IGCSE Economics (0455) — May–June 2024, Paper 13
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →How can the economic problem be described? A as insufficient capital to satisfy our wants B as insufficient income to satisfy all our needs C as insufficient resources to satisfy…
Answer this question and get it marked →What would be included in the factor of production land? A bread B factory building C sports arena D wheat
Answer this question and get it marked →A deposit of shale oil is discovered in an area of farming. The following estimates are made for a ten-year period. - If the land is used only for farming, it would yield income…
Answer this question and get it marked →What three key questions determine resource allocation? A what, how, for whom B what, when, for whom C where, what, how D where, how, for whom
Answer this question and get it marked →In the diagram, X represents the original equilibrium point in the labour market for engineers. An increase in the skills of engineers results in an increase in productivity.…
Answer this question and get it marked →An explosion in an important oil pipeline causes the world price of a barrel of oil to increase from $50 to $100. Before the explosion, the world demand for oil was 100 million…
Answer this question and get it marked →What is included in the study of microeconomics? A demand-pull inflation B diseconomies of scale C increasing unemployment D the size of the budget deficit
Answer this question and get it marked →The price elasticity of supply (PES) of a product is 1.0. The price of this product is $10 and the quantity supplied is 200 units. If the price of the product increases to $11, by…
Answer this question and get it marked →The government wishes to reduce the harmful emissions from road transport. Which measure would be effective in helping to achieve this aim? A increased expenditure on oil…
Answer this question and get it marked →What function does a central bank provide for an economy? A It issues bank notes to encourage spending. B It manages the debt of private sector firms. C It offers high interest…
Answer this question and get it marked →A firm changes from producing individual pieces of wooden furniture by hand to a mechanised production process using the division of labour. What is the most likely set of…
Answer this question and get it marked →What is the best definition of a trade union? A a group of countries that negotiates trade agreements B a group of firms that negotiates removing obstacles to trade C a group of…
Answer this question and get it marked →What is most likely to be a disadvantage when operating a small firm? A a lack of external economies of scale B a lack of external diseconomies of scale C a lack of internal…
Answer this question and get it marked →A firm increased output from Q1 to Q2 and achieved economies of scale. How is this shown on the firm's average total cost curve (ATC)? A diagram A B diagram B C diagram C D…
Answer this question and get it marked →A busy restaurant employs a large number of highly skilled chefs to individually prepare high quality meals. What is an advantage to the restaurant of this type of production? A A…
Answer this question and get it marked →How is the average cost of a product calculated? A by adding total variable and total fixed costs B by dividing total cost by output C by multiplying total variable cost by output…
Answer this question and get it marked →Why might measures to reduce unemployment also make inflation rise? A They encourage cheap imports. B They increase demand. C They reduce firms' costs. D They require wages to…
Answer this question and get it marked →The diagram shows selected areas of government spending for a country. area of spending amount --- --- national defence $32.2bn education $36.4bn health $81.8bn unemployment…
Answer this question and get it marked →What correctly explains the effect of monetary policy measures on macroeconomic aims? A A higher exchange rate will make imports more expensive and improve the balance of…
Answer this question and get it marked →What is the most likely impact of lower direct taxes on demand and on supply? demand supply --- --- --- A decrease decrease B decrease increase C increase increase D increase…
Answer this question and get it marked →The table shows the annual change in Gross Domestic Product (GDP) before adjustments for inflation have been made and the annual rate of inflation in four countries. Which country…
Answer this question and get it marked →Which type of unemployment is generally regarded by economists as the least serious for the economy? A cyclical B frictional C regional D structural
Answer this question and get it marked →The Consumer Prices Index (CPI) for a country rose during one year from 125 to 150. What was the country's rate of inflation? A 20% B 25% C 125% D 150%
Answer this question and get it marked →What does the Human Development Index (HDI) indicate? A economic development B level of unemployment C living standards D rate of inflation
Answer this question and get it marked →What best describes relative poverty? A A 12-year-old boy has never been able to access a doctor or school. B A person earns less than the minimum defined level of income. C A…
Answer this question and get it marked →The table shows population statistics for three countries in a particular year. country population size (millions) birth rate (per thousand of population per year) death rate (per…
Answer this question and get it marked →What is most likely to promote international specialisation? A similarities in climate in different countries B similarities in the availability of natural resources in different…
Answer this question and get it marked →What are the effects on price and equilibrium quantity of the imposition of an import tariff on a good? price equilibrium quantity --- --- --- A decreases decreases B decreases…
Answer this question and get it marked →The diagram shows the market for the Indian rupee in US$. What will cause the demand curve for rupees to shift from D1 to D2? A a fall in Indian exports to the US B a fall in the…
Answer this question and get it marked →The diagram shows China's trade with Brazil for two years. What happened to China's trade balance with Brazil between year 1 and year 2? A It experienced a falling surplus. B It…
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