Economics Past Paper
Questions (2013-2019)
into themes
Please note:
● This is a list of all past exam papers from 2013-2019 (under the
old syllabus) organised into themes
● Microeconomics and Macroeconomics have been put into themes
and ordered by firstly 10 markers, followed by 15 marker questions.
o Note: Though Paper 1 in 2022 and beyond has 10-mark and 15-mark parts of
questions, the markscheme/expectations are slightly different.
o Also: For all units in this document, some content has been added for
2022 and beyond and some included here has been eliminated
Microeconomics.......................................................................................................................................................2
Economic foundations and Supply & Demand........................................................................................................2
Elasticities................................................................................................................................................................6
Market failure..........................................................................................................................................................9
Government intervention......................................................................................................................................12
Market Structures.................................................................................................................................................18
Macroeconomics....................................................................................................................................................23
Circular flow of income, business cycle & measuring growth................................................................................24
Aggregate demand, Aggregate Supply & macro equilibrium.................................................................................25
Keynesian multiplier..............................................................................................................................................26
Low unemployment...............................................................................................................................................27
Low and stable rate of inflation.............................................................................................................................28
Phillips curve.........................................................................................................................................................30
Equity in the distribution of income......................................................................................................................32
Keynesian LRAS versus Classical LRAS...................................................................................................................34
Fiscal Policy............................................................................................................................................................35
Monetary Policy....................................................................................................................................................37
Supply-Side Policies...............................................................................................................................................38
International economics........................................................................................................................................41
Development economics........................................................................................................................................72
,How to use this resource:
● It is recommended that you have an overall knowledge of all topics,
therefore it is advisable to understand as many questions as you
can from all themes
● However – please take note of the topics that have a higher number
of questions, as these are more likely to come up each year
Microeconomics
Economic foundations and Supply & Demand
1a. 19M.1.SL.TZ1.1a [10 marks]
Explain the concepts of consumer surplus and producer surplus.
2a. 19M.1.SL.TZ2.1a [10 marks]
Explain two factors which could shift a firm’s supply curve to the left.
3a. 18N.1.SL.TZ0.1a [10 marks]
Explain how the price mechanism reallocates resources when there is an increase in demand
for a good or service.
4a. 18M.1.SL.TZ1.2a [10 marks]
Explain two factors that would lead to an increase in the demand for a product.
5a. 18M.1.HL.TZ1.1a [10 marks]
With reference to the concept of excess demand, explain how a decrease in supply of a good
would lead to a new market equilibrium.
,6a. 17M.1.SL.TZ1.01a [10 marks]
A fall in income leads to a fall in demand for a good. Explain this relationship between the
demand for the good and consumer income.
7a. 17M.1.HL.TZ2.01a [10 marks]
Explain how an increase in the costs of factors of production would affect the market
price and output of a good.
8a. 16N.1.SL.TZ0.1a [10 marks]
Using a production possibilities curve (PPC) diagram, explain why choices have to be made in
all economies.
9a. 16N.1.SL.TZ0.2a [10 marks]
Explain why changes in the price of goods and services may lead to changes in resource
allocation.
10a. 16M.1.SL.TZ1.1a [10 marks]
Distinguish between the effect of an increase in income and an increase in the price of a good on
the demand for the good.
11a. 16M.1.SL.TZ1.2a [10 marks]
Explain one supply factor and one demand factor that might lead to a rise in the price of rented
housing.
12a. 16M.1.SL.TZ2.2a [10 marks]
, Explain one supply factor and one demand factor that might lead to a rise in the price of rented
housing.
13a. 15N.1.SL.TZ0.02a [10 marks]
Explain the concepts of consumer surplus and producer surplus in the market for air travel.
14a. 15M.1.SL.TZ1.02a [10 marks]
Explain the view that an increase in price will lead to a decrease in the quantity demanded
whilst an increase in demand will lead to an increase in price.
15a. 15M.1.SL.TZ2.01a [10 marks]
Explain the view that an increase in price will lead to an increase in the quantity supplied whilst
an increase in supply will lead to a decrease in price.
16a. 15M.1.SL.TZ2.02a [10 marks]
Explain the likely effects of falling costs of factors of production on price and output in
agricultural markets.
17a. 15M.1.HL.TZ1.01a [10 marks]
Explain how changes in price work to reallocate resources in a market.
18a. 15M.1.HL.TZ2.01a [10 marks]
Explain how changes in price work to reallocate resources in a market.
20a. 14N.1.SL.TZ0.2a [10 marks]
Explain that when producer surplus and consumer surplus are maximized, allocative efficiency
is achieved.
