GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
Oxford Cambridge and RSA
Monday 13 May 2024 – Afternoon
GCSE (9–1) Economics
J205/01 Introduction to Economics
Time allowed: 1 hour 30 minutes
You can use:
* 1 3 7 2 9 4 9 4 3 5 *
• a scientific or graphical calculator
• an HB pencil
* J 2 0 5 0 1 *
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
INSTRUCTIONS
• Use black ink. You can use an HB pencil, but only for graphs and diagrams.
• Write your answer to each question in the space provided. You can use extra paper if
you need to, but you must clearly show your candidate number, the centre number and
the question numbers.
• Answer all the questions.
INFORMATION
• The total mark for this paper is 80.
• The marks for each question are shown in brackets [ ].
• Quality of extended response will be assessed in questions marked with an asterisk (*).
• This document has 24 pages.
ADVICE
• Read each question carefully before you start your answer.
© OCR 2024 [603/0143/0] OCR is an exempt Charity
DC (DE) 328302/6 Turn over
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
,GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
2
SECTION A
Write your answer to each question in the box provided.
1 Money is widely accepted as a means of buying and selling products.
In this situation, money is acting as a
A factor of production
B medium of exchange
C source of income
D type of credit
Your answer [1]
2 What is meant by the labour market?
A The demand for labour by firms and the supply of labour by households
B The free movement of labour between different jobs
C The interaction between employers and workers about pay and conditions
D The working population excluding those individuals retired or still in education
Your answer [1]
3 Kai had an idea to set up a printing business.
They rented a shop, employed staff and bought some printing equipment.
As a producer, what is Kai not responsible for?
A Adding efficiency to the firm
B Deciding how much VAT to pay
C Making economic choices about production
D Making use of scarce resources
Your answer [1]
© OCR 2024
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
, GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
3
4 The table shows the total costs of a firm.
Output Total cost (£)
1 24
2 36
3 48
4 56
If output increases from 1 to 4, what is the change in the firm’s average cost?
A + £32
B + £14
C – £14
D – £10
Your answer [1]
5 The diagram shows changes in the supply and demand for labour.
S
Wages
S1
X
W Y
Z
D1
D
0
Quantity
The original equilibrium is at W.
Where is equilibrium after an increase in the productivity of labour?
A W
B X
C Y
D Z
Your answer [1]
© OCR 2024 Turn over
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
Oxford Cambridge and RSA
Monday 13 May 2024 – Afternoon
GCSE (9–1) Economics
J205/01 Introduction to Economics
Time allowed: 1 hour 30 minutes
You can use:
* 1 3 7 2 9 4 9 4 3 5 *
• a scientific or graphical calculator
• an HB pencil
* J 2 0 5 0 1 *
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
INSTRUCTIONS
• Use black ink. You can use an HB pencil, but only for graphs and diagrams.
• Write your answer to each question in the space provided. You can use extra paper if
you need to, but you must clearly show your candidate number, the centre number and
the question numbers.
• Answer all the questions.
INFORMATION
• The total mark for this paper is 80.
• The marks for each question are shown in brackets [ ].
• Quality of extended response will be assessed in questions marked with an asterisk (*).
• This document has 24 pages.
ADVICE
• Read each question carefully before you start your answer.
© OCR 2024 [603/0143/0] OCR is an exempt Charity
DC (DE) 328302/6 Turn over
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
,GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
2
SECTION A
Write your answer to each question in the box provided.
1 Money is widely accepted as a means of buying and selling products.
In this situation, money is acting as a
A factor of production
B medium of exchange
C source of income
D type of credit
Your answer [1]
2 What is meant by the labour market?
A The demand for labour by firms and the supply of labour by households
B The free movement of labour between different jobs
C The interaction between employers and workers about pay and conditions
D The working population excluding those individuals retired or still in education
Your answer [1]
3 Kai had an idea to set up a printing business.
They rented a shop, employed staff and bought some printing equipment.
As a producer, what is Kai not responsible for?
A Adding efficiency to the firm
B Deciding how much VAT to pay
C Making economic choices about production
D Making use of scarce resources
Your answer [1]
© OCR 2024
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
, GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
3
4 The table shows the total costs of a firm.
Output Total cost (£)
1 24
2 36
3 48
4 56
If output increases from 1 to 4, what is the change in the firm’s average cost?
A + £32
B + £14
C – £14
D – £10
Your answer [1]
5 The diagram shows changes in the supply and demand for labour.
S
Wages
S1
X
W Y
Z
D1
D
0
Quantity
The original equilibrium is at W.
Where is equilibrium after an increase in the productivity of labour?
A W
B X
C Y
D Z
Your answer [1]
© OCR 2024 Turn over
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
GCSE MAY 2024 OCR ECONOMICS PAPER 1.pdf
