A-LevelEconomicsBasic Economic IdeasMay/June 2023Paper 1 Q71 Mark
There is a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) for selected countries. [Figure 7.1] What can be concluded from the diagram?
AIn Britain, oil has zero opportunity cost.
BIn Japan, there is self-sufficiency in oil.
CIn Russia, there is no shortage of oil.
DIn the United States, rationing is the only solution to oil shortage.
✓ Correct Answer
The correct answer is C: In Russia, there is no shortage of oil.
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
🎯 Mark Scheme Breakdown
Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.
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