1 mark
Q1(a) Multiple choice: which description fits the economic cycle's recovery phase.
Edexcel · 4EC1
All 23 questions from the Edexcel iGCSE Paper 2, June 2023 Economics paper (4EC1), worth 80 marks in total. The main topics tested are Fiscal policy (3), International trade (2), Inflation (2), Monetary policy (2).
Each question is summarised in our own words with its mark tariff, command word and specification point, and links through to the official paper.
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Q1(a) Multiple choice: which description fits the economic cycle's recovery phase.
Q1(b) Multiple choice picking the example of frictional unemployment.
Q1(c) Give the meaning of exports.
Q1(d) Give the meaning of globalisation.
Q1(e) Work out the rise in the average price level between 2018 and 2021 from the CPI figures.
Q1(f) Diagram question: show what falling UK exports to the US do to the equilibrium exchange rate.
Q1(g) Name one way UK menu costs are affected when inflation rises.
Q1(h) Data response: what Colombia stands to gain from import quotas.
Q2(a) Multiple choice on which instrument fiscal policy changes.
Q2(b) Multiple choice working an account balance after a year at 2% interest.
Q2(c) Name one thing a central bank does.
Q2(d) Give the meaning of a current account surplus.
Q2(e) Give one way education and training bear on inequality and poverty.
Q2(f) Diagram question: show what introducing a subsidy does to equilibrium price and quantity.
Q2(g) Data response: what infrastructure spending does to a country's productive potential.
Q3(a) Multiple choice on the likely consequence of falling unemployment.
Q3(b) Multiple choice on a drawback of foreign direct investment.
Q3(c) Give one reason better-quality foreign goods would worsen the US current account.
Q3(d) Data response: the downsides of free trade for UK firms.
Q3(e) Data response: what privatising a college might achieve.
Q4(a) Work out to 2 d.p. the percentage change in Spain's fiscal deficit between 2019 and 2020.
Q4(b) Data response: what running a fiscal deficit does - Spain case.
Q4(c) Data response: weigh up subsidies as environmental protection - Spain case.
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