Write your name here
Surname Other names
Candidate Number
Pearson Centre Number
Edexcel GCE
Economics
Advanced Subsidiary
Unit 1: Competitive Markets: How they
work and why they fail
Tuesday 13 May 2014 – Morning Paper Reference
Time: 1 hour 30 minutes 6EC01/01
You do not need any other materials. Total Marks
PEARSON EDEXCEL GCE A-LEVEL
ECONOMICS 6EC01/01 ADVANCED
SUBSIDIARY UNIT 1 COMPETITIVE
MARKETS: HOW THEY WOR AND WHY
THEY FAIL PAPER 1 EXAM SUMMER
2024 MAY
(AUTHENTIC MARKING SCHEME
ATTACHED)
, Section A: Answer all the questions in this section
You should spend 35 minutes on this section. Use the data to support your
answers where relevant. You may annotate and include diagrams in your
answers.
1 Opportunity cost arises because
(1)
A the price mechanism may lead to a misallocation of resources
B resources are scarce
C the supply of goods and services is infinite
D supply may exceed demand
Answer
Explanation
(3)
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(Total for Question 1 = 4 marks)
,2
*P43304A0240*
, 2 The most likely consequence of an increase in the division of labour
in the construction of new houses is an increase in
(1)
A output per unit of labour
B the price of houses
C the production cost of each house
D the range of skills required by each worker
Answer
Explanation
(3)
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(Total for Question 2 = 4 marks)
3
*P43304A0340* Turn over
Surname Other names
Candidate Number
Pearson Centre Number
Edexcel GCE
Economics
Advanced Subsidiary
Unit 1: Competitive Markets: How they
work and why they fail
Tuesday 13 May 2014 – Morning Paper Reference
Time: 1 hour 30 minutes 6EC01/01
You do not need any other materials. Total Marks
PEARSON EDEXCEL GCE A-LEVEL
ECONOMICS 6EC01/01 ADVANCED
SUBSIDIARY UNIT 1 COMPETITIVE
MARKETS: HOW THEY WOR AND WHY
THEY FAIL PAPER 1 EXAM SUMMER
2024 MAY
(AUTHENTIC MARKING SCHEME
ATTACHED)
, Section A: Answer all the questions in this section
You should spend 35 minutes on this section. Use the data to support your
answers where relevant. You may annotate and include diagrams in your
answers.
1 Opportunity cost arises because
(1)
A the price mechanism may lead to a misallocation of resources
B resources are scarce
C the supply of goods and services is infinite
D supply may exceed demand
Answer
Explanation
(3)
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....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
(Total for Question 1 = 4 marks)
,2
*P43304A0240*
, 2 The most likely consequence of an increase in the division of labour
in the construction of new houses is an increase in
(1)
A output per unit of labour
B the price of houses
C the production cost of each house
D the range of skills required by each worker
Answer
Explanation
(3)
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....................................................................................................................................................................................................................................................................................
(Total for Question 2 = 4 marks)
3
*P43304A0340* Turn over
