CAPE Economics Syllabus

CARIBBEAN EXAMINATIONS COUNCIL
Caribbean Advanced
Proficiency Examination
Correspondence related to the syllabus should be addressed to:
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CXC A20/U2/08
Economics
Syllabus
Effective for examinations from May/June 2010
This document CXC A20/U2/08 re!aces CXC A20/U2/0" issued in 200"#
$!ease note that the sy!!a%us &as revised and amendments are indicated %y ita!ics and
vertica! !ines#
'irst (ssued 200"
)evised 2008
$!ease chec* the &e%site &&&#cxc#or+ for udates on CXC,s sy!!a%uses#

CXC A20/U2/08
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CXC A20/U2/08
Contents
ContentsIntrod!ctio
T
he Caribbean AdBanced ProCiciency Examinations (CAPE+ are designed to proBide certiCication oC
the academic Bocational and technical achieBement oC students in the Caribbean who haBing
completed a minimum oC CiBe years oC secondary education wish to Curther their studies% The
examinations address the sDills and Dnowledge acEuired by students under a Clexible and articulated system
where subFects are organised in /-=nit or --=nit courses with each =nit containing three 7odules%
T
6ubFects examined under CAPE may be studied concurrently or singly or may be combined with subFects
examined by other examination boards or institutions%
The Car!!ea" E#a$"a%&"' C&(")* &++er' %hree %,-e' &+ )er%+)a%&". The +r'% ' %he
a/ar0 &+ a )er%+)a%e 'h&/"1 ea)h CAPE U"% )&$-*e%e0. The 'e)&"0 ' %he CAPE
0-*&$a, a/ar0e0 %& )a"00a%e' /h& ha2e 'a%'+a)%&r*, )&$-*e%e0 a% *ea'% '# U"%',
")*(0"1 Car!!ea" S%(0e'. The %hr0 ' %he CAPE A''&)a%e De1ree, a/ar0e0 +&r %he
'a%'+a)%&r, )&$-*e%&" &+ a -re')r!e0 )*('%er &+ 'e2e" CAPE U"%' ")*(0"1 Car!!ea"
S%(0e' a"0 C&$$(")a%&" S%(0e'. F&r %he CAPE 0-*&$a a"0 %he CAPE A''&)a%e
De1ree, )a"00a%e' $('% )&$-*e%e %he )*('%er &+ re3(re0 U"%' /%h" a $a#$($
-er&0 &+ +2e ,ear'.
Re)&1"4e0 e0()a%&"a* "'%%(%&"' -re'e"%"1 )a"00a%e' +&r CAPE %&/ar0' %he a/ar0
&+ %he C&(")*5' A''&)a%e De1ree " ""e )a%e1&re' $('%, &" re1'%er"1 %he'e
)a"00a%e' a% %he '%ar% &+ %he 3(a*+,"1 ,ear, ha2e %he$ )&"+r$ " %he re3(re0 +&r$,
%he A''&)a%e De1ree %he, /'h %& !e a/ar0e0. Ca"00a%e' /** "&% !e a/ar0e0 a",
-&''!*e a*%er"a%2e' +&r /h)h %he, 00 "&% a--*,.
CXC A20/U2/08
Introduction
CXC A20/U2/08
T
RATIONALE
Economics is the study oC how society proBides Cor itselC by maDing the most eCCicient use oC scarce
resources so that both priBate and social welCare may be improBed% The subFect thereCore coBers the study
oC "020(a*', households Cirms goBernment and international economic institutions as they attempt to
maDe better use oC scarce resources%
The study of Economics enables individuals to develop a better understanding of the economic issues which
affect them and the world in which they live. It will also enable students to offer informed comments on
economic matters. The knowledge gained from this course in Economics will be of lifelong value to the
student. The influence of the subject on all areas of activity should stimulate the individual to continue
reading and conducting research in Economics. It is recognised that persons doing this course may be
drawn from different backgrounds and may possess different interests. Some may wish to study Economics
as preparation for further specialisation in the subject. Others may study the subject to complement other
subject disciplines, such as, careers in finance, accounting or law. Some students may see the subject as
one worthy of study in its own right. 6tudents oC Economics will be able to contribute signiCicantly to
economic and social deBelopment in the Caribbean a"0 %he /0er /&r*0 by acting as catalysts Cor wider
awareness oC social and economic issues%
A study oC Economics at the CAPE leBel will be oC beneCit to all students by introducing them to the
philosophy which underlies eBeryday economic interactions% The study will also train the student to thinD
logically critically and impartially on a Bariety oC contentious issues%

CXC A20/U2/09
Economics Syllabus
AIMS
The syllabus aims to:
/% promote understanding oC the basic principles and concepts oC economics which are accepted in
large measure by economists while recognising that the Cield is changing continuouslyG
-% deBelop an appreciation oC the Barious methods used by economists in analysing economic
problemsG
3% deBelop an understanding oC the global economy and oC the relationships between rich and poor
nations with respect to international trade and Cinance and the most important international Cinancial
institutionsG
0% encourage students to apply economic principles theories and tools to eBeryday economic
problems Cor example inClation unemployment enBironmental degradation '('%a"a!*e
0e2e*&-$e"% and exchange rate instability and to contribute meaningCully to any dialogue on
these issuesG
"% encourage students to apply economic theory to the critical issues which aCCect the small open
Caribbean-type economyG
*% encourage students to eBaluate contentious economic issues so that decision-maDing may be
inCormed by logical a"0 )r%)a* thinDingG
6. 'e"'%4e '%(0e"%' %& %he "ee0 +&r e%h)a* !eha2&(r " %he )&"0()% &+ e)&"&$)
%ra"'a)%&"'.
SKILLS AND ABILITIES TO BE ASSESSED
The assessment will test candidatesH sDills and abilities to:
/% identify and explain economic theories principles concepts and methodsG
-% interpret, analyse and solve economic problems using economic models and conceptsG
3% develop structural and reasoned expositions and eBaluate economic theories and policies%

CXC A20/U2/09
!
PRERE!"ISITES O# T$E S%LLAB"S
S())e''+(* -ar%)-a%&" " %h' )&(r'e &+ '%(0, /** !e e"ha")e0 !, %he -&''e''&" &+ 1&&0
2er!a* a"0 /r%%e" )&$$(")a%&"' '7**'. A 1&&0 +&("0a%&" " Ma%he$a%)' /&(*0 !e a"
a''e% %& '%(0e"%' 0&"1 %h' )&(r'e.

STR"CT"RE O# T$E S%LLAB"S
The 6yllabus is arranged into two =nits% Each =nit consists oC three 7odules each 7odule reEuiring ".
contact hours%
UNIT 1: MICROECONOMICS
M&0(*e 1 8 Me%h&0&*&1,: De$a"0 a"0 S(--*,
M&0(*e 2 8 Mar7e% S%r()%(re, Mar7e% Fa*(re a"0 I"%er2e"%&"
M&0(*e 3 8 D'%r!(%&" The&r,
UNIT 2: MACROECONOMICS
7odule / - 7odels oC the 7acroeconomy
7odule - - 7acroeconomic Pr&!*e$' a"0 P&*)e'
7odule 3 - 5rowth 6ustainable ;eBelopment and 5lobal Relations
L'%' &+ re'&(r)e' are proBided " %he ',**a!('% The lists proBide inCormation that may be helpCul Cor
the study oC each 7odule%
&t is adBised that the topics listed in the sections do not necessarily Collow seEuentially% Teachers may thus
introduce certain concepts beCore others%
&t is recognised that Economics may be taught using a strictly EualitatiBe approach or a strictly EuantitatiBe
approach% >oweBer a proper mix oC the two approaches is critical to the understanding oC the subFect at this
leBel% Teachers are adBised thereCore that proper deliBery oC the subFect would inBolBe the integration oC
the two approaches%

CXC A20/U2/09
"
"NIT &' MICROECONOMICS
MO"ULE #$ MET%O"OLO&'$ "EMAN" AN" SUPPL'
&ENERAL OB(ECTI)ES
9n completion oC this 7odule students should:
/% appreciate the main problem oC economics namely the allocation oC scarce resources and the
ineBitability oC choiceG
-% understand the laws principles and theories goBerning demand and supplyG
3% understand the basic tools oC economic analysis%
SPECI*IC OB(ECTI)ES
TOIC 1: Central ro!le" of E#ono"i#s
6tudents should be able to:
/% explain the concept oC scarcityG
-% apply the concept oC opportunity cost in a Bariety oC real-liCe situationsG
3% explain the concept oC production possibilities Crontier (PP1+G
0% use the production possibilities Crontier to indicate constant returns diminishing returns and
increasing returnsG
"% account Cor shiCts in the production possibilities Crontier (PP1+G
*% diCCerentiate between positiBe and normatiBe economicsG
7% outline the adBantages and disadBantages oC the alternatiBe mechanisms by which resources are
allocated%
CONTENT
/% The meaning oC scarcity Cree goods and economic goods%
-% (a+ ;eCinition oC opportunity cost%
(b+ Choice: what how and Cor whom to produce%

