A-LevelEconomicsBasic Economic Ideas and Resource AllocationMay/June 2016Paper 1 Q11 Mark
In 2007 there was a worldwide shortage of oil. The diagram shows the consumption and production of oil (billion tonnes) in 2007 for selected countries. [Figure X.X] What can be concluded from the diagram?
AIn Britain, oil had zero opportunity cost.
BIn Japan, there was self-sufficiency in oil.
CIn Russia, there was no shortage of oil.
DIn the United States, rationing was the only solution to oil shortage.
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of basic economic ideas and resource allocation 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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