Pearson Edexcel International A Level in Economics (WEC11)

Section A Question Quantitative skills assessed Answer Mark 1 QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms The only correct answer is A B is not correct because firms would supply less if the price decrease C is not correct because the price decrease would be caused by lower demand D is not correct because government intervention is not a function of the price mechanism (1) 2 The only correct answer is C A is not correct because increased boredom is a disadvantage B is not correct because costs to make each garment are likely to decrease D is not correct because less time will be required for training as they focus on fewer parts of the production process (1) 3 QS8: Make calculations of elasticity and interpret the result QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms The only correct answer is C A is not correct because Caribbean holidays are a luxury/normal good B is not correct because healthcare does not have an income elasticity of demand value above +1 D is not correct because there is no data on price elasticity of demand (1) 4 QS4: Construct and interpret a range of standard graphical forms QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms The only correct answer is D A is not correct because Q1 is the market equilibrium output B is not correct because Q2 is the social optimum output C is not correct because ABC is the welfare gain (1) 5 QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms The only correct answer is D A is not correct because if too few permits were issued the price would be higher B is not correct because if too many permits were issued the price for carbon permits would be falling/lower C is not correct because a decrease in the demand for permits would reduce their price (1)