iGCSE Paper 1R, June 2024

Q1(a) Multiple choice picking the value that shows perfectly price inelastic supply.

Q1(b) Multiple choice on which government policy would most likely cut a firm's costs.

Q1(c) Give the meaning of the private sector.

Q1(d) Name something that can affect labour supply.

Q1(e) Give the meaning of government.

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

Q1(g) Diagram question: show what a fall in racket prices does to the tennis ball market, labelling the new curve and equilibrium.

Q1(h) Give one opportunity cost facing a firm that buys a vehicle.

Q1(i) Data response: why a cafe owner might not chase maximum profit (context: a free lunch promotion during a cost-of-living squeeze).

Q2(a) Multiple choice picking the diagram that shows excess demand.

Q2(b) Multiple choice on what characterises an oligopoly.

Q2(c) Work out the percentage change in quantity supplied from the figures given.

Q2(d) Give the meaning of social costs.

Q2(e) Say why a monopoly might innovate more readily.

Q2(f) Give one reason a smartphone shop owner might choose to expand.

Q2(g) Data response: what a minimum wage rise is likely to achieve (context: a 10.15% increase in the Netherlands amid inflation).

Q3(a) Multiple choice picking the primary sector job.

Q3(b) Multiple choice completing the definition of total revenue.

Q3(c) Diagram question: sketch a price inelastic demand curve.

Q3(d) Data response: the case for privatising a state airline (context: TAP Air Portugal).

Q3(e) Data response: whether raising the price of a drinks brand always lifts total revenue.

Q4(a) Work out total variable costs from the machine production figures given.

Q4(b) Data response: how external economies of scale bear on firms (context: Indian rail expansion moving cement, iron and steel).

Q4(c) Data response: weigh up how far government programmes lift farming productivity (context: Egyptian wheat subsidies against land, skills and finance constraints).