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IAL Economics U1

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0% found this document useful (0 votes)

109 views28 pages

IAL Economics U1

Uploaded by

Erkin Gasimzade

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

You are on page 1/ 28

Please check the examination details below before entering your candidate information

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Candidate surname Other names

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Pearson Edexcel

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Centre Number Candidate Number

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International

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Advanced Level

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Paper
WEC11/01

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Time 1 hour 45 minutes

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reference

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Economics

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International Advanced Subsidiary
UNIT 1: Markets in action

You must have: Total Marks

Source Booklet (enclosed)

Instructions
• Use black ink or ball-point pen.
• Fill in the boxes at the top of this page with your name,
centre number and candidate number.
• Answer ALL questions in Sections A, B and C.
• Answer ONE question in Section D.
• Answer the questions in the spaces provided
– there may be more space than you need.

Information
• The total mark for this paper is 80.
• The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
• Calculators may be used.
Advice
• Read each question carefully before you start to answer it.
• Check your answers if you have time at the end.
• Good luck with your examination.

Turn over

*P65834A0128*
P65834A
©2021 Pearson Education Ltd.

1/1/1/1/1/1/1

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SECTION A

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Answer ALL questions in this section.

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Questions must be answered with a cross in a box . If you change your mind about an answer,

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put a line through the box and then mark your new answer with a cross .

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1 Statement 1: The consumption of single-use plastic bags in Switzerland decreased

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by 80% after the Government introduced a tax on them.

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Statement 2: Shops should be forced to charge consumers for single-use plastic bags

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to reduce the amount of plastic waste.
Which one of the following best describes the two statements?

A Both statements are positive

B Statement 1 is positive and statement 2 is normative

C Both statements are normative

D Statement 1 is normative and statement 2 is positive

(Total for Question 1 = 1 mark)

2 In April 2018, the Singapore Government passed a law allowing consumers to change
electricity providers. Most consumers have not switched their electricity provider
despite the opportunity to save, on average, 20% on their bills.
Which one of the following could explain this behaviour?

A Consumers are good at computation

B Consumers aim to maximise their utility

C Consumers are influenced by the behaviour of others

D Consumers feel undervalued by their current provider

(Total for Question 2 = 1 mark)

3 Which one of the following is an example of market failure?

A The free-rider problem that results in the underprovision of public goods

B Higher prices create an incentive for firms to increase the production of a

good
C New government regulations that result in excessive administration costs

D Government provision of healthcare to move towards the social optimum

output

(Total for Question 3 = 1 mark)

2
*P65834A0228*

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4 The diagram shows the market for the production of chemicals.

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MSC

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Costs and

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benefits W MPC

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S

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R

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P2

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P1 T
U

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MPB = MSB

O Q 2 Q1 Quantity of chemicals

Which one of the following can be deduced from the diagram?

A The social optimum quantity is Q1 and price is P1

B The market equilibrium quantity is Q2 and price is P2

C The welfare loss area is RTU

D The welfare loss area is RST

(Total for Question 4 = 1 mark)

*P65834A0328*
3
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5 The diagram shows a production possibility frontier for an economy.

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Capital

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goods

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C

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D

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B

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A

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Consumer
goods

Which point on the diagram shows the position that will lead to the fastest rate
of economic growth?

A
B

(Total for Question 5 = 1 mark)

4
*P65834A0428*

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6 The table shows the estimated income elasticity of demand for selected food items in

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the UK.

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Income elasticity of
Food item

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demand

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Butter +0.20

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Coffee +0.16

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Margarine –0.37

Tea –0.02

(Source: https://pdfs.semanticscholar.org/c384/
d29d9fb4993d265c9bed5be20f6d984b09c3.pdf )

Which one of the following can be deduced from the data?

