IGCSE Economics (0455) — October–November 2023, Paper 13
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →A consumer has $10 to spend. A meal costs $9 and a drink costs $5. What would describe the situation if the consumer did not have enough money to purchase both the meal and the…
Answer this question and get it marked →The diagram shows a production possibility curve (PPC) for a country. The country moved from position X to position Y on the PPC. What is the most likely reason for this change? A…
Answer this question and get it marked →Which type of factor of production is a railway track? A capital B enterprise C labour D land
Answer this question and get it marked →Which statement must be correct if a market is in disequilibrium? A Quantity demanded and quantity supplied are equal. B The government must intervene if anything is to be sold. C…
Answer this question and get it marked →What is a determinant of price elasticity of demand (PED)? A availability of stocks of the product B change in the income of consumers C degree of necessity of the product D…
Answer this question and get it marked →What would cause the supply curve for an agricultural product to shift to the right? A an increase in the costs of production B an increase in the price of substitutes C an…
Answer this question and get it marked →What would increase the price elasticity of supply (PES) of a product? A an increase in the cost of inputs B an increase in the firm's profits C an increase in the number of close…
Answer this question and get it marked →The diagram shows a demand curve. What does the movement from X to Y show? A a decrease in quantity demanded due to an increase in price B a decrease in quantity demanded due to…
Answer this question and get it marked →In a market there is a surplus of a good. Which change would cause the market to come to an equilibrium? A a decrease in demand B a fall in price C a rise in price D an increase…
Answer this question and get it marked →When the price of a good is $10, the quantity demanded is 100 units per day. Which combination of price change and price elasticity of demand will cause the largest increase in…
Answer this question and get it marked →A function of money is to act as a measure of value. What does this mean? A It is used for future savings. B It is used to compare the worth of different goods. C It is used to…
Answer this question and get it marked →In 2008–2009 the central bank of a developed country reduced interest rates from 5% to 0.5% per year to stimulate the economy. How would this policy have affected the amount saved…
Answer this question and get it marked →Many small energy providers have closed down due to rising costs. What is the likely effect of this on the price of energy and choice of energy providers for consumers, assuming…
Answer this question and get it marked →What is the most likely goal of a state-owned enterprise providing health services? A profits B public satisfaction C sales revenue D survival
Answer this question and get it marked →Some governments allow monopoly markets to exist. What is a reason for this? A to attract entry into the market B to fund research and development C to increase prices for…
Answer this question and get it marked →The table shows the costs incurred by a firm producing computers. output (thousands) total costs ($ thousands) --- --- 0 20 1 1200 2 1350 3 1450 What are the fixed costs if 3000…
Answer this question and get it marked →A government increases its revenue by higher direct taxation of both personal incomes and company profits. What is most likely to be the reason for this increase? A to control…
Answer this question and get it marked →Income tax in a country gives all individuals an initial tax-free income allowance. Any income above this allowance is taxed at increasing rates as the incomes of individuals…
Answer this question and get it marked →A government lowers the rate of interest. Who is most likely to be disadvantaged by this policy? A house buyers B manufacturers C retailers D savers
Answer this question and get it marked →What is a supply-side policy measure? A a tariff on imported goods B an increase in indirect taxes C a contractionary monetary policy D the removal of barriers to entry to a market
Answer this question and get it marked →What is the most likely consequence of economic growth? A more equal income distribution B more use of resources C reduced imports D reduced tax revenue
Answer this question and get it marked →In high-income economies, cereal farming is highly productive but few workers are employed. What could have caused this employment situation? A a fall in world demand for cereals…
Answer this question and get it marked →Who is most likely to benefit during a period of inflation? A creditors (lenders) B debtors (borrowers) C fixed income earners D holders of cash
Answer this question and get it marked →The table shows some economic indicators. Which increase in the first indicator is most likely to lead to an increase in the second indicator? first indicator second indicator ---…
Answer this question and get it marked →Which combination would be most likely to increase the population of a country? birth rates death rates net immigration --- --- --- --- A high high positive B high low positive C…
Answer this question and get it marked →Which economic consequence is most likely to result from an increasing proportion of the population being over the age of 65? A Government transfer payments will increase. B More…
Answer this question and get it marked →What is most likely to encourage international specialisation? A similarities in climate in different countries B the ability to produce products more cheaply than other countries…
Answer this question and get it marked →Country X established free trade agreements with other nations. What would be the intended benefit of such agreements to country X? A increased labour shortages B increased tariff…
Answer this question and get it marked →A country's foreign exchange rate appreciates significantly. Which group in the country will directly benefit from this change? A a government department which only buys locally…
Answer this question and get it marked →What is measured in the secondary income balance in a country's current account of the balance of payments? A net contributions to international and regional organisations B net…
Answer this question and get it marked →← October–November 2023 Paper 21 · October–November 2023 Paper 12 →