CXC A20/U2/09
#
UNIT #
MO"ULE #$ MET%O"OLO&'$ "EMAN" AN" SUPPL' +cont,d-
(c+ The concept oC opportunity cost applied to economic agents (indiBiduals households
Cirms and goBernments+%
3% (a+ Assumptions: maximum output attainable giBen Cull employment and constant state oC
technology%
(b+ Regions: attainable unattainable eCCicient and ineCCicient leBels oC production%
0% Production possibilities Crontier: slopes and shapes%
"% =se oC production possibilities Crontier to show growth and technological change%
*% Examples oC positiBe and normatiBe statements%
7% ;iCCerent types oC economic systems: traditional marDet planned and mixed%
SPECI*IC OB(ECTI)ES
TOIC 2: T$eory of Cons%"er &e"and
/% explain the concept oC utilityG
-% explain the law oC diminishing marginal utility and the limitation oC marginal utility theoryG
3% explain the meaning oC indiCCerence curBes and budget linesG
0% explain consumer eEuilibrium using the marginal utility approachG
"% explain consumer eEuilibrium using the indiCCerence curBe approachG
*% isolate the income and substitution eCCects oC a price changeG
7% explain eCCectiBe demandG
)% deriBe the demand curBe using both the marginal utility and indiCCerence curBe approachesG
,% diCCerentiate among normal inCerior and 5iCCen goodsG
/.% distinguish between shiCts oC the demand curBe and moBements along the curBeG

CXC A20/U2/09
$
UNIT #
//% identiCy the Cactors that aCCect demandG
/-% explain the meaning oC consumer surplusG
/3% explain price elasticity income elasticity and cross elasticity oC demandG
/0% calculate numerical Balues oC elasticityG
/"% interpret numerical Balues oC elasticityG
/*% assess the implications oC price elasticity oC demand Cor total spending and reBenueG
/7% state the Cactors that determine the price elasticity oC demand%
CONTENT
/% =tility: total marginal cardinal (marginalist approach+ ordinal (indiCCerence curBe approach+%
-% (a+ Explanation oC diminishing marginal utility%
(b+ The main assumptions and limitations oC 7arginal =tility Theory%
3% &ndiCCerence curBes and the budget constraint (budget lines+%
0% The law oC eEui-marginal returns%
"% The point oC tangency oC the budget line to the indiCCerence curBe%
*% &ncome and substitution eCCects oC a price change%
7% ECCectiBe demand%
)% ;eriBing the demand curBe using the marginal utility as well as the indiCCerence curBe approach%
,% 'ormal inCerior and 5iCCen goods using the indiCCerence curBe approach%
/.% 6hiCt Bersus moBements along demand curBes%
//% Price and the conditions oC demand%
/-% Consumer surplus including graphical representations%

CXC A20/U2/09
%
UNIT #
/3% Price income and cross elasticities%
/0% Calculation oC Balues oC elasticity%
/"% ClassiCication and interpretations (sign and si2e+G including the drawings and interpretations oC
graphs%
/*% The implications oC price elasticity oC demand Cor total spending and reBenue%
/7% 1actors that determine the price elasticity oC demand%
SPECI*IC OB(ECTI)ES
TOIC ': T$eory of S%pply
/% identiCy the Cactors oC productionG
-% explain the term production CunctionG
3% diCCerentiate between the short run and long runG
0% explain the law oC diminishing returnsG
"% calculate total aBerage and marginal physical productG
*% explain the relationships among total aBerage and marginal physical productG
7% identiCy the stages oC production as they relate to total aBerage and marginal productG
)% calculate total aBerage marginal and other costsG
,% explain the relationship among total aBerage and marginal costsG
/.% explain why supply curBes are usually positiBely slopedG
//% explain the concept oC producer surplusG
/-% explain the shape oC the short run and long run supply curBesG

CXC A20/U2/09
&
UNIT #
/3% explain returns to scale and the concepts oC economies and diseconomies oC scaleG
/0% distinguish between a moBement along the supply curBe and a shiCt in the supply curBeG
/"% explain the concept oC elasticity oC supplyG
/*% calculate elasticity oC supplyG
/7% interpret elasticity oC supply%
CONTENT
/% 1actors oC production: land labour capital and entrepreneurship%
-% Relationship between output and input%
3% 1ixed and Bariable Cactors%
0% The law oC diminishing returns%
"% Calculation oC total aBerage and marginal physical product% (6ee suggested teaching and learning
actiBities+%
*% Change in the relationship as input increases%
7% Production and its stages as they relate to the total aBerage and marginal product including the use
oC graphs%
)% (a+ 1ixed cost Bariable cost total cost marginal cost aBerage Cixed cost aBerage Bariable cost
aBerage total cost sunD costs%
(b+ The shape oC the long run aBerage total cost curBe%
(c+ ProductiBe optimum%
,% The relationship between total aBerage and marginal cost including the use oC graphs%
/.% Relationship between Euantity supplied and price%
//% Producer surplus including graphical representations%

CXC A20/U2/09
'
UNIT #
/-% Relationship between marginal cost and the aBerage cost in the short run and long run% Explanation
oC why the supply curBe is the section oC the marginal cost curBe aboBe the aBerage Bariable cost
and aBerage total cost%
/3% (a+ :ong run and economies oC scale%
(b+ 1actors determining economies oC scale%
(c+ &nternal and external economies oC scale%
(d+ ;iseconomies oC scale%
/0% Price and the conditions oC supply%
/"% Concept oC elasticity oC supply%
/*% Calculation oC elasticity oC supply%
/7% ClassiCication and interpretation (si2e oC coeCCicient+ including the drawing and interpretation oC
graphs%
SPECI*IC OB(ECTI)ES
TOIC (: Market Equilibrium
/% explain the concept oC the marDetG
-% explain marDet eEuilibriumG
3% calculate eEuilibrium price and EuantityG
0% outline Cactors that cause changes in eEuilibriumG
"% eBaluate the impact oC price controls on marDet eEuilibriumG
*% analyse the eCCects oC taxation and subsidies on marDet eEuilibrium%

CXC A20/U2/09
(
UNIT #
CONTENT
/% The concept oC the marDet%
-% EEuilibrium price eEuilibrium Euantity%
3% =se oC demand and supply data to calculate eEuilibrium price and Euantity%
0% Changes in conditions oC supply and demand%
"% The eCCects oC price ceilings and price Cloors on eEuilibrium%
*% (a+ The e++e)%' &+ %a#a%&" a"0 '(!'0e' &" $ar7e% e3(*!r($.
9!: The ")0e")e &+ a" "0re)% %a#%
S%))ested Tea#$in) and *earnin) A#tivities
T& +a)*%a%e '%(0e"%'5 a%%a"$e"% &+ %he &!;e)%2e' &+ %h' M&0(*e, %ea)her' are a02'e0 %&
e"1a1e '%(0e"%' " %he %ea)h"1 a"0 *ear""1 a)%2%e' *'%e0 !e*&/%
/% 1or topic / Central Problem oC Economics let students proBide examples Crom personal liCe the home
Cirms and goBernment to demonstrate opportunity cost and the production possibilities Crontier (PP1+%
-% 1or topic - Theory oC Consumer ;emand let students deriBe their own schedule and plot the demand
curBe Cor commodities which they use in their eBeryday liBes%
3% 1or utility use water or any other drinD to show the diCCerent leBels oC satisCaction (utility+% =se the
data to deriBe total and marginal utility curBes%
0% 1or the concept oC elasticity teachers may use two types oC materials one that could change in Barying
degrees and the other which remains the same regardless oC circumstances% Teachers should then apply
this concept to marDet conditions illustrating the concepts oC elasticity and inelasticity%
"% 1or deadweight loss teachers may use the graphs Cor consumer and producer surplus to show how
marDet interBention may lead to loss welCare (deadweight loss+%
*% 1or stages oC production allow students to deriBe the total aBerage and marginal product curBes using
simulated data% =se the results oC the graphs to point out the diCCerent stages oC production% An
example is giBen below%

CXC A20/U2/09
)
UNIT #
+RA, S,O-IN+ T,E STA+ES O. RO&UCTION
*i+ 6tage / occurs up to the point where APP: is at its maximum%
(ii+ 6tage - occurs Crom the point where APP: is at a maximum up to the point where 7PP: is 2ero% &n
this stage new worDers add to total physical output%
(iii+ 6tage 3 occurs when 7PP: is negatiBe%
The producer will operate in stage -% &n stage / there is insuCCicient labour being used (up to the point where
7PP: is at its maximum+ and the output per worDer is increasing% &n stage 3 the producer gets no addition to
total physical output Crom additional worDers% &t would be possible to haBe more total physical product with
less labour applied to a Cixed Cactor (say machinery+%

CXC A20/U2/09
UNIT #
MO"ULE .$ MAR/ET STRUCTURE0 MAR/ET *AILURE AN" INTER)ENTION
&ENERAL OB(ECTI)ES
/% appreciate the distinction between the diCCerent types oC marDet structuresG
-% deBelop awareness oC the causes oC marDet CailureG
3% appreciate the measures that can be adopted to reduce or eliminate marDet CailureG
0% appreciate the arguments which suggest that goBernment interBention may not necessarily improBe
economic perCormance%
SPECI*IC OB(ECTI)ES
TOIC 1: Mar/et Str%#t%re
/% outline the goals oC the CirmG
-% explain how Cirms measure proCitsG
3% explain the concepts oC aBerage marginal and total reBenueG
0% explain the concept oC marDet structureG
"% outline the characteristics oC the diCCerent marDet structuresG
*% distinguish among the diCCerent marDet structuresG
7% explain the Cactors that inCluence the pricing and output decisions oC the CirmG
)% calculate measures oC industrial concentrationG
,% interpret measures oC industrial concentration%

CXC A20/U2/09
!
UNIT #
+cont,d-
CONTENT
/% ProCit maximi2ation growth satisCicing sales and reBenue maximi2ation marDet dominance%
-% Total reBenue total cost normal and economic (abnormal+ proCit%
3% Relationship between aBerage marginal and total reBenue%
0% Types oC marDet structures: perCect competition monopoly including price discrimination
monopolistic competition oligopoly and cartels%
"% Characteristics oC the diCCerent marDet structures%
(a+ !arrer' %& e"%r,<
(b+ )&"%r&* &2er $ar7e% a"0 -r)e<
(c+ "a%(re &+ %he 1&&0<
(d+ "($!er' &+ !(,er' a"0 'e**er'G
(e+ )&$-e%%2e !eha2&(r a"0 -er+&r$a")e%
*% 1ocus on all characteristics oC the diCCerent marDets in addition to proCit maximi2ation%
(a+ E#a$-*e' &+ )*&'e a--r&#$a%&"' &+ $ar7e% '%r()%(re' " %he Car!!ea".
7% 7arginal cost and marginal reBenue total cost and total reBenue marginal cost pricing and aBerage
cost pricing%
)% >erCindahl >irschman &ndex - the percentage oC an industryHs output produced by its Cour largest
Cirms (Cour-Cirm concentration ratio+:
/here '

' %he $ar7e% 'hare &+ +r$ " %he $ar7e%, a"0 " is the number
oC Cirms%
,% 9a: I"%er-re%a%&" re*a%e0 %& $ar7e% '%r()%(re'.

