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Economics: Post your doubts here (O + A level)

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Please help me with these queries:

2)What would an economist regard as a free good.
(A) A free sample of a cosmetic
(B) Free hospital treatment
(C) Ice at the north pole
(D) Ice from a refrigerator

NOTE: What is actually a free good for an economist?

3) What will be the immediate effect if a country's terms of trade worsen?
(A) A given volume of exports will buy less imports
(B) It will experience balance of payments difficulties
(C) Its exports will decrease.
(D) The currency will be devalued.

NOTE: What the phrase 'terms of trade means'?
 
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yup.. even i'm takin the economics this yr. If u wanna gt A, then ur writing skills must be xecellent.. probably above 82 is wat u've to aim ofor....
ans yes.. the syllabus is useful.. u can use it as a chacklist the day before the exam.
Sooooo 82/120?
 
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Can anyone please explain me the following terms in GCE O' Level economics (2281)?
1. productive inefficiency
2. allocative inefficiency
3. x inefficiency
4. multiplier
5. laws of returns

Some years mark scheme points out these terms.
 
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