IGCSE Economics (0455) — May–June 2024, Paper 12
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →Why will scarcity always exist? A There are high costs of production. B There are low levels of education. C There are unlimited resources. D There are unlimited wants.
Answer this question and get it marked →A student decides to take up a two-year apprenticeship for which she will earn $10 000 per year. After that, she expects to earn $25 000 per year. She could take an unskilled job…
Answer this question and get it marked →The diagram shows a country's production possibility curve (PPC). Which current combination of capital and consumer goods would produce the greatest number of consumer goods in…
Answer this question and get it marked →What is not a macroeconomic topic? A the growth in Chinese Gross Domestic Product B the level of Consumer Prices Index inflation in the UK C the level of unemployment in Spain D…
Answer this question and get it marked →What is likely to cause an extension in demand for a firm's fruit drink? A a period of hot weather B a reduction in the cost of producing the drink C a rival firm leaving the…
Answer this question and get it marked →Supermarkets sell petrol (gas) outside their stores. They reduce the price of petrol below other suppliers to attract more customers to buy goods in the store when they buy more…
Answer this question and get it marked →Which statement describes a market in disequilibrium? A Excess demand results from a government maximum price below the equilibrium price. B The point where the demand and supply…
Answer this question and get it marked →In response to an increase in price from $5 per kg to $6 per kg, a farmer increased supply from 400 kg to 500 kg per week. What is the price elasticity of supply? A 0.8 B 0.9 C…
Answer this question and get it marked →Which government measure is most likely to cause a fall both in price and in quantity traded? A indirect tax B maximum price C minimum price D subsidy
Answer this question and get it marked →The diagrams show the wage rates of cleaners (OWc) and nurses (OWn). What is the result if a national minimum wage of OM is introduced? wage rates of cleaners wage rates of nurses…
Answer this question and get it marked →What would cause a decrease in spending by households in a country? A a reduction in disposable income B a reduction in the rate of sales tax C lower interest rates D lower savings
Answer this question and get it marked →Which combination shows the advantages of a small firm over a larger firm? better communication greater independence lower average cost --- --- --- --- A no no yes B no yes no C…
Answer this question and get it marked →What is a variable cost for a firm? A the cost of raw materials B the interest payment on existing loans C the rent on the factory D the insurance on the factory buildings
Answer this question and get it marked →The table shows the daily average revenue and units of output sold for a firm producing bicycles over a five day period. day average revenue ($) units of output sold --- --- --- 1…
Answer this question and get it marked →Which function of money acts as a measure of value? A a medium of exchange B a standard of deferred payment C a store of wealth D a unit of account
Answer this question and get it marked →What are the features of a highly competitive market when compared with a monopoly market? price profit --- --- --- A higher higher B higher lower C lower higher D lower lower
Answer this question and get it marked →What is not a role of central government in a mixed economy? A providing demerit goods B providing merit goods C providing public goods D stabilising the economy
Answer this question and get it marked →A government wishes to prevent deflation. Which combination of policies would be the most effective in achieving this aim? interest rate government spending --- --- --- A increase…
Answer this question and get it marked →The diagram shows the impact of a tax introduced on a product. Which area represents the amount of tax paid by the consumer? A HP1FG B HP2EG C OP2EQ2 D P1P2EF
Answer this question and get it marked →Which statement about supply-side policy is correct? A It aims to increase the productive potential of the economy. B It aims to increase total demand in the economy. C It…
Answer this question and get it marked →Which change is most likely to cause faster economic growth in the short run? A an increase in net emigration B an increase in the birth rate C an increase in the death rate D an…
Answer this question and get it marked →How is the pattern of employment likely to change when a country becomes more developed? A from rural employment to urban employment B from skilled employment to primary…
Answer this question and get it marked →Which item is least likely to be included in the Consumer Prices Index (CPI)? A domestic cooking oil B homemade clothes C milk D personal mobile phones
Answer this question and get it marked →The table shows statistics for four countries A, B, C and D. According to the data provided, which country has the lowest standard of living? average years of schooling life…
Answer this question and get it marked →Economic development in country X has progressed at a greater rate than in country Y. What is the most likely explanation of this difference in economic development between…
Answer this question and get it marked →A rise in which factor would cause an increase in the population growth rate of a country? A birth rate B death rate C infant mortality rate D net emigration
Answer this question and get it marked →The diagram shows the market for an imported good with equilibrium at point X. The country imposes a tariff on this good. Is the new equilibrium at point A, B, C or D? A point A B…
Answer this question and get it marked →The diagram shows the market for the Chinese yuan (¥) priced in US dollars ($). What could have caused the change in demand for the yuan from D1 to D2? A a decrease in foreign…
Answer this question and get it marked →The table shows the average exchange rate of the UK pound (£) to the US dollar ($), that is the amount of $ that can be bought with £1. year exchange rate UK£ / US$ --- --- 1 1.64…
Answer this question and get it marked →The table shows components of Japan's current account balance in trillion yen (¥) for 2 years. year balance of goods ¥ trillion balance of services ¥ trillion balance of primary…
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