CXC A20/U2/09
"
9!: L$%a%&"' &+ $ea'(re' &+ "0('%ra* )&")e"%ra%&"%

CXC A20/U2/09
#
UNIT #
+cont,d-
SPECI*IC OB(ECTI)ES
TOIC 2: Mar/et .ail%re
/% explain the concept oC economic eCCiciencyG
-% distinguish among priBate goods public goods and merit goodsG
3% distinguish between social costs and priBate costs and social beneCits and priBate beneCitsG
0% explain the concept oC marDet CailureG
"% explain what is meant by deadweight lossG
*% outline the causes oC marDet Cailure%
CONTENT
/% &nclusion oC discussion oC Pareto eCCiciency%
-% (a+ E#a$-*e' &+ -r2a%e 1&&0', -(!*) 1&&0' a"0 $er% 1&&0'.
9!: D')(''&" &+ ''(e' &+ r2a*r, a"0 e#)*('&".
3% 6ocial costs priBate costs social beneCits priBate beneCits external costs external beneCits% =se oC
graphical representations%
0% ;iBergence oC social costs and social beneCits and eCCiciency% =se oC graphical representations%
"% ;eadweight loss including Berbal and graphical representations%
*% Causes oC marDet Cailure:
(a+ $&"&-&*,<
(b+ -(!*) 1&&0' a"0 $er% 1&&0'<
(c+ e#%er"a*%e': -&'%2e a"0 "e1a%2e<

CXC A20/U2/09
$
UNIT #
+cont,d-
(d+ 02er1e")e !e%/ee" '&)a* a"0 -r2a%e )&'%' a"0 '&)a* a"0 -r2a%e !e"e+%'<
(e+ $-er+e)% "+&r$a%&"<
(C+ a',$$e%r) "+&r$a%&": a02er'e 'e*e)%&" a"0 $&ra* ha4ar0<
(g+ &-e" a))e'' %& re'&(r)e'<
(h+ *a)7 &+ -r&-er%, r1h%' 9'3(a%%"1, '%rea$', &)ea":<
(i+ "&"8e#'%e")e &+ $ar7e%' 9+&r %ra0"1:.
SPECI*IC OB(ECTI)ES
TOIC ': Intervention
/% eBaluate the measures used by goBernment to correct marDet CailureG
-% eBaluate the measures used by the priBate sector to correct marDet Cailure%
CONTENT
/% 7easures used by goBernment to control marDet Cailure:
(a+ 8 re1(*a%&"<
, a"%8%r('% -&*),<
, %a#a%&"<
, -r2a%'a%&" a"0 0ere1(*a%&"<
, '%a%e &/"er'h-<
, '(!'0e'<
, *e1'*a%&"<
, $ar7e% )rea%&" 9%ra0a!*e -er$%':<
(b+ -r&' a"0 )&"' &+ 1&2er"$e"% "%er2e"%&"<

CXC A20/U2/09
%
(c+ 8 $er%' a"0 0e$er%'<
, e++e)%2e"e'' &+ "%er2e"%&" " Car!!ea" '&)e%e' 9e++e)% &+ '$a**
'4e " re*a%&" %& -&*), $a7"1:.
UNIT #
+cont,d-
-% PriBate 6ector &nterBention:
9a: )&r-&ra%e )&0e &+ )&"0()%<
9!: )&r-&ra%e '&)a* re'-&"'!*%,<
9): 2&*("%ar, a1ree$e"%'<
90: )&r-&ra%e e%h)'.
/% 1or price discrimination teachers could identiCy the Cirst second and third degree price
discrimination using diCCerent examples Crom studentsH experiences% Teachers should then illustrate
by use oC diagrams%
-% 1or the DinDed demand curBe model teachers may use the daily newspaper or mobile phone
industry as examples%

CXC A20/U2/09
&
UNIT #
MO"ULE 1$ DISTRIBUTION THEORY
&ENERAL OB(ECTI)ES
/% understand what accounts Cor the returns that accrue to the owners oC the Cactors oC productionG
-% appreciate the issues surrounding poBerty and the measures used to alleBiate poBertyG
3% deBelop sDills in applying microeconomic analysis to critical social issues inBolBing income ineEuality%
SPECI*IC OB(ECTI)ES
TOIC 1: T$e &e"and for and S%pply of .a#tors
6tudent should be able to:
/% explain the rewards oC the Cactors oC productionG
-% explain the concept oC deriBed demandG
3% outline the marginal productiBity theoryG
0% apply the marginal productiBity theory to the demand Cor land capital and labourG
"% a"a*,'e the Cactors aCCecting the supply oC land capital and labourG
*% a"a*,'e the Cactors determining rent interest and wagesG
7% distinguish between transCer earnings and economic rent%
CONTENT
/% Rent interest wages and proCits%
-% ;eriBed demand%
3% (a+ The assumptions and limitations oC 7arginal ProductiBity Theory%
(b+ 7arginal Physical Product 7arginal ReBenue Product and their relationship%

CXC A20/U2/09
'
UNIT #
MO"ULE 1$ DISTRIBUTION THEORY +cont,d-
0% The Balue oC the 7arginal Product:
(a+ landG
(b+ labourG
(c+ capital - using present Balue (use oC graphical representation reEuired+%
"% The Cixity oC land the supply oC loanable Cunds and the labour supply%
*% The demand Cor and supply oC Cactors%
7% 'umerical graphical and Berbal explanations oC transCer earnings and economic rent%
SPECI*IC OB(ECTI)ES
TOIC 2: Wage Differentials
6tudent should be able to:
/% explain the concept oC wage diCCerentialsG
-% analyse imperCections in the labour marDetG
3% analyse the eCCect oC labour mobility on wagesG
0% explain the concept oC compensating wage diCCerentialsG
"% explain the role oC 5oBernment Trade =nions and EmployersH Associations in the pricing oC
labour%
CONTENT
/% ;iCCerences in wages within industries and among industries%
-% &mperCections on the demand side (Cor example diCCerences in marginal productiBity+ and on the
supply side (Cor example geographical immobility+%
3% The mobility and immobility oC labourG geographical (migration oC worDers+ occupational%
0% Compensating (eEuali2ing+ diCCerentials%

CXC A20/U2/09
(
UNIT #
"% The minimum wage rateG monopsoniesG migration oC worDersG collectiBe bargainingG trade union
strategies the role oC employersH associationsG eCCiciency wage%
SPECI*IC OB(ECTI)ES
TOIC ': Income inequality, Poverty and Poverty Alleviation
/% diCCerentiate between si2e and Cunctional distribution oC incomeG
-% explain the concept oC income ineEualityG
3% explain the measures oC income ineEualityG
0% explain the measures used to reduce income ineEualityG
"% distinguish between absolute and relatiBe poBertyG
*% outline Cactors that contribute to poBertyG
7% explain why certain categories oC people are more susceptible to poBerty than othersG
)% e2a*(a%e the diCCerent ways used to measure poBertyG
,% outline strategies used by 5oBernments to alleBiate poBertyG
/.% analyse the economic costs oC poBertyG
//% a''e'' the economic beneCits oC goBernment interBention to alleBiate poBerty%
CONTENT
/% 6i2e and Cunctional distribution oC income%
-% >ow income is distributed%
3% :oren2 curBe measurement oC income ineEualityG and 5ini coeCCicient (interpretation only+%
0% 7easures to reduce ineEuality: taxes subsidies transCers%

CXC A20/U2/09
!)
UNIT #
"% Absolute Bersus relatiBe poBerty%
*% 1actors that contribute to poBerty including:
(a+ '&)a* a"0 -h,')a* e"2r&"$e"%<
(b+ 0')r$"a%&" = 1e"0er, ra)e<
(c+ re'%r)%&"' &" )er%a" e)&"&$) a)%2%e'<
(d+ "&"8&/"er'h- &+ re'&(r)e'<
(e+ +a$*, '4e<
(C+ '"1*e -are"%< +e$a*e8 hea0e0 +a$*e'.
6. Per'&"' /h& are $&'% '(')e-%!*e %& -&2er%,:
9a: -e&-*e /%h '-e)a* "ee0'<
(i+ -h,')a**, )ha**e"1e0<
(ii+ e*0er*,<
(iii+ ,&(%h<
(iB+ '"1*e -are"% +a$*e'<
(B+ "01e"&(' -e&-*e<
9!: rea'&"' = L$%e0 a))e'' %& e$-*&,$e"%, *e2e* &+ %ra""1, *e1'*a%&",
a2a*a!*%, &+ ")&$e %& 'hare a$&"1 +a$*,.
>. ?a,' ('e0 %& $ea'(re -&2er%,:
(a+ !a') "ee0'<
(b+ -&2er%, *"e<

