Edexcel Economics - Paper 1 2024
exam Questions and Answers
1a) Explain one benefit of a free market economy (4 marks)
Allocate resources automatically with no gov intervention,
everyone acts in their own self interest
Works automatically with no gov intervention, no expensive
central planning
1b) Which economist advocated for a command economy? (1
mark)
Karl Marx
2a) ? (2 marks)
2b) Loss-making monopolistic competition in the SHORT-RUN (4
marks)
3a) YED of a good is likely to be.... (1 mark)
D + 350
(YED) is a measure of the responsiveness of demand for a
product or service to a change in consumer income.
3b) Multiple choice about producer surplus (1 mark)
Pretty sure its A but idk
3c) Calculating opportunity cost (2 marks)
= loss / gain
3d) Multiple choice - What would lead to increased production to
point Z? (1 mark)
B - an investment in modern farming technology
4a) Explaining a point on a PPF (2 marks)
exam Questions and Answers
1a) Explain one benefit of a free market economy (4 marks)
Allocate resources automatically with no gov intervention,
everyone acts in their own self interest
Works automatically with no gov intervention, no expensive
central planning
1b) Which economist advocated for a command economy? (1
mark)
Karl Marx
2a) ? (2 marks)
2b) Loss-making monopolistic competition in the SHORT-RUN (4
marks)
3a) YED of a good is likely to be.... (1 mark)
D + 350
(YED) is a measure of the responsiveness of demand for a
product or service to a change in consumer income.
3b) Multiple choice about producer surplus (1 mark)
Pretty sure its A but idk
3c) Calculating opportunity cost (2 marks)
= loss / gain
3d) Multiple choice - What would lead to increased production to
point Z? (1 mark)
B - an investment in modern farming technology
4a) Explaining a point on a PPF (2 marks)
