1 mark
Q1(a) Multiple choice on what could have shifted the economy from one production possibility frontier to another.
Edexcel · 4EC1
All 25 questions from the Edexcel iGCSE Paper 1, June 2023 Economics paper (4EC1), worth 80 marks in total. The main topics tested are Externalities (3), Elasticity (3), Market equilibrium (2), Production possibility curves (1).
Each question is summarised in our own words with its mark tariff, command word and specification point, and links through to the official paper.
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Q1(a) Multiple choice on what could have shifted the economy from one production possibility frontier to another.
Q1(b) Multiple choice working profit or loss from $10 000 total costs and 200 items sold at $100.
Q1(c) Give the meaning of privatisation.
Q1(d) Name one reason governments regulate competition.
Q1(e) Give the meaning of congestion.
Q1(f) Work out the firm's monthly total variable costs from the figures given.
Q1(g) Diagram question: show what more advertising does to the apple market.
Q1(h) Give one way the division of labour helps the firm.
Q1(i) Data response: how all four factors of production come together to make drinking water in the Canaries.
Q2(a) Multiple choice on what happens when goods go unsold in a market.
Q2(b) Multiple choice picking the correct statement about the supply curve.
Q2(c) Name the elasticity condition where price elasticity of demand equals -1.
Q2(d) Work out price elasticity of supply for shoes to 2 d.p.
Q2(e) Give the meaning of a substitute.
Q2(f) Set out one reason a firm might choose to remain small.
Q2(g) Give one way positive reviews help food stall owners in Taba.
Q2(h) Data response: whether a monopoly rail operator is likely to serve consumers well.
Q3(a) Multiple choice classifying a product by its elasticity and good type from the data.
Q3(b) Multiple choice picking the formula for social benefits.
Q3(c) Diagram question: show what lowering the retirement age does to a country's labour market.
Q3(d) Data response: why people discount the harm of heavy mobile phone use.
Q3(e) Data response: what part the secondary sector plays in an economy.
Q4(a) Work out excess demand for tickets given 60 000 supplied across three events.
Q4(b) Data response: how the free rider problem explains state provision of Zambia's defence force.
Q4(c) Data response: can regulation cure air pollution? Greater Manchester case.
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