Questions (2013-2019)
into themes
Please note:
● This is a list of all past exam papers from 2013-2019 (under the
old syllabus) organised into themes
● Microeconomics and Macroeconomics have been put into themes
and ordered by firstly 10 markers, followed by 15 marker questions.
o Note: Though Paper 1 in 2022 and beyond has 10-mark and 15-mark parts of
questions, the markscheme/expectations are slightly different.
o Also: For all units in this document, some content has been added for
2022 and beyond and some included here has been eliminated
Microeconomics.......................................................................................................................................................2
Economic foundations and Supply & Demand........................................................................................................2
Elasticities................................................................................................................................................................6
Market failure..........................................................................................................................................................9
Government intervention......................................................................................................................................12
Market Structures.................................................................................................................................................18
Macroeconomics....................................................................................................................................................23
Circular flow of income, business cycle & measuring growth................................................................................24
Aggregate demand, Aggregate Supply & macro equilibrium.................................................................................25
Keynesian multiplier..............................................................................................................................................26
Low unemployment...............................................................................................................................................27
Low and stable rate of inflation.............................................................................................................................28
Phillips curve.........................................................................................................................................................30
Equity in the distribution of income......................................................................................................................32
Keynesian LRAS versus Classical LRAS...................................................................................................................34
Fiscal Policy............................................................................................................................................................35
Monetary Policy....................................................................................................................................................37
Supply-Side Policies...............................................................................................................................................38
International economics........................................................................................................................................41
Development economics........................................................................................................................................72
,How to use this resource:
● It is recommended that you have an overall knowledge of all topics,
therefore it is advisable to understand as many questions as you
can from all themes
● However – please take note of the topics that have a higher number
of questions, as these are more likely to come up each year
Microeconomics
Economic foundations and Supply & Demand
1a. 19M.1.SL.TZ1.1a [10 marks]
Explain the concepts of consumer surplus and producer surplus.
2a. 19M.1.SL.TZ2.1a [10 marks]
Explain two factors which could shift a firm’s supply curve to the left.
3a. 18N.1.SL.TZ0.1a [10 marks]
Explain how the price mechanism reallocates resources when there is an increase in demand
for a good or service.
4a. 18M.1.SL.TZ1.2a [10 marks]
Explain two factors that would lead to an increase in the demand for a product.
5a. 18M.1.HL.TZ1.1a [10 marks]
With reference to the concept of excess demand, explain how a decrease in supply of a good
would lead to a new market equilibrium.
,6a. 17M.1.SL.TZ1.01a [10 marks]
A fall in income leads to a fall in demand for a good. Explain this relationship between the
demand for the good and consumer income.
7a. 17M.1.HL.TZ2.01a [10 marks]
Explain how an increase in the costs of factors of production would affect the market
price and output of a good.
8a. 16N.1.SL.TZ0.1a [10 marks]
Using a production possibilities curve (PPC) diagram, explain why choices have to be made in
all economies.
9a. 16N.1.SL.TZ0.2a [10 marks]
Explain why changes in the price of goods and services may lead to changes in resource
allocation.
10a. 16M.1.SL.TZ1.1a [10 marks]
Distinguish between the effect of an increase in income and an increase in the price of a good on
the demand for the good.
11a. 16M.1.SL.TZ1.2a [10 marks]
Explain one supply factor and one demand factor that might lead to a rise in the price of rented
housing.
12a. 16M.1.SL.TZ2.2a [10 marks]
, Explain one supply factor and one demand factor that might lead to a rise in the price of rented
housing.
13a. 15N.1.SL.TZ0.02a [10 marks]
Explain the concepts of consumer surplus and producer surplus in the market for air travel.
14a. 15M.1.SL.TZ1.02a [10 marks]
Explain the view that an increase in price will lead to a decrease in the quantity demanded
whilst an increase in demand will lead to an increase in price.
15a. 15M.1.SL.TZ2.01a [10 marks]
Explain the view that an increase in price will lead to an increase in the quantity supplied whilst
an increase in supply will lead to a decrease in price.
16a. 15M.1.SL.TZ2.02a [10 marks]
Explain the likely effects of falling costs of factors of production on price and output in
agricultural markets.
17a. 15M.1.HL.TZ1.01a [10 marks]
Explain how changes in price work to reallocate resources in a market.
18a. 15M.1.HL.TZ2.01a [10 marks]
Explain how changes in price work to reallocate resources in a market.
20a. 14N.1.SL.TZ0.2a [10 marks]
Explain that when producer surplus and consumer surplus are maximized, allocative efficiency
is achieved.
