O-LevelEconomicsThe allocation of resources2281/11 · May/June 2021 · Q41 Mark

What is included in microeconomics?

Athe calculation of national income and expenditure

Bthe effects of a change in exchange rates on the trade balance of an economy

Cthe effects of an increase in the price of a good or service

Dthe factors leading to demand-pull inflation

✓ Correct answer

C: the effects of an increase in the price of a good or service

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2021 Paper 1 Variant 1, question 4.

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