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8 Which two of the following would increase the price of gold? Select two answers: A Improved gold mining technology B Industrial disputes in gold mines C Increased costs of mining gold D Decreased levels of tax on gold E Falling income of consumers (Total for Question 8 = 2 marks) - Edexcel - GCSE Business - Question 8 - 2015 - Paper 1
Question 8
8 Which two of the following would increase the price of gold? Select two answers: A Improved gold mining technology B Industrial disputes in gold mines C Increase... show full transcript
Worked Solution & Example Answer:8 Which two of the following would increase the price of gold? Select two answers: A Improved gold mining technology B Industrial disputes in gold mines C Increased costs of mining gold D Decreased levels of tax on gold E Falling income of consumers (Total for Question 8 = 2 marks) - Edexcel - GCSE Business - Question 8 - 2015 - Paper 1
Step 1
Select two answers that would increase the price of gold.
Answer
The two factors that would likely increase the price of gold are:
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Industrial disputes in gold mines (B): Such disputes can lead to production delays and reduced supply, which typically increases prices due to scarcity.
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Increased costs of mining gold (C): When mining costs rise, producers may pass those costs onto consumers, leading to an increase in gold prices.