iGCSE Paper 1, Nov 2020

Q1(a) Multiple choice naming the next best alternative forgone.

Q1(b) Multiple choice on what a fall in motorcycle prices does to the helmet market.

Q1(c) Give the meaning of external costs.

Q1(d) Name something that counts as an external benefit.

Q1(e) Give the meaning of wants.

Q1(f) Work out excess demand over three months given 9 000 supplied in total.

Q1(g) Diagram question: show what a falling population does to the bread market.

Q1(h) Give one barrier to entry facing a new firm in this industry.

Q1(i) Data response: how all four factors of production come together to produce coffee.

Q2(a) Multiple choice naming the market structure shown in Figure 3.

Q2(b) Multiple choice on why consumers might fail to maximise their benefit.

Q2(c) State how price elasticity of supply is worked out.

Q2(d) Work out the firm's total variable costs for May.

Q2(e) Give the meaning of a takeover.

Q2(f) Say why demand grows more price elastic as time passes.

Q2(g) Give one reason the state fines speeding drivers to cut negative externalities.

Q2(h) Data response: public against private ownership as answers to the economic problem.

Q3(a) Multiple choice on what shifts a supply curve leftwards.

Q3(b) Multiple choice classifying a good with an income elasticity of demand of 2.6.

Q3(c) Diagram question: draw a production possibility frontier and show the effect of producing more calendars.

Q3(d) Data response: why Turkey raises its minimum wage annually.

Q3(e) Data response: whether a large new airport will see internal economies of scale.

Q4(a) Work out total revenue for the product with price elastic demand.

Q4(b) Data response: how greater occupational mobility affects labour supply.

Q4(c) Data response: weigh up what more technology does to restaurant productivity.