CXC A20/U2/09
!
(c+ hea0 )&("%<
(d+ UNDP H($a" De2e*&-$e"% I"0e# 9HDI:.
UNIT #
@. 6trategies to alleBiate poBerty:
(a+ %ra"'+er -a,$e"%'<
(b+ +ree e0()a%&" a"0 hea*%h )are<
(c+ h&('"1<
(d+ $"$($ /a1e *e1'*a%&"<
(e+ e3(a* e$-*&,$e"% &--&r%("%e'<
(C+ G&2er"$e"% e$-*&,$e"% )rea%&"9'-e)a* /&r7' -r&1ra$$e':.
/.. The cost oC poBerty including:
(a+ ("e$-*&,e0 h($a" re'&(r)e'<
(b+ *&/er -&%e"%a* &(%-(%<
(c+ "e++)e"% a**&)a%&" &+ G&2er"$e"% e#-e"0%(re<
(d+ '&)a* a"0 e"2r&"$e"%a* )&'%'.
//% Economic beneCits including:
(a+ -r&2'&" &+ e0()a%&" a"0 hea*%h *ea0"1 %& 0e2e*&-$e"% &+ h($a" )a-%a*<
(b+ $-r&2e$e"% " /e**8 !e"1 a' $ea'(re0 !, %he UNDP 9HDI:<
(c+ $&re e3(%a!*e 0'%r!(%&" &+ ")&$e.

CXC A20/U2/09
!!

/% =se Dnowledge Crom topic 3 unit / Theory oC 6upply to deriBe the demand curBe Cor Cactors oC
production%
-% Teachers may use graphical representation oC the :oren2 CurBe to illustrate uneEual distribution oC
income% Teachers should also relate the :oren2 CurBe to the 5&'& coeCCicient% Also show the
eCCect oC taxes on the :oren2 CurBe and the 5&'& coeCCicient%

CXC A20/U2/09
!"
"NIT (' MACROECONOMICS
MO"ULE #$ MO"ELS O* T%E MACROECONOM'
&ENERAL OB(ECTI)ES
/% appreciate the notion oC 'ational &ncome accounting and the importance oC these accounts Cor
macroeconomic theory and policyG
-% understand the Biews oC the classical Deynesian and monetarists schoolsG
3% understand the Cactors that inCluence the leBel oC inBestment in an economy%
SPECI*IC OB(ECTI)ES
TOIC 1: National In#o"e Accounting
/% explain the circular Clow oC incomeG
-% explain the concept oC 'ational &ncome AccountingG
3% explain the diCCerent ways oC deriBing 'ational &ncome AccountsG
0% interpret 'ational &ncome statisticsG
"% use 'ational &ncome accounts to analy2e the perCormance on an economy as a wholeG
*% deriBe real 5;P Crom nominal 5;PG
7% explain the limitations oC 5;P%
CONTENT
/% Economic agents%
-% 5ross ;omestic Product (5;P+5ross 'ational Product (5'P+ and other measures%
3% Calculation oC 5;P 5'P and their components (personal income disposable income+ 'et
'ational &ncome (''&+ and per capita incomeG aBoidance oC double counting%

CXC A20/U2/09
!#
UNIT .
MO"ULE #$ MO"ELS O* T%E MACROECONOM' +cont,d-
0% Total measures:
(a+ GDP a% $ar7e% -r)e'<
(b+ GDP a% +a)%&r )&'%'.
"% =se oC 'ational income accounts to measure economic perCormance oBer time and to maDe inter-
country comparisons%
*% Calculation oC real and nominal 5;P using the price deClator%
7% :imits oC 'ational &ncome Accounts as a measure oC well-being:
(a+ "&"8")*('&" &+ %he "+&r$a* 'e)%&r 9%he ("0er1r&("0 e)&"&$,, **e1a*
a)%2%e':G
(b+ "&"8-a,$e"% +&r 0&8%8,&(r'e*+ a)%2%e'<
(c+ "&"8a))&("%"1 +&r e#%er"a*%e', e"2r&"$e"%a* 0e1ra0a%&" 9Gree" GDP:<
(d+ %he +a)% %ha% % $ea'(re' )ha"1e' " %he 2a*(e &+ &(%-(% !(% "&% )ha"1e' "
%he 3(a*%, &+ *+e%
SPECI*IC OB(ECTI)ES
TOIC 2: Classi#al "odels of t$e Ma#roe#ono"y
/% explain why within the classical model all employment is BoluntaryG
-% explain how Cull employment is restored in the classical modelG
3% explain the Cactors that inCluence aggregate demandG
0% explain the Cactors that inCluence aggregate supplyG
"% interpret the classical long run supply curBeG
*% explain price leBel determination within the classical modelG

CXC A20/U2/09
!$
7% use the classical aggregate demand and supply model to show changes in the price leBel and
employment%

CXC A20/U2/09
!%
UNIT .
CONTENT
/% 1lexibility oC wages and prices%
-% The role oC wage price and interest rate Clexibility%
3% The Cactors that inCluence aggregate demand:
(a+ consumer spendingG
(b+ inBestment spendingG
(c+ 5oBernment spendingG
(d+ net export spending%
0% 1actors that inCluence aggregate supply including changes in input prices and incomes%
"% The assumptions oC the Bertical aggregate supply curBe%
*% The interaction oC the classical aggregate demand and supply curBes%
7% 6hiCts in the aggregate demand and aggregate supply curBes%
SPECI*IC OB(ECTI)ES
TOIC ': 0asi# 1eynesian Models
/% explain the consumption CunctionG
-% explain the relationship between saBing and consumptionG
3% calculate the simple multiplierG
0% explain the eCCect oC changes in inBestment on national incomeG
"% explain the eCCect oC goBernment spending on national incomeG
*% describe the eCCect oC withdrawals and inFections on national incomeG

CXC A20/U2/09
!&
UNIT .
7% explain the relationship between net exports and national incomeG
)% determine the eEuilibrium leBel oC national incomeG
,% explain inClationary and deClationary gaps%
CONTENT
/% Autonomous and induced consumption%
-% (a+ &ncome I consumption plus saBing%
(b+ marginal propensity to consume and saBe%
(c+ aBerage propensity to consume and saBe%
3% 6imple multiplier
mpc /
/
%
0% Relationship between changes in inBestments and national income%
"% 5oBernmentHs expenditure and its eCCects on national income%
*% (a+ Concepts oC inFections and withdrawals in an economy%
(b+ The eCCect oC inFections and withdrawals on national income%
(c+ 6mall multipliers in the Caribbean context due to leaDages%
7% (a+ Relationship between net exports (x J m+ and national income%
(b+ Exports as an inFection and imports as a withdrawal%
)% ;etermination oC eEuilibrium income using:
(a+ 0"
o
line or EI?G
(b+ withdrawals and inFections approachG
(c+ the !eynesian aggregate demand and supply curBes (long run and short run+%

CXC A20/U2/09
!'
UNIT .
,% (a+ 1ull employment leBel oC output%
(b+ Actual leBel oC output%
(c+ EEuilibrium leBel oC national income could be either below at or aboBe potential leBel oC
output%
SPECI*IC OB(ECTI)ES
TOIC (: Invest"ent
/% explain the concept oC inBestmentG
-% diCCerentiate between the inBestment demand curBe and the inBestment curBeG
3% explain the accelerator theoryG
0% outline the Cactors that account Cor the Bolatility oC inBestment%
CONTENT
/% &nBestment (induced and autonomous+%
-% (a+ 7arginal eCCiciency oC capital (inBestment demand as a Cunction oC expected rate oC return+%
(b+ 7arginal eCCiciency oC inBestment (non-interest rates as determinants oC inBestment
demand taxes costs stocD oC capital goods on hand expectations+%
3% Accelerator theory oC inBestment%
0% ;eterminants oC inBestment:
(a+ The acceleratorG
(b+ ;urabilityG
(c+ &rregularity oC innoBationG
(d+ Aariability oC proCits expectations and interest rates%

CXC A20/U2/09
!(
UNIT .
/% 1or topic / teachers should pay special attention to the rules oC accounting worDing Crom the 5;P
down to consumption and saBings% Teachers should also deal with the concepts such as marDet
price and Cactor costs as well as real 5;P and normal 5;P% 7aDe use oC the circular Clow diagram
Crom the closed economy to the open economy%
-% 1or topic - Classical 7odels oC the 7acroeconomy teachers should use graphs to emphasi2e
Clexibility and the automatic return to eEuilibrium%
3% 1or topic 3 teachers could demonstrate the operation oC the multiplier by using data to show the
successiBe rounds oC spending% Calculations and graphical representations oC the multiplier are
reEuired%
0% =se the 0"K line and aBerage demand and aBerage supply to show inClationary and deClationary
gaps%
"% 1or topic 0 &nBestment teachers may use tables to illustrate and explain the accelerator that is the
necessity to increase expenditure constantly Cor inBestment%

