SECTION A
Questions 1 - 10 are multiple choice questions. For each question, select ONE correct answer from
A to D and write it in your answer booklet. You are advised to spend approximately 30 minutes on
this section.
Question No 2
Q1 In economic theory, which of the following statements best describes what is available and what
is wanted? (2 marks)
Question No 3
Q2 Which of the following relationships best describes a small change in demand as a result of a
large change in price? (2 marks)
Question No 4
Q3 Which of the following best describes the pricing policy known as 'promotional pricing'? (2 marks)
Question No 5
Q4 Which of the following is the most likely consequence of government decreasing interest rates?
(2 marks)