Page 385 - SEC_2017WorkingDocument_Neat
P. 385

Subject             Issue in 2017                        Recommendations
               Communication       PAPER  2:  Explanation  of  words  Meanings  of  words:  be
               Studies             differ per territory.                sensitive  to  the  diversity  of
                                   The glosses for the words “scrunt’  English  language  creoles
                                   and “jorts” were given as “woman  spoken  in  the  CARICOM
                                   of  ill  repute”  and  “shorts  worn  by  community.    Exercise
                                   women  of  ill  repute”  respectively.  leniency in marking or pro-
                                   These are not the meanings known  rate accordingly.
                                   by citizens of Trinidad and Tobago.
                                   “Scrunt” means in the local context
                                   “to  be  hard  up”  or  “not  having
                                   enough  money”.  “Jorts”  means
                                   “food”.
               Economics           PAPER 02                             Consider           multiple
               Unit 2              Question 2 (b) Explain one way in  possibilities:
                                   which high or rising oil prices may  1. If  the  country  is  an  oil-
                                   impact (i) the inflation rate and (ii)   exporter:  Increased  oil
                                   the unemployment rate.                 prices will increase AE or
                                   This  question  does  not  clarify  the   AD  therefore  increasing
                                   context of the situation i.e. whether   GDP  /  incomes  which
                                   the country under analysis views oil   increases      purchasing
                                   as an export or import and whether     power leading to increased
                                   demand  for  oil  is  elastic  or      demand-pull  inflation  and
                                   inelastic.   Depending    on    the    decreased unemployment.
                                   student’s  assumption  /  perspective  2. If  the  country  is  an  oil-
                                   on this.                               importer:  Increased  oil
                                                                          prices will decrease AE or
                                                                          AD  therefore  decreasing
                                                                          GDP/    incomes     which
                                                                          decreases  price  level  and
                                                                          increases unemployment.
                                                                       3. If oil is viewed as a cost of
                                                                          production:  Increased  oil
                                                                          prices  will  decrease  AS
                                                                          causing  price  level  to
                                                                          increase    and    output
                                                                          /employment  levels  to
                                                                          decrease  (unemployment
                                                                          increases).













                                                                                                       40
   380   381   382   383   384   385   386   387   388   389   390