CXC A20/U2/09
")
UNIT .
MO"ULE .$ MACROECONOMIC PROBLEMS AN" POLICIES
&ENERAL OB(ECTI)ES
/% understand the reasons why an economy may be characterised by unemployment and how
interBention may be used to improBe economic perCormanceG
-% appreciate the role oC the Central 8anD in the economyG
3% understand monetary and Ciscal policy and their applicationsG
0% understand the nature and burden oC the national debt%
SPECI*IC OB(ECTI)ES
TOIC 1: Une"ploy"ent and Inflation
/% explain what is meant by the labour CorceG
-% explain the unemployment rateG
3% distinguish between unemployment and underemploymentG
0% eBaluate the costs oC unemploymentG
"% explain the causes oC unemploymentG
*% eBaluate the policies used to reduce unemploymentG
7% explain the causes oC inClationG
)% distinguish between real and nominal BariablesG
,% explain how inClation is measuredG
/.% explain the causes oC inClationG
//% eBaluate the eCCects oC inClationG

CXC A20/U2/09
"
UNIT .
MO"ULE .$ MACROECONOMIC PROBLEMS AN" POLICIES +cont,d-
/-% eBaluate the policies used to combat inClationG
/3% explain the relationship between the unemployment rate and inClation%
CONTENT
/% Employed and unemployed%
-% The unemployment rate%
3% =nemployment and underemployment%
0% The eCCect on output income and growth: additional Cinancial burden on the stateG social costs%
"% :abour immobility other marDet imperCections structural changes in the economy inadeEuate
aggregate demand increase in labour Corce participation rate seasonality interBention%
*% 1iscal policy monetary policy wage subsidies retraining programmes inBestment tax credit
employment tax credit goBernment employment programmes reducing marDet imperCections%
7% &nClation: general price leBel%
)% Real and money wages:
(a+ real and nominal 5;PG
(b+ real and nominal interest rate%
,% The 5;P deClatorG the retail price indexG the producer price index% Calculations and limitations oC
the indices%
/.% ;emand shocDs supply shocDs increase in the money supply growth rate%

//% The costs and beneCits oC inClation: the impact oC redistribution oC wealthG impact oC business
actiBity and growth impact on the balance oC payments%
/-% &ncome policy monetary policy Ciscal policy and supply side measures%
/3% Trade-oCC between inClation and the rate oC unemployment: Phillips curBe J stagClation%

CXC A20/U2/09
"!
UNIT .
SPECI*IC OB(ECTI)ES
TOIC 2: Monetary Theory and Policy
/% explain the concept oC moneyG
-% outline the Cunctions oC moneyG
3% explain the demand Cor moneyG
0% explain the supply oC moneyG
"% explain monetary policyG
*% explain how the money supply is controlledG
7% explain how money is created in the banDing systemG
)% explain why residents substitute Coreign Cor domestic currencyG
,% explain the <uantity Theory oC 7oneyG
/.% outline the types oC monetary policyG
//% describe the eCCects oC monetary policy on national incomeG
/-% eBaluate the limitations oC monetary policy%
CONTENT
/% (a+ The meaning oC money%
(b+ Types oC money: toDen and commodity%
-% 1unctions oC money%
3% (a+ :iEuidity PreCerence Theory%
(b+ 7otiBes Cor holding money (transactions precautionary speculatiBe+%

CXC A20/U2/09
""
UNIT .
0% The money supply (7/ 7-+%
"% 7onetary policy J expansionary and contractionary policies%
*% (a+ The role oC the central banD in creating high-powered money (monetary base+%
(b+ &nstruments oC monetary control:
(i+ open marDet operationsG
(ii+ discount ratesG
(iii+ Cinancing Ciscal deCicitsG
(iB+ reserBe reEuirementsG
(B+ moral suasionG
(Bi+ interest rates%
7% (a+ Excess reserBes%
(b+ Credit creation%
(c+ The money multiplier%
)% The nature oC currency substitution and hoarding%
,% The <uantity Theory oC money%
/.% (a+ Tight monetary policy (inClation+%
(b+ Easy monetary policy (unemployment+%
(c+ 8alance oC payments%
//% >ow monetary policy aCCects national income%
/-% :imitations oC monetary policy including the Cact that it is:
(a+ -er$''2e, "&% )&$-e**"1 a"0 &"*, )rea%e' %he e"2r&"$e"%G

CXC A20/U2/09
"#
UNIT .
(b+ diCCicult to control the money supply oC Coreign-owned commercial banDsG
(c+ diCCicult to eliminate lags in monetary policyG
(d+ weaDened by Ciscal indiscipline%
SPECI*IC OB(ECTI)ES
TOIC ': .is#al oli#y
/% explain the concept oC Ciscal policyG
-% outline the goals oC Ciscal policyG
3% explain the nature oC the budgetG
0% explain the balanced budget multiplierG
"% outline methods oC Cinancing budget deCicitsG
*% eBaluate the limitations oC Ciscal policyG
7% distinguish between discretionary and non-discretionary Ciscal policy%
CONTENT
/% The meaning oC Ciscal policy%
-% 1iscal policy as a means oC addressing:
(a+ aggregate demandG
(b+ unemploymentG
(c+ inClationG
(d+ balance oC payments%

CXC A20/U2/09
"$
UNIT .
3% The nature oC the budget:
(a+ taxation reBenue transCer expenditureG
(b+ budget surplus and budget deCicitG
(c+ balanced budget%
0% Explanation oC the balanced budget multiplier%
"% 7ethods oC Cinancing budget deCicits including external and domestic borrowing%
*% :ags and potency oC Ciscal policy%
7% (a+ Expansionary and contractionary%
(b+ Automatic stabili2ers%
SPECI*IC OB(ECTI)ES
TOIC (: %!li# &e!t
/% explain the national debtG
-% explain the cause oC the national debtG
3% eBaluate the eCCects oC the national debt on the economyG
0% explain the burden oC the national debtG
"% eBaluate ways oC reducing the debt burdenG
*% interpret the debt serBice ratioG
7% calculate the debt serBice ratio%

CXC A20/U2/09
"%
UNIT .
CONTENT
/% The national debt:
(a+ stocDLClowG
(b+ Ciscal indisciplineG
(c+ domestic and Coreign debt%
-% The causes oC the national debt%
3% The eCCects oC the national debt on the economy:
(a+ output and inBestment decisionsG
(b+ exchange rate pressuresG
(c+ inClationG
(d+ crowding out and crowding in%
0% The responsibility Cor debt repayment%
"% 7anagement oC the national debt:
(a+ internal and external borrowingG
(b+ taxationG
(c+ debt reschedulingG
(d+ debt CorgiBeness%
*% &nterpretation oC the debt serBice ratio%
7% Calculation oC the debt serBice ratio (principal plus interest as a percentage oC export+%

CXC A20/U2/09
"&
UNIT .
/% 1or topic / =nemployment and &nClation teachers should use the Phillips CurBe to show the
relationship between the unemployment rate and inClation rate%
-% 1or topic - (money multiplier+ show the Barious rounds in the money expansion process as done in
the multiplier% =se Central 8anD Acts and Reports Cor data gathering%
3% 1or Ciscal policy there is no need Cor students to deriBe the balanced budget multiplier% This should
only be explained%
0% Teachers should emphasi2e the causes oC the national debt and the burden it places on Cuture
generations%

CXC A20/U2/09
"'
UNIT .
MO"ULE 1$ &RO2T%0 SUSTAINABLE "E)ELOPMENT AN" &LOBAL RELATIONS
&ENERAL OB(ECTI)ES
/% understand the basic concepts oC growth and deBelopmentG
-% understand the impact oC imports and exports on the macroeconomyG
3% understand the balance oC payments accounts and a--re)a%e the causes and conseEuences oC
balance oC payments crisesG
0% !e)&$e a/are &+ the beneCits and costs deriBed Crom current integration arrangements such as
CAR&C97 1TAA and the E=G
"% understand the role and Cunctions oC international economic institutions%
SPECI*IC OB(ECTI)ES
TOIC 1: +ro2t$ and ustainable &evelop"ent
/% distinguish between growth and deBelopmentG
-% explain the concept oC sustainable deBelopmentG
3% outline the Cactors that determine growthG
0% outline the Cactors that contribute to sustainable deBelopmentG
"% explain the concept oC human deBelopmentG
*% anaylse the structural characteristics oC Caribbean economiesG
7% analyse the impact oC the regionHs structural characteristics on sustainable economic deBelopment%

CXC A20/U2/09
"(
UNIT .
+cont,d-
CONTENT
/% ;iCCerences between growth and deBelopment%
-% Current growth Bersus the well-being oC Cuture generations%
3% ;iCCerences between exogenous (technical change+ and endogenous growth (capital accumulation
human capital+%
0% Economic social and enBironmental Cactors%
"% &ndices oC human deBelopment including mortality rates literacy per capita income liCe
expectancy%
*% 6tructural characteristics oC Caribbean economies including:
(a+ small si2eG
(b+ opennessG
(c+ composition oC exportsG
(d+ resource baseG
(e+ poBertyG
(C+ economic dependence%
7% &mplications Cor regional economies:
(a+ dependence on aidG
(b+ preCerential trade agreementsG
(c+ Coreign direct inBestment (1;&+G
(d+ Bulnerability to natural and man-made changeG
(e+ changes in world prices%

CXC A20/U2/09
#)
UNIT .
+cont,d-
SPECI*IC OB(ECTI)ES
TOIC 2: International Trade
/% analyse the role oC imports and exports in a small open economyG
-% outline the Cactors that inCluence exports and importsG
3% explain the eCCects oC Coreign exchange earnings on a small open economyG
0% explain the theory oC comparatiBe adBantageG
"% eBaluate the arguments Cor protectionG
*% eBaluate the arguments Cor Trade :iberalisationG
7% outline methods oC trade protectionG
)% explain the commodity terms oC tradeG
,% interpret changes in the commodity terms oC tradeG
/.% calculate the commodity terms%
CONTENT
/% The role oC exports in creating domestic income and the role oC imports in generating income Cor
Coreigners%
-% The Cactors which determine exports and imports including:
(a+ international priceG
(b+ domestic productionG
(c+ domestic prices and exchange ratesG
(d+ international economic activity as it affects the tourism market in the -aribbean.