A A decrease in real income will result in a more than proportionate decrease

in demand for butter
B An increase in real income will result in a less than proportionate increase in
demand for coffee
C A decrease in real income will result in a more than proportionate increase
in demand for margarine
D An increase in price will result in a less than proportionate decrease in
demand for tea

(Total for Question 6 = 1 mark)

TOTAL FOR SECTION A = 6 MARKS

*P65834A0528*
5
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SECTION B

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Answer ALL questions in this section in the space provided.

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7 In October 2017 the United Arab Emirates (UAE) introduced an indirect tax on energy

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drinks. The tax is charged at 50% of the price of energy drinks.

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Draw a diagram to illustrate the impact of the introduction of the indirect tax on the

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equilibrium price and quantity of energy drinks in the UAE.

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 7 = 4 marks)

6
*P65834A0628*

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8 The table shows the change in how electricity was generated between 2017 and

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2018 in a group of developed economies.

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Change in electricity generation,
Resource

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terawatt hours (TWh)

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Coal –105

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Natural gas +156

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Hydro +26

Wind +52

Solar +52

With reference to the change in how electricity was generated, explain the difference
between ‘renewable resources’ and ‘non-renewable resources’.

(Total for Question 8 = 4 marks)

*P65834A0728*
7
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9 Adam Smith wrote that by applying the division of labour in a pin factory, ten

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workers were able to increase production from 200 pins per day to 48 000 pins

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per day.

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Explain one advantage to firms of using division of labour to organise production.

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

om
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 9 = 4 marks)

8
*P65834A0828*

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10 In 2019 Netflix increased the price of its basic subscription streaming service from

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$7.99 to $8.99 in the USA. It was estimated that there would be an 8% decrease in the

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number of consumers with Netflix subscriptions.

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Ceteris paribus, calculate the price elasticity of demand for the basic subscription for

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Netflix. Show your workings.

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 10 = 4 marks)

*P65834A0928*
9
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11 Between August 2018 and August 2019 the world price of sweet potatoes increased

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from $12 to $22.50 per box. This was caused by Hurricane Florence and heavy rains in

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the USA, the world’s largest supplier.

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Explain the likely impact of this change in price on consumer surplus in the market

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for sweet potatoes. Illustrate your answer with a diagram.

(Total for Question 11 = 4 marks)

TOTAL FOR SECTION B = 20 MARKS

10
*P65834A01028*

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BLANK PAGE

SECTION C BEGINS ON THE NEXT PAGE.

*P65834A01128*
11
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SECTION C

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Study Figure 1 and Extracts A, B and C in the Source Booklet before answering

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Question 12.

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Write your answers in the space provided on the following pages.

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12 (a) Define the term ‘substitutes’ (Extract A, line 9).

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(2)

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(b) With reference to Extract A, explain one factor that is likely to influence the price

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elasticity of supply for sugar.
(4)
(c) With reference to Figure 1 and Extract A, analyse two reasons why the world price
of sugar fell between August 2017 and August 2018.
Illustrate your answer with a supply and demand diagram.
(6)
(d) With reference to Extract B, examine two possible effects of information gaps on
the consumption of sugar.
(8)
(e) With reference to Extract C, discuss the likely effects of the increase in the subsidy
for sugar production.
Illustrate your answer with an appropriate diagram.
(14)

12
*P65834A01228*

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12 (a) Define the term ‘substitutes’ (Extract A, line 9).

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(2)

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

nt
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.w
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

or
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) With reference to Extract A, explain one factor that is likely to influence the price
elasticity of supply for sugar.
(4)

*P65834A01328*
13
Turn over

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(c) With reference to Figure 1 and Extract A, analyse two reasons why the world price

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of sugar fell between August 2017 and August 2018.

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Illustrate your answer with a supply and demand diagram.

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(6)

14
*P65834A01428*

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s:
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

//b
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

tu
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

*P65834A01528*
15
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(d) With reference to Extract B, examine two possible effects of information gaps on

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the consumption of sugar.

