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    WS3

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    Ahmad Mohd
    The document discusses four passages related to economics concepts: 1) A heatwave in the UK led to doubled ice cream sales and more elastic demand and supply for ice cream. Government policies and economic growth also influence the ice cream market. 2) Lebanon has regular power failures due to an imbalance between electricity supply and demand, which may worsen with economic growth. The government plans to build power stations but there are concerns about high social costs. 3) The world population is forecast to hit 9 billion by 2050, with Nigeria becoming the 3rd most populous country. Some governments try to reduce growth through policies. 4) Growing Chinese demand made New Zealand the top dairy exporter; its milk exports

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    WS3

    Uploaded by

    Ahmad Mohd
    71 views2 pages
    The document discusses four passages related to economics concepts: 1) A heatwave in the UK led to doubled ice cream sales and more elastic demand and supply for ice cream. Government policies and economic growth also influence the ice cream market. 2) Lebanon has regular power failures due to an imbalance between electricity supply and demand, which may worsen with economic growth. The government plans to build power stations but there are concerns about high social costs. 3) The world population is forecast to hit 9 billion by 2050, with Nigeria becoming the 3rd most populous country. Some governments try to reduce growth through policies. 4) Growing Chinese demand made New Zealand the top dairy exporter; its milk exports

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    The document discusses four passages related to economics concepts: 1) A heatwave in the UK led to doubled ice cream sales and more elastic demand and supply for ice cream. Government policies and economic growth also influence the ice cream market. 2) Lebanon has regular power failures due to an imbalance between electricity supply and demand, which may worsen with economic growth. The government plans to build power stations but there are concerns about high social costs. 3) The world population is forecast to hit 9 billion by 2050, with Nigeria becoming the 3rd most populous country. Some governments try to reduce growth through policies. 4) Growing Chinese demand made New Zealand the top dairy exporter; its milk exports

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    71 views2 pages

    WS3

    Uploaded by

    Ahmad Mohd
    The document discusses four passages related to economics concepts: 1) A heatwave in the UK led to doubled ice cream sales and more elastic demand and supply for ice cream. Government policies and economic growth also influence the ice cream market. 2) Lebanon has regular power failures due to an imbalance between electricity supply and demand, which may worsen with economic growth. The government plans to build power stations but there are concerns about high social costs. 3) The world population is forecast to hit 9 billion by 2050, with Nigeria becoming the 3rd most populous country. Some governments try to reduce growth through policies. 4) Growing Chinese demand made New Zealand the top dairy exporter; its milk exports

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1.A heatwave in July 2013 in the United Kingdom resulted in sales of ice cream more than doubling.

    Extra workers were taken on to meet the higher demand. In recent years, the demand and supply

    conditions of ice cream have changed, leading to demand and supply becoming more elastic.

    The market has also been influenced by government policies and by changes in the country’s

    economic growth rate.

    (a) Define ‘supply’. [2]

    (b) Explain two ways a government could influence the price of a product. [4]

    (c) Analyse why demand for a product may become more price elastic. [6]

    2.A lack of electricity regularly results in power failure in the Lebanon. The daily gap between

    supply and demand may increase if the Lebanese economy continues to grow. The Lebanese

    Government is planning to build more power stations but there is a risk that the social costs of

    operating power stations may be greater than the social benefits.

    (a) Define ‘demand’. [2]

    (b) Explain what impact an imbalance between supply and demand is likely to have on price and

    the quantity traded. [4]

    (c) Analyse why economic growth may increase demand for electricity. [6]

    3.The world’s population is forecast to rise to 9 billion by 2050. It is predicted that Nigeria, a

    developing country with a mixed economy, will move from having the seventh largest population

    at 158 million in 2013 to having the third largest at 400 million in 2050. Some governments try to

    reduce the growth of their populations by using a range of government policy measures.

    (a) Define ‘mixed economy’. [2]

    (b) Explain two reasons why the world population in 2050 may be more than forecast. [4]

    4 Increasing demand from China has made New Zealand the world’s biggest exporter of dairy

    products. Its exports of milk to China increased by 45% in 2013. More than 300 000 hectares of

    land in New Zealand have been transferred to dairy use from other forms of farming and forestry
    use since 2000. The increase in milk production has caused the average cost of its production to

    fall and changes in production methods have affected the price elasticity of supply of milk.

    (a) Why may less wheat be the opportunity cost of producing more milk? [2]

    (b) Explain two reasons why the supply of a product may be price-inelastic. [4]

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