GCSE ECONOMICS Paper 1 How Markets Work

GCSE ECONOMICS Paper 1 How Markets Work Time allowed: 1 hour 45 minutes Materials You will need no other materials. You may use a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write on blank pages. • If you need extra space for your answer(s), use the lined pages at the end of this book. Write the question number against your answer(s). • Do all rough work in this book. Cross through any work you do not want to be marked. Information • The marks for questions are shown in brackets. • The maximum mark for this paper is 80. • Questions should be answered in continuous prose. You will be assessed on your ability to: – use good English – organise information clearly – use specialist vocabulary where appropriate. *JUN22* IB/H/Jun22/E8 8136/1 Section A Answer all questions in the spaces provided. box For questions with four responses, only one answer per question is allowed. For each question, completely fill in the circle alongside the appropriate answer. CORRECT METHOD WRONG METHODS If you want to change your answer you must cross out your original answer as shown. If you wish to return to an answer previously crossed out, ring the answer you now wish to select as shown. Which of the following is a true statement about the economic sectors of the UK economy? [1 mark] A The manufacturing sector is the smallest sector. B The primary sector is the largest sector. C The services sector is the largest sector. D The tertiary sector includes mining. Which of the following would not be classed as a factor of production? [1 mark] A A bank account B A furniture shop C A second-hand tractor D A teacher of History 0 3 Which of the following could be a disadvantage of specialisation to a firm? [1 mark] A Increased competitiveness B Increased cost of training workers C Increased productivity of workers 0 4 D Wh Reduced unit costs ich of the following are examples of a factor market and a product market? [1 mark] Factor market Product market A Chocolate bars Computer games B Accountants Traffic wardens C Commercial property Soft drinks D Foreign currency New businesses Turn over for the next question Turn over ► box