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:
• a scientific or graphical calculator
• an HB pencil
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 andthe 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 is an exempt Charity
Turn over
, 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 exchangeC
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
, 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
, 4
6 A beekeeper has been invited to sell the honey produced by their bees at a charity event in thelocal
village hall.
This charity event is an example of a
A market
B monopoly
C primary sector activity
D producer
Your answer [1]
7 A sports venue has a seating capacity of 90 000 people. What is
the price elasticity of supply of seats at this venue?A Greater
than 1
B Perfectly elastic C
Perfectly inelastic
D Unitary elastic
Your answer [1]
8 Sam has started a new job. The table shows their monthly pay statement.
Item £
Wage 2500
Bonus 500
Income tax 345
National Insurance 250
Pension contributions 225
What is Sam‟s monthly net pay?
A £1680
B £2180
C £2405
D £2655
Your answer [1]
© OCR 2024
Monday 13 May 2024 – Afternoon
GCSE (9–1) Economics
J205/01 Introduction to Economics
Time allowed: 1 hour 30 minutes
You can use:
• a scientific or graphical calculator
• an HB pencil
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 andthe 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 is an exempt Charity
Turn over
, 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 exchangeC
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
, 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
, 4
6 A beekeeper has been invited to sell the honey produced by their bees at a charity event in thelocal
village hall.
This charity event is an example of a
A market
B monopoly
C primary sector activity
D producer
Your answer [1]
7 A sports venue has a seating capacity of 90 000 people. What is
the price elasticity of supply of seats at this venue?A Greater
than 1
B Perfectly elastic C
Perfectly inelastic
D Unitary elastic
Your answer [1]
8 Sam has started a new job. The table shows their monthly pay statement.
Item £
Wage 2500
Bonus 500
Income tax 345
National Insurance 250
Pension contributions 225
What is Sam‟s monthly net pay?
A £1680
B £2180
C £2405
D £2655
Your answer [1]
© OCR 2024