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hs
(8)

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

o m
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or
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16
*P65834A01628*

*P65834A01728*
17
Turn over

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(e) With reference to Extract C, discuss the likely effects of the increase in the subsidy

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for sugar production.

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is
hs
tu
Illustrate your answer with an appropriate diagram.

de
nt
(14)

18
*P65834A01828*

*P65834A01928*
19
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s:
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 12 = 34 marks)

TOTAL FOR SECTION C = 34 MARKS

20
*P65834A02028*

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BLANK PAGE

SECTION D BEGINS ON THE NEXT PAGE.

*P65834A02128*
21
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SECTION D

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Answer ONE question from this section.

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Write your answer in the space provided.

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EITHER

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13 In 2019 the price of a litre of diesel was 65% higher in Thailand than in Malaysia.

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The price difference was because of higher taxation on diesel in Thailand. This led to

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illegal smuggling. For example, on one night, Thai authorities seized 300 000 litres of

/
diesel that was illegally imported from Malaysia.
Evaluate possible causes of government failure in a market of your choice.

(Total for Question 13 = 20 marks)

OR
14 Between 2000 and 2019 in China the average price of a house increased from
4 000 yuan per square metre (m2) to 60 000 yuan per m2. The ratio of average house
prices to average incomes increased from 5.6 to 7.6, showing that houses were
becoming less affordable.
Evaluate the impact of market bubbles in the housing market.

(Total for Question 14 = 20 marks)

22
*P65834A02228*

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Indicate which question you are answering by marking a cross in the box . If you change your

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mind, put a line through the box and then indicate your new question with a cross .

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Chosen question number: Question 13 Question 14

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Write your answer here:

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

*P65834A02328*
23
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24
*P65834A02428*

*P65834A02528*
25
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s:
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26
*P65834A02628*

TOTAL FOR SECTION D = 20 MARKS

TOTAL FOR PAPER = 80 MARKS

*P65834A02728*
27

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*P65834A02828*
BLANK PAGE

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IAL Economics U1

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IAL Economics U1

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Please check the examination details below before entering your candidate information

You must have: Total Marks

A Both statements are positive

B Statement 1 is positive and statement 2 is normative

C Both statements are normative

D Statement 1 is normative and statement 2 is positive

(Total for Question 1 = 1 mark)

A Consumers are good at computation

C Consumers are influenced by the behaviour of others

D Consumers feel undervalued by their current provider

(Total for Question 2 = 1 mark)

3 Which one of the following is an example of market failure?

A The free-rider problem that results in the underprovision of public goods

B Higher prices create an incentive for firms to increase the production of a

D Government provision of healthcare to move towards the social optimum

(Total for Question 3 = 1 mark)

Which one of the following can be deduced from the diagram?

A The social optimum quantity is Q1 and price is P1

B The market equilibrium quantity is Q2 and price is P2

C The welfare loss area is RTU

D The welfare loss area is RST

(Total for Question 4 = 1 mark)

(Total for Question 5 = 1 mark)

Which one of the following can be deduced from the data?

A A decrease in real income will result in a more than proportionate decrease

(Total for Question 6 = 1 mark)

TOTAL FOR SECTION A = 6 MARKS

(Total for Question 7 = 4 marks)

(Total for Question 8 = 4 marks)

(Total for Question 9 = 4 marks)

(Total for Question 10 = 4 marks)

(Total for Question 11 = 4 marks)

TOTAL FOR SECTION B = 20 MARKS

SECTION C BEGINS ON THE NEXT PAGE.

(Total for Question 12 = 34 marks)

TOTAL FOR SECTION C = 34 MARKS

SECTION D BEGINS ON THE NEXT PAGE.

(Total for Question 13 = 20 marks)

(Total for Question 14 = 20 marks)

TOTAL FOR SECTION D = 20 MARKS

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B Higher prices create an incentive for firms to increase the production of a

D Government provision of healthcare to move towards the social optimum