CXC A20/U2/09
#
UNIT .
+cont,d-
(e+ shiCts in international demand and the emergence oC substitutesG
(C+ changes in &nternational &ncome%
3% 1oreign exchange earnings Crom exports:
(a+ access to capital goodsG
(b+ the export multiplierG
(c+ access to consumer goodsG
(d+ increased domestic production%
0% The theory oC comparatiBe adBantage%
"% Arguments Cor protection including:
(a+ inCant industriesG
(b+ employmentG
(c+ Cood security%
*% Arguments Cor Trade :iberalisation including access to technology aBailability oC cheaper goods
and serBices% Application oC the theory oC comparatiBe adBantage%
7% 7ethods oC protection including: tariCCs Euotas and other non-tariCC methods%
)% Explanation oC the commodity terms oC trade%
,% &nterpretation oC changes in the commodity terms oC trade%
/.% Export price index diBided by import price index multiplied by /..%

CXC A20/U2/09
#!
UNIT .
+cont,d-
SPECI*IC OB(ECTI)ES
TOIC ': 0alan#e of ay"ents and Ex#$an)e Rates
/% explain the balance oC paymentsG
-% distinguish between the current account and capital accountG
3% analy2e the causes and conseEuences oC balance oC payments diseEuilibriaG
0% outline the policy measures Cor correcting balance oC payments diseEuilibriaG
"% explain exchange ratesG
*% explain exchange rates determinationG
7% distinguish between Cixed and Cloating exchange rate regimesG
)% describe the eCCects oC the exchange rate changes%
CONTENT
/% Explanation oC the balance oC payments%
-% Capital items and current items%
3% The causes and conseEuences oC balance oC payments - diseEuilibria%
0% Policy responses to balance oC payments crises including:
(a+ deBaluationG
(b+ expenditure switchingG
(c+ expenditure reducing measures%
"% Explanation oC exchange rates%
*% ;etermination oC exchange rates%

CXC A20/U2/09
#"
UNIT .
+cont,d-
7% 1ixed and Cloating exchange rate systems (Cixed Cree Cloating and managed Cloat+%
)% The eCCects oC exchange rate changes%
SPECI*IC OB(ECTI)ES
TOIC (: E#ono"i# Inte)ration
/% explain the main Corms oC economic integrationG
-% eBaluate the costs and beneCits oC economic integrationG
3% eBaluate the obFectiBes oC Caribbean integrationG
0% analyse the implications oC international integration arrangements Cor Caribbean economies%
CONTENT
/% 7ain Corms oC economic integration including:
9a: +ree %ra0e area<
9!: )('%&$' ("&"<
9): )&$$&" $ar7e%<
90: e)&"&$) ("&".
-% The costs and beneCits oC economic integration including trade creation and trade diBersion%
3% The obFectiBes oC CAR&C97 and the rationale Cor the CAR&C97 6ingle 7arDet and Economy
(C67E+%
0% The signiCicance oC integration moBements Cor example European =nion (E=+ and the 'orth
American 1ree Trade Agreement ('A1TA+ Cor Caribbean Economies%

CXC A20/U2/09
##
UNIT .
+cont,d-
SPECI*IC OB(ECTI)ES
TOIC 3: International Economic !elations
/% explain the role and Cunctions oC the $orld Trade 9rganisation ($T9+G
-% explain the role oC international Cinancial institutions (&1&Hs+G
3% explain the term multinational (transnational+ corporationG
0% explain the nature oC Coreign direct inBestmentG
"% outline the potential beneCits and disadBantages oC Coreign direct inBestmentG
*% explain the term globalisationG
7% describe the Cactors responsible Cor globalisationG
)% e2a*(a%e the eCCects oC globalisation on deBeloping countries%
CONTENT
/% The role and Cunctions oC the $T9%
-% The role oC the &71 and $orld 8anD in the &nternational 1inancial 6ystem%
3% Explanation oC multinational (transnational+ corporation%
0% The nature oC Coreign direct inBestment%
"% Potential beneCits and disadBantages including:
(a+ access to technology and capitalG
(b+ access to marDetsG
(c+ access to management sDillsG
(d+ repatriation oC proCitsG

CXC A20/U2/09
#$
UNIT .
+cont,d-
(e+ transCer pricingG
(C+ crowding out oC domestic businesses%
*% The concept oC globalisation%
7% 1orces driBing globalisation Cor example technological innoBation trade liberalisation and
liberalisation oC capital marDets%
)% &mplications oC globalisation Cor deBeloping countries with particular reCerence to the greater
Caribbean (greater competition access to marDets access to technology cheaper prices and greater
Bariety oC goods loss oC preCerential marDets+%
e"1a1e '%(0e"%' in examining the structure oC the economies oC the Caribbean and the problems oC
imports and exports using international partnership agreements and policies% Teacher should ensure that
students could distinguish amongG
(a+ Terms oC TradeG
(b+ 8alance oC TradeG and
(c+ 8alance oC Payments%

CXC A20/U2/09
#%
O"TLINE O# ASSESSMENT
Each =nit oC the syllabus will be assessed separately% The same scheme oC assessment will be applied to
each 7odule in each =nit% 5rades will be awarded independently Cor each =nit%
Candidate assessment on each =nit will comprise two components:
(i+ External Assessment undertaDen at the end oC the academic year in which the =nit is taDen%
This component contributes ).M to the candidateHs oBerall grade%
(ii+ &nternal Assessment undertaDen throughout the course oC the =nit% This contributes -.M to
the candidateHs oBerall grade%
E4TERNA* ASSESSMENT 56789
aper 71
(/ hour 3. minutes+
1orty-CiBe multiple-choice items CiCteen (/"+ on each 7odule% 3.M
aper 72
(- hours 3. minutes+
The paper consists oC three (3+ sections comprising six (*+
Euestions spread across all 7odules in the =nit% Each section
contains two (-+ essay type Euestions Crom which candidates
are reEuired to attempt one (/+%
".M
INTERNA* ASSESSMENT .OR EAC, UNIT
52789
aper "#$%

&nternal assessment in each =nit will comprise one proFect testing &"e &r $&re M&0(*e'% This proFect is
to be assessed by the teacher using assessment criteria proBided by CNC
Topics oC proFects will be determined largely by the candidate in consultation with the teacher who must
adhere to the guidelines set out on pages 07-0,%
aper "#$&
PriBate candidates are reEuired to write an AlternatiBe Paper J A3B2% ;etails oC this paper is on pages ".-
"/%
MO&ERATION O. INTERNA* ASSESSMENT
An &nternal Assessment Record 6heet will be sent each year to schools submitting students Cor the
examinations%
All &nternal Assessment Record 6heets and sample oC assignments must be submitted to CNC by 7ay 3/ oC
the year oC the examination% A sample oC assignments will be reEuested by CNC Cor moderation purposes%

CXC A20/U2/09
#&
These samples will be re-assessed by CNC Examiners who moderate the &nternal Assessment% TeachersH
marDs may be adFusted as a result oC moderation% The ExaminersH comments will be sent to schools%
Copies oC the studentsH assignments that are not submitted must be retained by the school until three months
aCter publication by CNC oC the examination results%
ASSESSMENT &ETAI*S
E4TERNA* ASSESSMENT
External Assessment by written papers ().M oC Total Assessment+
aper 71 : 51 $o%r '7 "in%tes ; '78 of Total Assess"ent9
1< Co"position of aper
(i+ This paper consists oC Corty-CiBe multiple choice items CiCteen on each module%
(ii+ Paper ./ will assess the candidateHs mastery oC sDills &(%*"e0 on page - but will Cocus
primarily on the candidateHs ability to interpret basic economic data and to solBe
EuantitatiBe problems in economics%
2< Mar/ Allo#ation
(i+ This paper is worth ,. marDs each Euestion being allocated 2 marDs%
(ii+ Paper ./ contributes 3.M to the candidateHs Cinal grade%
'< =%estion Type
(i+ Paper ./ comprises Corty-CiBe multiple choice items%
(ii+ 6ome oC the Euestions will be based on sets oC economic data which will be proBided with
the releBant Euestions%
(< Use of Cal#%lators
Candidates may use silent non-programmable calculators%

CXC A20/U2/09
#'
aper 72 : 52 $o%rs '7 "in%tes ; 378 of Total Assess"ent9
1< Co"position of aper
(i+ This paper comprises three sections: 6ection / 6ection - and 6ection 3% 1or each =nit
6ection / tests obFectiBes in 7odule / 6ection - tests obFectiBes in 7odule - and 6ection 3
tests obFectiBes in 7odule 3%
(ii+ Each section comprises two Euestions Cor a total oC six Euestions% Candidates must answer
three Euestions one Crom each section%
2< Mar/ Allo#ation
(i+ This paper is worth /". marDs each essay Euestion /** !e being marDed out oC 2C %he"
/e1h%e0 %& CA.
(ii+ This paper tests candidatesH understanding oC basic economic concepts and their ability to
apply these concepts to eBeryday situations% &t will also test candidatesH ability to recognise
the limitations oC economic theory and to present their ideas in a clear logical and coherent
manner%
(iii+ Paper .- contributes ".M to the candidateHs Cinal grade%
3% =%estion Type
(i+ Paper .- comprises * essay-type Euestions which reEuire candidates to proBide extended
responses%
(ii+ <uestions may use stimulus material Cor example tables graphs reports diagrams or
prose% Paper ./ Paper .- and the internal assessment will test the candidateHs ability to
demonstrate the Collowing 6!&::6 critical to the study oC Economics:
(a+ !nowledge and =nderstandingG
(b+ Application and AnalysisG
(c+ EBaluation a"0 S,"%he''.

