IGCSE Economics (0455) — October–November 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 →Which economic question is least likely to arise as a result of scarcity? A For whom will we produce? B How will we produce? C What will we produce? D When will we produce?
Answer this question and get it marked →What is opportunity cost? A the allocation of resources in an economy B the cost to the individual when they consume a good C the lack of goods and services available to satisfy…
Answer this question and get it marked →The diagram shows a production possibility curve (PPC) for an economy that produces two goods, X and Y. Which point shows the greatest opportunity cost of producing one more unit…
Answer this question and get it marked →A period of bad weather leads to a failure of the rice crop. What is the effect on the market for rice? A a shortage of rice and a fall in its price B a shortage of rice and a…
Answer this question and get it marked →The diagram shows a change in demand for coffee. What would cause the demand for coffee to change from D1 to D2? A a good coffee harvest B a rise in the price of substitute drinks…
Answer this question and get it marked →The table shows the supply for a product at different prices. price ($) supply (units) --- --- 10 120 12 160 14 200 16 240 18 280 If the price changes from $12 to $14, what will…
Answer this question and get it marked →Which changes would move the equilibrium in the diagram from point X to point Z? A a decrease in demand with a decrease in supply B a decrease in demand with an increase in supply…
Answer this question and get it marked →When the price of shirts rises from $8 to $10, the demand for shirts falls from 1000 to 500. What is the value of the price elasticity of demand for shirts? A greater than 1 B…
Answer this question and get it marked →A government intends to build a new international airport in an area of outstanding natural beauty. What would be an external cost of this decision? A the cost of importing…
Answer this question and get it marked →What is an important role of a central bank? A attempts to achieve price stability B issues credit cards C provides loans to producers D provides savings accounts for consumers
Answer this question and get it marked →How would a change in the demand for labour affect the labour market in an occupation? change in demand for labour change in the equilibrium wage change in quantity of labour…
Answer this question and get it marked →A fast-food multinational bought a food-ordering website, in order to allow the multinational's customers to download menus and make advance payments. Which term best describes…
Answer this question and get it marked →The diagram shows the average total cost (ATC) for a firm, in the long run. What would cause the shift from ATC1 to ATC2? A difficulties in controlling the firm B external…
Answer this question and get it marked →What is most likely to encourage capital-intensive production methods in a low-income economy? A expensive capital equipment costs B grants from foreign aid programmes C supplies…
Answer this question and get it marked →A firm's average revenue is $20. It sells 1000 units. What are the firm's total revenue and the price of the product? total revenue ($) price ($) --- --- --- A 20 20 B 1 000 50 C…
Answer this question and get it marked →A competitive industry becomes a monopoly. What is the most likely advantage for consumers? A consumer choice may increase B economies of scale may reduce prices C more goods may…
Answer this question and get it marked →What will cause real GDP to rise in a country? A nominal GDP rising at a faster rate than employment B nominal GDP rising faster than inflation C nominal GDP rising faster than…
Answer this question and get it marked →What is the money supply? A the total quantity of foreign currency available within the economy B the total quantity of money available within the economy C the total quantity of…
Answer this question and get it marked →Which macroeconomic policy is most likely to achieve economic growth and price stability at the same time? A fiscal policy B import barriers C monetary policy D supply-side policy
Answer this question and get it marked →What is the definition of economic growth? A It is an increase in the general level of prices over time. B It is an increase in the level of a nation's output over time. C It is…
Answer this question and get it marked →What causes cyclical unemployment in a recession? A a permanent decrease in the demand for labour B a permanent decrease in the supply of labour C a temporary decrease in the…
Answer this question and get it marked →The table shows government expenditure and revenue in selected years. year government expenditure $bn tax revenue $bn --- --- --- 1 500 500 2 600 400 3 700 300 What might explain…
Answer this question and get it marked →The table shows changes in economic policies for four countries, A, B, C and D. Which country is most likely to be following a policy of preventing deflation? money supply…
Answer this question and get it marked →Workers in Switzerland earn more on average than workers in Mexico. What is a likely cause of this? A A greater percentage of workers in Switzerland work part-time than in Mexico.…
Answer this question and get it marked →The table contains details on birth rate, death rate and net migration for several countries in a year. birth rate death rate net migration --- --- --- --- Australia 13 7 850 000…
Answer this question and get it marked →Which combination best describes the characteristics of a high-income economy? GDP per head (US$) Human Development Index value percentage of the labour force in the tertiary…
Answer this question and get it marked →What might encourage international specialisation between countries? A free trade B inefficiencies in production C labour immobility D tariffs
Answer this question and get it marked →A government wishes to stop the dumping of a specific imported good at a very low price. Which method of protection would be most effective? A apply an embargo to this good B…
Answer this question and get it marked →The price of the US dollar in terms of other currencies is set by the forces of demand and supply. To what does this statement refer? A an alternative method of trade protection B…
Answer this question and get it marked →The diagram shows the value of a country's exports and imports of goods over five years. Between which two years did the country have an increase in the value of imports and an…
Answer this question and get it marked →← October–November 2024 Paper 13 · October–November 2024 Paper 11 →