iGCSE Paper 1, June 2024

Q1(a) Multiple choice picking the value that shows perfectly price elastic demand.

Q1(b) Multiple choice working a weekly wage from a EUR6.04 hourly minimum wage.

Q1(c) Give the meaning of a mixed economy.

Q1(d) Name a job that sits in the tertiary sector.

Q1(e) Give the meaning of a producer.

Q1(f) Work out income elasticity of demand to 2 d.p. from the figures given.

Q1(g) Diagram question: show the likely effect on the solar panel market, labelling the new curve and equilibrium.

Q1(h) Give one opportunity cost facing an individual who buys a television.

Q1(i) Data response: two factors bearing on an owner's decision to open a second martial arts club.

Q2(a) Multiple choice picking the diagram that shows excess supply.

Q2(b) Multiple choice on what characterises a monopoly.

Q2(c) Work out the percentage change in quantity demanded using the elasticity figures given.

Q2(d) Give the meaning of social benefits.

Q2(e) Set out one characteristic of an oligopoly.

Q2(f) Give one reason a business owner might offer a discount rather than chase maximum profit.

Q2(g) Data response: how well government regulation copes with externalities (context: Kenya's plastic bag ban).

Q3(a) Multiple choice on what would reduce the supply of labour.

Q3(b) Multiple choice picking the total revenue formula.

Q3(c) Diagram question: sketch a price elastic demand curve.

Q3(d) Data response: what a drinks manufacturer gains from the division of labour (context: its Mwanza factory).

Q3(e) Data response: whether supply is more price elastic in textiles than in agriculture (context: Bangladesh).

Q4(a) Work out the daily total cost of transporting goods from the vehicle hire figures given.

Q4(b) Data response: how internal economies of scale benefit a supermarket chain.

Q4(c) Data response: weigh up whether consumers gain from privatising an airport (context: Lagos).