A-LevelEconomicsThe Price System and the MicroeconomyOct/Nov 2011Paper 1 Q101 Mark
The diagram shows the market for new houses. [Figure showing supply S1, S2 and demand D1, D2 curves, with price and quantity axes, and points X and Y] What would cause the change in the market equilibrium position from X to Y?
Afall in income tax and a rise in building costs
Bfall in interest rates and increased efficiency in house-building
Cfall in population and a rise in taxes on building materials
Drise in building subsidies and a fall in incomes
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The correct answer is A. This question tests the candidate's understanding of the price system and the microeconomy within the Economicssyllabus. The examiner's mark scheme requires...
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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...
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