How often Government intervention: price controls, taxes and subsidies is asked
Where it was asked
What costs marks here
Marker’s traps come from memos. We don’t have one for this module yet.
A memo tells us what the markers actually rewarded and penalised. With one, this section fills in for every student — help us get one.
The questions
Oct/Nov 2017, Q48 marks
Using a diagram to support your answer, discuss the effect that would result from setting an effective maximum price control in the market for a hypothetical product, referred to as product A.
May/Jun 2016, Q261.43 marks · multiple choice
Determine which one of the following statements is correct.
May/Jun 2015, Q611.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements about the effect of fixing a maximum price below the equilibrium price: (a) it can lead to black market activities; (b) it creates shortages; (c) excess demand and excess supply exist. Determine which combination of these statements is/are correct.
May/Jun 2015, Q621.4286 marks · multiple choice
This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider three statements about where a minimum price must be set for it to be effective in the market: (a) below the equilibrium price; (b) above the equilibrium price; (c) either above or below equilibrium price. Determine which of these is/are correct.
Oct/Nov 2014, Q191.4285714285714286 marks · multiple choice
This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which one of the following statements is correct regarding price ceilings and price floors?
The full Spot Map and the marks by year.