CXC A20/U2/09
#(
+UI&E*INES .OR T,E CON&UCT O. INTERNA* ASSESSMENT
&nternal Assessment is an integral part oC student assessment in the course coBered by this syllabus% &t is
intended to assist students in acEuiring certain Dnowledge sDills and attitudes that are critical to the subFect%
The actiBities Cor the &nternal Assessment are linDed to the 7odules and should Corm part oC the learning
actiBities to enable the student to achieBe the obFectiBes oC the syllabus%
;uring the course oC study oC the subFect students obtain marDs Cor the competence they deBelop and
demonstrate in undertaDing their &nternal Assessment assignment% These marDs contribute to the Cinal
marDs and grades that are awarded to students Cor their perCormance in the examination%
The guidelines proBided in this syllabus Cor selecting appropriate tasDs are intended to assist teachers and
students in selecting assignments that are Balid Cor the purpose oC &nternal Assessment% These guidelines
are also intended to assist teachers in awarding marDs according to the degree oC achieBement in the &nternal
Assessment component oC the course% &n order to ensure that the scores awarded by teachers are " line
with the CNC standards the council undertaDes the moderation oC a sample oC the &nternal Assessment
assignments marDed by each )e"%re%
&nternal Assessment proBides an opportunity to indiBiduali2e a part oC the curriculum to meet the needs oC
students% &t Cacilitates CeedbacD to the students at Barious stages oC the experience% This helps to build the
selC conCidence oC the students as they proceed with their studies% &nternal Assessment Curther Cacilitates the
deBelopment oC essential research sDills that allow the student to Cunction more eCCectiBely in his or her
chosen Bocation% &nternal Assessment thereCore maDes a signiCicant and uniEue contribution to the
deBelopment oC releBant sDills oC the students% &t also proBides an instrument Cor testing them and
rewarding them Cor their achieBements%
&nternal Assessment
T$e ro>e#t;aper "#$%
resentation of ro>e#t
&n this subFect the &nternal Assessment Cor each =nit will be a proFect%
5i9 T$e Ai"s of t$e ro>e#t are to:
(a+ promote selC-learningG
(b+ promote inBestigatiBe sDillsG
(c+ enable the teacher to contribute to the eBaluationG
(d+ deBelop in students improBed attitudes and sDillsG
(e+ deBelop in students an ability to identiCy suitable resource material on their own and to
deBelop a disposition Cor independent research%

CXC A20/U2/09
$)
So%r#es of &ata and Infor"ation
The primary and secondary sources oC data listed below can be used by candidates in their research
actiBities%
(a+ &nternational news maga2ines such as 1ortune 8usiness $eeD 'ewsweeD and 1orbes%
(b+ The business section oC local newspapers%
(c+ 6tatistical reports such as national income statistics balance oC payments statistics surBey
oC liBing conditions household budgetary surBeys annual economic reports oC Central
8anDs 7inistries oC 1inance and Planning units%
(d+ Annual reports oC Cirms in the region%
(e+ The economic inCormation aBailable on the internet%
(C+ 8udget speeches oC 7inisters oC 1inance%
(g+ ReBiews oC estimates oC income and expenditure Crom 7inistries oC 1inance%
5ii9 Mana)e"ent of t$e ro>e#t
(a+ An early start to planning proFect worD is highly recommended% Each candidate should
Dnow the reEuirements oC the proFect and its assessment procedures as part oC the
orientation to the =nit%
(b+ Teachers should guide the candidates in choosing appropriate proFects that relate to the
candidatesH interest and the speciCic obFectiBes identiCied%
(c+ Candidates are reEuired to prepare an outline oC the proFect Cor approBal by the teacher%
(d+ A schedule oC the dates Cor submitting proFect worD (agreed to by teachers and candidates+
should be Cirmly established%
(e+ The teacher should oCCer guidance in the data collection process and the preparation oC the
report%
5iii9 ro>e#t Reports
A candidateOs report should be presented in a soCt Colder bearing the candidateOs number name oC
subFect and the date submitted% The proFect document should comprise:
(a+ titleG
(b+ table oC contentsG
(c+ aims and obFectiBesG
(d+ methodology employedG
(e+ report (between -... - -".. words+G
(C+ re+ere")e'%
The report should include the Collowing:
(a+ descriptionG
(b+ analysisG
(c+ eBaluationG
(d+ recommendations%

CXC A20/U2/09
$
6tudents and teachers must ensure that the report contains the reEuired components and address the
sDills identiCied on Page - oC the syllabus%
Candidates are expected to present the report using graphs charts and tables where applicable% &n
addition the reports should display clarity oC exposition and correctness oC grammar%
5iv9 S/ills and A!ilities to !e tested
The research proFect is designed to test the candidateOs ability to:
(a+ demonstrate thorough Dnowledge oC releBant theories concepts and modelsG
(b+ apply economic concepts and principles to actual problemsG
(c+ exhibit consistency oC argument eCCectiBe use oC language and other tools oC
communicationG
(d+ demonstrate eCCectiBe use oC reCerence materials and appropriate citation%
5v9 O!>e#tives to !e tested
The -r&;e)% $a, !e 0er2e0 +r&$ %he &!;e)%2e' a"0 )&"%e"% &+ &"e, %/& &r a** %hree
$&0(*e' " %he U"%. Re1ar0*e'' &+ h&/ $a", $&0(*e' are )h&'e", %he %ea)her
'h&(*0 e"'(re %ha% '%(0e"%' -re'e"% a )&here"% "2e'%1a%&" ra%her %ha" a
0';&"%e0 -e)e &+ /&r7. The -r&;e)% 'h&(*0 !e $ar7e0 &(% &+ DA %he" %he $ar7'
'h&(*0 !e 020e0 e3(a**, a$&"1 %he %hree $&0(*e'. I+ %here ' a re$a"0er &+ 1 %
'h&(*0 !e a**&)a%e0 %& M&0(*e 3. I+ %here ' a re$a"0er &+ 2 $ar7', 1 'h&(*0 !e
a**&)a%e0 %& M&0(*e 3 a"0 %he &%her %& M&0(*e 2. The %ea)her ' a02'e0 %& $ar7
h&*'%)a**, &(% &+ DA a"0 %& 020e %he %&%a* $ar7' !, %hree " &r0er %& 'a%'+, %he
re3(re$e"%' &+ %he %hree )&*($"' ('e0 %& e"%er %he '%(0e"%5' $ar7'.
MAR1IN+ SC,EME .OR INTERNA* ASSESSMENT
1no2led)e?resentation?Met$odolo)y 51( "ar/s9
(&ncludes marDs Cor communicating inCormation in a logical way using correct grammar+
The student has:
/% demonstrated a grasp oC the meaning oC basic economic Cacts concepts and principlesG
-% explained Camiliar economic phenomena in terms oC theories models laws and principlesG
3% deBeloped a research design that proBides a sound and eCCicient basis Cor drawing reasonable
conclusions%

CXC A20/U2/09
$!
Appli#ation?Analysis 527 "ar/s9
The student has:
/% used the maFor economic concepts principles and procedures in unCamiliar situations transCormed
economic data accurately and appropriately used common characteristics as a basis Cor
classiCicationG
-% identiCied and recognised the component parts oC an economic theory or concept and interpreted the
relationships between these partsG
3% inCerred predicted and drawn conclusions using releBant economic dataG
0% made releBant and accurate calculations and recognised the limitations oC economic dataG
"% selected appropriate economic theories J matched compared and cited appropriate examples in
Camiliar situations%
Eval%ation Synt$esis 51@ "ar/s9
The student has:
/% combined component parts to Corm a new meaningCul whole made predictions and solBed
problemsG
-% made reasoned Fudgements and recommendations based on the Balue oC ideas and inCormation%
Co""%ni#ation 5A "ar/s9
Candidates 2ill !e a2arded A "ar/s, for #o""%ni#atin) infor"ation in a lo)i#al 2ay %sin) #orre#t
)ra""ar<
The student has:
/% presented arguments in a clear concise reasoned and obFectiBe manner using correct grammarG
-% used presentation aids such as graphs charts and tables to communicate inCormation in a logical
wayG
3% displayed logic and coherence in expressing economic argumentsG
0% used proper reCerencing and citations oC source materials% =sing the example oC the standard
Chicago manual style is recommended% (6ee page "3 Cor example+%
-ETA(.E- C)(TE)(A A/- MA)0 1C2EME

CXC A20/U2/09
$"

