iGCSE Paper 1, Nov 2023

Q1(a) Multiple choice completing a statement of what a trade union sets out to improve.

Q1(b) Multiple choice picking the true statement about a shift in the demand curve.

Q1(c) Give the meaning of economies of scale.

Q1(d) Name one defining feature of an oligopoly.

Q1(e) Give the meaning of excess supply.

Q1(f) Work out the firm's price elasticity of supply to 2 d.p.

Q1(g) Diagram question: show what a subsidy does to the electric car market, labelling the new curve and equilibrium.

Q1(h) Give one way privatisation benefits consumers in Brazil.

Q1(i) Data response: how market failure arises at a festival venue.

Q2(a) Multiple choice working monthly labour productivity from 135 workers and 33 750 units.

Q2(b) Multiple choice on what could cause positive economic growth.

Q2(c) Give the meaning of opportunity cost.

Q2(d) Work out the firm's total fixed costs for March.

Q2(e) Say why an entrepreneur counts as a factor of production.

Q2(f) Give one way firms gain from a higher retirement age.

Q2(g) Data response: how well a tourist tax tackles negative externalities such as overcrowding.

Q3(a) Multiple choice on why a firm might choose to remain small.

Q3(b) Multiple choice on the likely effect of a minimum wage set above the equilibrium wage.

Q3(c) Diagram question: mark economies and diseconomies of scale and the firm's most efficient point.

Q3(d) Data response: why education in Japan counts as an external benefit.

Q3(e) Data response: what a hairdresser gains from raising prices and charging late-cancellation fees.

Q4(a) Work out to 2 d.p. the percentage change in the firm's profit between 2020 and 2022.

Q4(b) Data response: why demand at a cafe may be relatively price inelastic.

Q4(c) Data response: weigh up the division of labour as the best route to higher productivity in a pastry factory.