O-LevelEconomicsThe allocation of resources2281/11 · May/June 2013 · Q61 Mark

Maize and fuel are used in the production of Mexican tortillas. In 2010 Mexico produced a record maize crop but in 2011 rises in the price of fuel increased costs for tortilla makers. What is likely to have happened to the price of tortillas in 2010 and 2011?

Aprice in 2010: decreased, price in 2011: decreased

Bprice in 2010: decreased, price in 2011: increased

Cprice in 2010: increased, price in 2011: decreased

Dprice in 2010: increased, price in 2011: increased

✓ Correct answer

B: price in 2010: decreased, price in 2011: increased

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2013 Paper 1 Variant 1, question 6.

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