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Form: 4
2009-2010 Subject: Economics
First Term Examination Paper : I II
Time Allowed: 2 hours
★ There are 9 pages in this paper, including this cover. ★
★★ 《HKEAA APPROVED 》 calculators are allowed in this paper. ★★
Name: Class: Class No.: Date: 5-1-2010
Suggested Answers
ECONOMICS PAPER I II
1
Section A. Multiple choice questions. Choose the BEST answer. (30 %)
Section A. Answers
1. A 6. B 11. B 16. D 21. A 26. D
2. D 7. D 12. D 17. C 22. B 27. B
3. A 8. C 13. D 18. B 23. D 28. C
4. B 9. B 14. D 19. D 24. B 29. C
5. C 10. C 15. D 20. C 25. C 30. D
Section B: Questions. Attempt ALL questions. (70 marks)
1. Mr. Chan is a doctor. He rents an office in Kwai Chung at $20,000 per month and employs Mary as
his nurse at $8,000 per month.
(a) Define opportunity cost (2 marks)
Ans.: The highest valued option forgone OR the best alternative forgone.
(b) Explain how Mr. Chan’s opportunity cost of running the clinic would change if
i) Mary’s salary is increased to $9,000 per month. (3 marks)
Ans.: Increased. The opportunity cost of running the clinic is the best alternative use of the
money. The salary of Mary increa
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