iGCSE Paper 1, June 2022

Q1(a) Multiple choice picking a factor of production.

Q1(b) Multiple choice working the firm's total revenue.

Q1(c) Give the meaning of a normal good.

Q1(d) Give the formula for social benefits.

Q1(e) Give the meaning of a niche market.

Q1(f) Work out price elasticity of supply to 2 d.p. for a pottery business.

Q1(g) Diagram question: show what a fall in banana prices does to the apple market.

Q1(h) Give one drawback of the division of labour for warehouse staff.

Q1(i) Data response: what this kind of regulation does to externalities.

Q2(a) Multiple choice picking the product with price elastic demand.

Q2(b) Multiple choice naming the situation where a whole growing industry sees lower average costs.

Q2(c) Name one cost to firms of stiffer competition.

Q2(d) Work out the firm's monthly total costs.

Q2(e) Give the meaning of a takeover.

Q2(f) Say why consumers do not always get the most benefit from what they buy.

Q2(g) Give one effect on the wheat supply curve of a change in the wheat price.

Q2(h) Data response: whether more qualified people always means more teachers.

Q3(a) Multiple choice naming the sale of a government enterprise to the private sector.

Q3(b) Multiple choice picking the primary sector job.

Q3(c) Diagram question: show what raising the school-leaving age does to the labour market.

Q3(d) Data response: what moved the economy from one production possibility frontier to another.

Q3(e) Data response: how far the costs of brick production in Bangladesh fall on third parties.

Q4(a) Work out excess supply of seats given 408 supplied over three evenings.

Q4(b) Data response: how the free rider problem explains state-provided street lighting.

Q4(c) Data response: weigh up whether a telecoms monopoly is always bad for consumers.