1 mark
Q1(a) Multiple choice on what characterises an oligopoly.
Edexcel · 4EC1
All 25 questions from the Edexcel iGCSE Paper 1R, June 2019 Economics paper (4EC1), worth 80 marks in total. The main topics tested are Elasticity (4), Externalities (2), Business competition (2), Oligopoly (1).
Each question is summarised in our own words with its mark tariff, command word and specification point, and links through to the official paper.
Question paper → Mark scheme → Examiner report → Open in the searchable bank →
Q1(a) Multiple choice on what characterises an oligopoly.
Q1(b) Multiple choice working monthly total variable costs from $150 000 total and $90 000 fixed costs.
Q1(c) Give the meaning of a luxury good.
Q1(d) Name one thing that affects price elasticity of supply.
Q1(e) Give the meaning of a substitute good.
Q1(f) Work out price elasticity of supply from a 5.2% price rise and a 3.9% rise in quantity supplied.
Q1(g) Diagram question: show what a shift towards buying local does to the market for locally sourced goods.
Q1(h) Give one drawback to customers of a single local firm dominating a niche.
Q1(i) Data response: why a small craft business might choose not to expand.
Q2(a) Multiple choice on what a private sector firm might aim for.
Q2(b) Multiple choice on what the public sector is most likely to provide.
Q2(c) Diagram question: pie chart of primary, secondary and tertiary shares for a developed economy - France.
Q2(d) Give the meaning of a free rider.
Q2(e) Say why congestion counts as an external cost.
Q2(f) Give one reason the state pays private pharmacies to deliver flu vaccinations.
Q2(g) Data response: whether funding a national flu vaccination programme is justified.
Q3(a) Multiple choice on what could produce economic growth.
Q3(b) Multiple choice picking the example of an economic want.
Q3(c) Work out the new total revenue from the figures given.
Q3(d) From the revenue calculation, give the newspaper PED implied.
Q3(e) Data response: what moved the economy from one production possibility frontier to another.
Q3(f) Data response: how trade unions shape the labour market.
Q4(a) At a $20 price, calculate by how much demand runs ahead of supply.
Q4(b) Data response: what a broadcaster gains from an exclusive Olympic rights deal.
Q4(c) Data response: weigh up how far firms gain from advertising on a dominant search platform.
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