The allocation of resources — IGCSE Economics (0455) questions by topic
Nineteen questions test market-system reasoning, such as how good weather affects both demand and supply of peaches, why price elasticity of supply for coffee differs between the short and long run, and reading a demand-and-supply table, worth between 1 and 20 marks.
Identify, explain, analyse, discuss and calculate require you to move between selecting the correct multiple-choice reasoning and working through numerical elasticity or equilibrium problems. Set in 2025 papers, these 19 questions reward checking each step of a supply-and-demand calculation, and this page's instant marking catches a misread table value or a mixed-up direction of price change before it affects a whole answer.
May–June 2025, Paper 11
Good weather results in an increase in the demand for and supply of peaches. How will this affect the price and quantity traded in the market for peaches? price of peaches…
Answer this question and get it marked →The diagram shows demand and supply curves for a product at its equilibrium price P. The diagram has price on the vertical axis and quantity on the horizontal axis. A…
Answer this question and get it marked →The table shows the quantity demanded at different prices. price $ quantity demanded --- --- 6 3 5 4 4 5 3 7 2 9 For which fall in price is the demand price-inelastic? A from $6…
Answer this question and get it marked →The price elasticity of supply (PES) of coffee is calculated as +0.2 for the current year and +2.0 in the long run. Why is the PES of coffee higher in the long run? A Coffee…
Answer this question and get it marked →What would a person believe who wished to encourage the use of the market system? A people should have equal living standards B people should have freedom of action C profit…
Answer this question and get it marked →May–June 2025, Paper 12
The table shows the quantity of coffee demanded per day and the quantity supplied per day. price ($) per kilo demand (kilos) supply (kilos) --- --- --- 12 16 26 11 18 23 10 20 20…
Answer this question and get it marked →The diagrams show the demand curves for the only two buyers in a market. The first diagram (buyer 1) shows a straight, downward-sloping demand curve (price on the vertical axis,…
Answer this question and get it marked →The diagram shows the market for ice cream and the effects of very hot weather. The diagram (price on the vertical axis, quantity on the horizontal axis) shows an upward-sloping…
Answer this question and get it marked →The supply of which good is likely to be most price elastic? the good is easily stored time taken to produce the good --- --- --- A no one day B no one year C yes one day D yes…
Answer this question and get it marked →What is a characteristic of a demerit good? A it is more beneficial to the consumer than they realise B it is overconsumed in the free market C it is underproduced in the free…
Answer this question and get it marked →May–June 2025, Paper 13
What is the function of the price mechanism in a market economy? A allocating resources and guiding choices B allowing governments to provide price stability C enabling markets to…
Answer this question and get it marked →The table shows the demand and supply schedules for rice. The current price is $2.00 per kilo. price per kilo $ quantity demanded (million tonnes) quantity supplied (million…
Answer this question and get it marked →The diagram shows the market for cherries in Chile. The diagram has price on the vertical axis and quantity on the horizontal axis. An upward-sloping supply curve S and two…
Answer this question and get it marked →A German car producer estimates the price elasticity of demand (PED) for its cars is -2.0. What can be concluded from this information? A its cars are price elastic B its cars are…
Answer this question and get it marked →The diagrams show the supply curves of four firms. Which firm has a price elasticity of supply of greater than zero but less than one? Each option shows price on the vertical axis…
Answer this question and get it marked →Which combination correctly describes features of a market economic system? resource allocation ownership of land and capital --- --- --- A by government private sector B by…
Answer this question and get it marked →May–June 2025, Paper 22
Identify two advantages a firm may gain from merging with another firm.
Answer this question and get it marked →Identify two influences on household spending.
Answer this question and get it marked →May–June 2025, Paper 23
The public sector in Andorra is focusing on developing the healthcare, biotechnology and sports industries. Andorra has the natural advantage of being a mountainous country.…
Answer this question and get it marked →