CXC A20/U2/09
CRITERIA 1
1no2led)e?resentation?Met$odolo)y
Total 1( "ar/s
T$e #andidate s$o%ld !e a!le to sele#t and present an investi)ation
into a spe#ifi# e#ono"i# pro!le" %sin) appropriate e#ono"i#
#on#epts, prin#iples, t$eories and "et$ods< .%rt$er, t$e
"et$odolo)y e"ployed s$o%ld !e appropriate for t$e st%dy<
A!ilities &es#riptors Mar/s
The candidate has:
5a9 resentation 5( "ar/s9
/% selected a releBant economic
problem within the scope oC the
syllabus
5"axi"%" 2 "ar/s9
Title oC proFect is related to the obFectiBes in
the syllabus and to the inBestigation and is
clearly stated
Title oC proFect is outside the scope oC the
syllabus or not clearly stated
2
7;1
-% listed at least T$9 aims oC the
proFect
5"axi"%" 2 "ar/s9
Aims oC the proFect are releBant unambiguous
and clearly stated
Aims oC the proFect are irreleBant ambiguous
or not clearly stated
2
7;1
5!9 Met$odolo)y 5B "ar/s9
3% described the methodology and
procedures employed in
conducting the inBestigation
5"axi"%" B "ar/s9
The research design is realistic in its scope in
that the samples measures and data worD
together to address the problem being
inBestigated so as to proBide a sound and
eCCicient basis Cor drawing reasonable
conclusions
The research design is limited in its scope
inappropriate Cor the study and proBides an
eCCicient basis Cor drawing reasonable
conclusions
(;B
7;'
5#9 resentation of data 5( "ar/s9
0% presented economic data in an
acceptable manner using tables
graphs and charts
5"axi"%" ( "ar/s9
;ata presented are releBant to the aims oC the
proFect clear unambiguous and meaningCul
;ata presented are releBant to the aims oC the
proFect but lacD clarity and eCCiciency
;ata presented are not Euite releBant to the
aims oC the proFect and lacD clarity
(
2;'
7;1
TOTA* 1( "ar/s
$#
CRITERIA 2
Appli#ation?Analysis
Total 27 "ar/s
T$e #andidate s$o%ld !e a!le to analyCe t$e e#ono"i# pro!le"
!ein) investi)ated !y exa"inin) its #onstit%ent parts in detail and
applyin) appropriate e#ono"i# "odels and #on#epts to interpret
and explain t$e pro!le"<
The candidate has:
5a9 1no2led)e 517 "ar/s9
/% demonstrated Dnowledge and
understanding oC economic concepts
and principles
5"axi"%" 17 "ar/s9
excellent understanding oC economic
concepts principles theories and methods
good understanding oC economic concepts
principles theories and methods but with a
Cew errors
little or no understanding oC economic
concepts principles theories and methods
6;17
3;@
7;(
5!9 Interpretation of relations$ips a"on)
varia!les
517 "ar/s9
-% used economic theories and
concepts Cor interpretation and
analysis
5"axi"%" 17 "ar/s9
Accurate calculations recognition oC the
limitations oC economic data and excellent use
oC economic theories and concepts Cor
interpretation and analysis
6atisCactory use oC economic theories and
concepts Cor interpretation and analysis with
some inaccuracies
=nsatisCactory use oC economic theories and
concepts Cor interpretation and analysis
6;17
3;@
7;(
TOTA*
27 "ar/s

CXC A20/U2/09
$$
CRITERIA '
Eval%ation?Synt$esis
Total 1@ Mar/s
T$e #andidate s$o%ld !e a!le to develop str%#t%red and reasoned
expositions on e#ono"i# poli#y !ased on t$e resear#$ and
re#o""end sol%tions to a spe#ifi# e#ono"i# pro!le" !ased on t$e
findin)s
The candidate has:
5a9 Co$eren#e, Or)aniCation and pro!le" solvin)
#apa!ility 517 "ar/s9
/% presented a written report oC /".. --...
words (excluding appendices+
reEuired Cor the assignment
5"axi"%" 17 "ar/s9
Report shows coherence arguments are logically
presented and there is eBidence oC the use or
problem solBing strategies
The candidateHs maFor accomplishments or
Cindings (related to the proFect+ are giBen
The candidateHs Cindings are the result oC sound
interpretation oC the eBidence deriBed Crom the
research
'
'
(
5!9 D%d)"ents and Re#o""endations 5@ "ar/s9
-% presented theoretically correct
Fudgments based on the Cindings oC
the research
5"axi"%" @ "ar/s9
#udgments are theoretically sound plausible and
based on the Cindings oC the research
#udgments are theoretically sound but are not
entirely supported by the Cindings oC the research
#udgments are theoretically Clawed and not based
on the Cindings oC the research
3;@
2;(
7;1
T3TA. 14 mar*s

CXC A20/U2/09
$%
CRITERIA (
Co""%ni#ation
Total A "ar/s
T$e #andidate s$o%ld !e a!le to o!serve international #onventions
of reportin) !y presentin) infor"ation in a lo)i#al "anner %sin)
#orre#t )ra""ar
The candidate has:
5a9 Referen#e and Citations 5' "ar/s9
/% prepared a bibliography
acDnowledging all sources oC
inCormation in alphabetical order
5"axi"%" ' "ar/s9
1or persons interBiewed list comprises date place
and Fob title
1or publications list comprises the names oC the
author publisher and year published
1or internet sites list comprises the address oC the
website and names oC authors and organi2ations
1
1
1
-% presented inCormation in a logical
manner using correct grammar
5"axi"%" B "ar/s9
&nCormation is presented in an excellent and
eCCectiBe manner
&nCormation is presented in a Bery good and
meaningCul manner
&nCormation is Cairly well organi2ed and ideas are
communicated satisCactorily
&nCormation is presented in an unsatisCactory
manner showing weaDnesses in syntax spelling
punctuation and the seEuencing oC ideas
B
(;3
2;'
7;1
TOTA* A "ar/s

CXC A20/U2/09
$&
aper "#$& 51 $o%r '7 "in%tes9
1< N%"!er of =%estions
This Paper consists oC THREE 3(e'%&"', &" ea)h M&0(*e% The Euestions will be based on
%he topic identiCied Cor the examination year% The'e are listed elow% The Euestions may be
diBided into '(!8parts% The Paper tests sDills similar to those listed in the &nternal Assessment
(Paper A3B1+%
2< =%estion Type
Each Euestion reEuires candidates to respond either in the Corm oC an extended essay or a short
paragraph%
'< Mar/ Allo#ation
The Paper is worth *. marDs (-. marDs per Euestion+ and constitutes -.M towards the Cinal
assessment%
(< A2ard of Mar/s
7arDs are awarded Cor expression organisation and content%
RE)"LATIONS #OR PRI*ATE CANDIDATES
PriBate candidates will be reEuired to write Papers ./ .- and A3B1% Paper A3B2 taDes the Corm oC a
written examination taDen at the end oC the academic year% The details oC the examination are giBen below%
UNIT 1 aper "#$& 51 $o%r '7 "in%tes9
This paper consists oC three EuestionsG one &" ea)h 7odule% Each Euestion will be worth -. marDs and
candidates will be reEuired to attempt all three Euestions% The topics Cor the examination years -./.--./0
are listed below% &n inBestigating a topic candidates should Cocus on the releBant speciCic obFectiBes Cor
each oC the three 7odules in the =nit%
Unit 1 Topi#s:
/% Topic Cor -./. - EBaluate the role oC education as a means oC poBerty alleBiation in
your country%
-% Topic Cor -.// - &nBestigate the impact oC the mobile serBices operations in your
country%
3% Topic Cor -./- - &nBestigate the operations oC a monopoly in your country%
0% Topic Cor -./3 - Examine poBerty and the distribution oC income in your country%

CXC A20/U2/09
$'
"% Topic Cor -./0 - Examine the leBel oC earnings oC diCCerent categories oC worDers
in your country% Comment on the wage diCCerentials that exist
among them%
Unit 2 Topi#s:
*% Topic Cor -./. - Examine Ciscal and monetary policy used in your country%
EBaluate their relatiBe eCCectiBeness on employment income and
output%
7% Topic Cor -.// - &nBestigate the eCCectiBeness oC the transportation system in your
country and comment on the implications Cor the rest oC the
economy%
)% Topic Cor -./- - &nBestigate the impact oC rising oil prices on the economy oC your
country%
,% Topic Cor -./3 - &nBestigate the unemployment rate existing in your country%
&ndicate the strategies which your goBernment might adopt to deal
with unemployment%
/.% Topic Cor -./0 - Examine the impact on the enBironment as a result oC increasing
leBels oC housing and other deBelopmental proFects%
RE)"LATIONS #OR RESIT CANDIDATES
Re-sit candidates must rewrite Papers ./ and .- oC the examination Cor the year Cor which they re-register%
Re-sit candidates may elect not to repeat the &nternal Assessment component proBided they rewrite the
examination no later than two years Collowing their Cirst attempt%
Re-sit candidates must be entered through a school or approBed educational institution%

CXC A20/U2/09
$(
ASSESSMENT )RID
The Assessment 5rid Cor each =nit showing marDs assigned to each paper and to each 7odule and the
percentage contribution oC each paper to the total scores%
AERS MO&U*E 1 MO&U*E 2 MO&U*E ' TOTA* 589
External Assess"ent
Paper ./ 3. 3. 3. ,. (3.+
Paper .- ". ". ". /". (".+
Internal Assess"ent
Paper A3B1BA3B2
-. -. -. *. (-.+
T9TA: /.. /.. /.. 3.. (/..+

CXC A20/U2/09
%)
RESO"RCES
Anderton A% E)&"&$)', 0
th
Edition Causeway Press -..*%
8aumol $% and 8linder A% E)&"&$) Pr")-*e' a"0 P&*),, 1lorida: >arcourt 8race and
Company /,,)%
8egg ;% 1isher 6% and E)&"&$)', >
%h
E0%&", :ondon: 7c5raw->ill &nternational (=!+
:imited
;ornbusch R% -.."%
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