IGCSE Economics (0455) — October–November 2024, Paper 11
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →What has an opportunity cost in consumption? A air B food C sea water D sunlight
Answer this question and get it marked →In which case is it possible to set the level of reward before production takes place for the first factor of production but not for the second factor? first factor second factor…
Answer this question and get it marked →The diagram shows the production possibility curve (PPC) for an economy. Which cost can be determined as the economy moves along its PPC from point X to point Y? A the opportunity…
Answer this question and get it marked →Which person is most likely to make a microeconomic decision as part of their job? A a government finance minister B the global administrator of the Human Development Index C the…
Answer this question and get it marked →What necessarily describes the market system? A all resources used to produce consumer goods B an economy with both a private and a public sector C limited resources but unlimited…
Answer this question and get it marked →The diagram shows the demand for and supply of a product. The original equilibrium is at X. Which point indicates the new equilibrium position if there is an increase in the price…
Answer this question and get it marked →A firm has the following supply schedule. price ($) quantity supplied --- --- 5 10 10 20 What is the price elasticity of supply of the good as the price increases from $5 to $10?…
Answer this question and get it marked →Why does a government provide certain goods and services in a mixed economic system? A The government always provides goods more cheaply than private firms. B The government…
Answer this question and get it marked →A government intends to subsidise bus fares and increase taxes on private motoring. How would this affect the private cost of transport? for motorists for bus passengers --- ---…
Answer this question and get it marked →What is not a function of money? A medium of exchange B portability C store of value D unit of account
Answer this question and get it marked →Bus drivers receive a wage of $15 000 a year. The government introduces a national minimum wage. Under which circumstances will the largest number of bus drivers become unemployed…
Answer this question and get it marked →A clothes retailer borrows money to finance the opening of another clothes shop. Which type of growth is this? A internal and horizontal B internal and vertical C external and…
Answer this question and get it marked →What is meant by internal diseconomies of scale? A average cost for the firm decreases when the output of the firm increases B average cost for the firm decreases when the output…
Answer this question and get it marked →A food-processing firm decides to change from a labour-intensive production method to a capital-intensive production method. What is likely to decrease as a result of the change?…
Answer this question and get it marked →What is an example of a fixed cost? A electricity B insurance C raw materials D wages
Answer this question and get it marked →What is the definition of profit maximisation? A The firm is allocating a proportion of profit to other business objectives. B The firm is making as much profit as possible. C The…
Answer this question and get it marked →The central bank of Mexico set its rate of interest to try to keep the rise in the price level to only 3%. Which government aim was it directly trying to achieve? A balance of…
Answer this question and get it marked →The table shows a forecast for a government budget for year 1 and for year 2. year 1 $bn year 2 $bn --- --- --- revenue 50 55 spending 60 60 What does the forecast government…
Answer this question and get it marked →The graph shows the impact of a tax on the supply of petrol (gas). What can be concluded from this graph? A The government will receive no tax revenue. B The impact of the tax…
Answer this question and get it marked →What is most likely to result from a successful supply-side policy? A a deterioration in the current account of the balance of payments B economic growth C increased inflation D…
Answer this question and get it marked →The table shows the rates of unemployment and real GDP growth for an economy in year 1 and year 2. year 1 year 2 --- --- --- rate of unemployment (%) 3 7 rate of real GDP growth…
Answer this question and get it marked →The table shows selected indicators for the labour market of an economy in year 1 and year 2. year 1 (millions) year 2 (millions) --- --- --- total labour force 30 30 employed…
Answer this question and get it marked →The table shows the percentage changes in earnings and consumer prices for four countries in one year. Which country has experienced the greatest increase in real income during…
Answer this question and get it marked →The table shows the distribution of income as measured by GDP for three countries in a year. percentage of GDP received by each 20% of households highest 20% second highest 20%…
Answer this question and get it marked →The number of people in relative poverty in a country is decreasing. What is the most likely cause of this? A a contractionary fiscal policy B a decrease in the national minimum…
Answer this question and get it marked →African economies may have rapid economic growth because of a large increase in their working age population. Based on this idea, which factor of production is most likely to grow…
Answer this question and get it marked →Which statement shows two benefits for consumers from specialisation at a national level? A decreased prices and better quality B decreased profits and high-quality raw materials…
Answer this question and get it marked →A multinational company (MNC) opens up a new factory in a host country. What is a possible cost of this new factory to the host country? A increased access to modern technology B…
Answer this question and get it marked →The diagram shows the change in the exchange rate market for country X's $. Which change in country X would have caused this? A a fall in its international competitiveness B a…
Answer this question and get it marked →What is the most likely cause of an increased current account surplus in a country? A lower prices for the country's exports B higher exchange rate for the country C economic…
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