Economics – F40102 Basic concepts – Short Questions (2009-2015) – Marking Scheme. 1. 2009.Q1. (a) Opportunity cost is the highest- Opportunity Cost Exam Questions | PDF - Scribd
The remains a classic, foundational exam question that tests a student's core mastery of Scarcity, Choice, and Opportunity Cost . As the final year of the traditional Hong Kong Certificate of Education Examination (HKCEE) before transitioning to the Hong Kong Diploma of Secondary Education (HKDSE), the 2010 paper acts as a vital bridge for understanding how secondary-level microeconomics is assessed.
(c) The demand for a new private car brand is observed to be price elastic. If the car manufacturer raises the price, explain the likely effect on its total revenue. (4 marks) hkcee 2010 econ paper 2 q2
The diagram below shows the market for rice in Hong Kong. (Diagram: downward-sloping demand curve D₁ and upward-sloping supply curve S₁, intersecting at equilibrium price P₁ and quantity Q₁.)
(The question is not provided, but I'll give a general review) Economics – F40102 Basic concepts – Short Questions
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Students often assume that if an activity is free of charge (monetary cost is zero), its opportunity cost must also be zero. They fail to account for the value of forgone time. (a) Opportunity cost is the highest- Opportunity Cost
Government-provided services (like public parks or roads) are still economic goods because they require taxpayer resources and land that have alternative uses. Revision Tips for Similar Questions
The HKCEE examiner’s report highlighted frequent mistakes: