iGCSE Paper 1, Nov 2024

Q1(a) Multiple choice picking the correct definition of opportunity cost.

Q1(b) Multiple choice picking the diagram showing what higher subsidies to car makers do to the market.

Q1(c) Give the meaning of an external benefit.

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

Q1(e) Give the meaning of a takeover.

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

Q1(g) Diagram question: show what population growth does to the rice market, labelling the new curve and equilibrium.

Q1(h) Why does a soft drink's demand become more price elastic over a longer period? One reason.

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

Q2(a) Multiple choice naming the market structure shown in Figure 2.

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

Q2(c) Work out a firm's total variable costs for September from the figures given.

Q2(d) Give the meaning of total revenue.

Q2(e) Set out one characteristic of a monopoly.

Q2(f) Why did Italy change the law to lower barriers to entry for taxi operators? Give one reason.

Q2(g) Data response: how effective trade unions are at pushing wages up.

Q3(a) Multiple choice on what would shift a demand curve leftwards.

Q3(b) Multiple choice: classify a good whose income elasticity is -1.3.

Q3(c) Diagram question: draw a production possibility curve for a firm and label the shift.

Q3(d) Data response: what a higher national minimum wage does to labour supply in Barbados.

Q3(e) Data response: how far the quality of labour drives a country's productivity.

Q4(a) Work out excess demand for the product over the first three months of 2024.

Q4(b) Data response: why the tourism services market allocates resources inefficiently.

Q4(c) Data response: weigh up whether the firm is likely to gain from economies of scale.