A-LevelEconomicsBasic Economic Ideas and Resource AllocationOct/Nov 2016Paper 1 Q21 Mark
In 2014, the Hong Kong Housing Authority said the waiting time for public sector housing had increased and it would only complete 8900 flats of the 15000 planned for the year. The reasons were the shortage of workers because they were needed in other public sector projects, the difficulty of finding land, and government regulations. Which economic concepts are illustrated in this information?
Amarket economy and a lack of resources
Beconomic planning and the price mechanism
Copportunity cost of labour and excess demand
Dproduction possibility and budget deficit
✓ Correct Answer
The correct answer is C: opportunity cost of labour and excess demand
📋 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.
🔒
Unlock the Examiner's Analysis
Sign up for free to reveal the full examiner report, trap analysis, and mark scheme breakdown for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep