000-AL-ECON 1B&C3
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Paper/Section Question No.
IB 1 (Continued)
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IB 2
(8 marks)
Even under price control, markets always clear. Why ?
IB 2 (Continued)
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IB 3
Consider a middleman who buys a good from a producer and resells it to a consumer. Does the contractual relationship between the producer and the middleman constitute a firm ? (8 marks)
IB 3 (Continued)
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IB 4
The completion of a construction project is postponed. Explain whether each of the following is a cost to the developer : (a) (b) money already spent on the project plus interest the developers delayed receipt of the remaining portion of income from the project (8 marks)
IB 4 (Continued)
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IB 5
Consider agricultural production which requires only two inputs, labour and land. Suppose the law of diminishing returns does not hold, so that the marginal product curve of labour is upward rising. (a) (b) How much land will be used for farming ? Can we determine the rental value of agricultural land ? (8 marks)
IB 5 (Continued)
END OF SECTION B
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IC 6
Currently households pay rates to cover the disposal charge for their garbage (rubbish) and the rates depend on the value of their flats. Will there be any change in the amount of garbage disposed of by each household if the disposal charge is calculated according to (a) (b) the number of people per household instead ? the number of standard garbage bags used by each household instead ? (8 marks)
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IC 6 (Continued)
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IC 7
Reputable stores with big names (i.e., anchor stores) often pay considerably lower rentals per square foot than other stores in a large shopping mall. Is this a case of price discrimination ? Explain. Does a lower rental from an anchor store reflect a lower income received by the landlord ? (10 marks)
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IC 7 (Continued)
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IC 8
When the news of China reaching agreement with the United States to enter the World Trade Organization was announced, the stock prices of three industries in China finance, automobile, communication fell sharply. These are state industries protected as monopolies, and the agreement essentially says this protection will be gradually removed, or phased out, so that the three industries will be open for international competition. (a) (b) Who gains and who loses from this agreement ? Will China as a whole gain even with the sharp fall in the stock prices of the three industries ? (10 marks)
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IC 8 (Continued)
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IC 9
At present, most medical practitioners (doctors) in Hong Kong provide consultation as well as medicine (drugs) to patients and charge each patient a lump-sum payment. However, in many western countries, doctors usually provide consultation alone; patients have to buy medicines from pharmacists or drugstores. It has been suggested that Hong Kong should follow the practice of these western countries. (a) If the western practice is adopted, will there be any difference in a patients total medical expense on both doctors consultation and medicine (i) (ii) (b) if doctors are price-takers ? if doctors are price-searchers ?
How would you explain why most doctors in Hong Kong choose to provide both consultation and medicine ? (You may suggest more than one reason.) (12 marks)
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IC 9 (Continued)
END OF SECTION C
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2000 Economics (AL) Paper 1 B&C

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2000 Economics (AL) Paper 1 B&C

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2000-AL ECON

ECONOMICS A-LEVEL PAPER 1 Question-Answer Book for Section B and Section C

Candidate Number Centre Number Seat Number

INSTRUCTIONS FOR CANDIDATES

This is a blank page.

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Paper/Section Question No.

Even under price control, markets always clear. Why ?

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Paper/Section Question No.

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