Answer any 5 questions from the following. Each of your answer should be a maximum of 300 words (excluding diagrams). All questions carry equal marks.
1Explain what it means by the term scarcity. What are the implications of scarcity for all economies?
2. What do you consider to be the main reasons for the recent increase in the retirement age?
4. Why is price elasticity of demand so important in economics?
5. Explain why certain medication are not available on the NHS
6. Outline using real world examples where appropriate, what is meant by the term “monopolistic competition?”
7. Outline using world examples where appropriate, what is meant by the term “oligopoly?”
8. What is price discrimination and what conditions are necessary for it to be successful? Give examples in your answer