iGCSE Paper 1, Nov 2021

Q1(a) Multiple choice on why firms might not chase maximum profit.

Q1(b) Multiple choice classifying a product with an income elasticity of demand of 0.7.

Q1(c) Give the meaning of productivity.

Q1(d) Give the formula for social costs.

Q1(e) Give the meaning of a producer.

Q1(f) Work out the firm's monthly total costs.

Q1(g) Diagram question: show what dearer raw materials do to the smartphone market.

Q1(h) Give one reason New Zealand introduced the legislation described.

Q1(i) Data response: how a firm gained from technical economies of scale.

Q2(a) Multiple choice picking the point showing unemployed resources on a PPC.

Q2(b) Multiple choice completing a statement of what a trade union protects.

Q2(c) Name one reason firms remain small.

Q2(d) Work out the firm's price elasticity of supply to 2 d.p.

Q2(e) Give the meaning of a price-maker.

Q2(f) Say why a computer counts as a factor of production.

Q2(g) Give one thing bearing on whether an owner can expand her business.

Q2(h) Data response: can regulation tackle Jakarta's air pollution?

Q3(a) Multiple choice on what causes resources to be allocated inefficiently.

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

Q3(c) Diagram question: show a minimum wage set above the equilibrium wage.

Q3(d) Data response: what a major sporting event did to the demand curve for a soft drink.

Q3(e) Data response: whether a higher retirement age is the best way to raise labour supply.

Q4(a) Work out to 2 d.p. the percentage change in the firm's profit between 2017 and 2019.

Q4(b) Data response: why a trekking market counts as an oligopoly.

Q4(c) Data response: weigh up whether a national airline gains from privatisation.