Component 1: Introduction to Economic Principles · B520U10-1

Eduqas AS Component 1, June 2016

All 10 written questions from Eduqas AS Component 1 (June 2016), Component 1: Introduction to Economic Principles. Each question shows its marks and topic, and opens the question paper and mark scheme at the right page.

Question paper Mark scheme Examiner report

Q1(a)Explain2 marks

Explain what is meant in economic theory by inelastic cross price elasticity of demand.

Mark splitKnowledge 2

TopicDemand, supply and elasticity

Question paper p.2 Mark scheme p.3 Examiner report p.4 Open in the tool

Q1(b)4 marks

The price of beer in London currently (Sept 2014) averages £3.80 per pint. If the price of beer in London pubs was to increase from £3.80 to £3.99 per pint, calculate the expected change in the demand for spirits in London pubs.

Mark splitKnowledge 2Application 2

TopicDemand, supply and elasticity

Question paper p.2 Mark scheme p.3 Examiner report p.4 Open in the tool

Q2(a)8 marks

Using a supply and demand diagram(s), explain why it might be that doctors have higher average weekly earnings than nurses.

Mark splitKnowledge 2Application 4Analysis 2

TopicThe labour market

Question paper p.4 Mark scheme p.5 Examiner report p.4 Open in the tool

Q2(b)Explain4 marks

Explain a possible reason why the median weekly earnings for doctors are lower than the mean weekly earnings.

TopicThe labour market

Question paper p.5 Mark scheme p.8 Examiner report p.4 Open in the tool

Q3Discuss8 marks

Discuss the extent to which websites such as raileasy.co.uk might help to correct market failure in this case.

TopicMarket failure

Question paper p.6 Mark scheme p.9 Examiner report p.4 Open in the tool

Q4(a)4 marks

Compare what has happened to prices in the UK and the US between 2011 and 2014.

TopicMeasuring economic performanceEconomic growth and the economic cycle

Question paper p.8 Mark scheme p.11 Examiner report p.4 Open in the tool

Q4(b)8 marks

Using an Aggregate Demand and Aggregate Supply diagram, explain the reasons for the trends shown in the chart between 2011 and 2014.

TopicAggregate demandAggregate supply

Question paper p.8 Mark scheme p.12 Examiner report p.5 Open in the tool Draw it: AD/AS diagram

Q5(a)6 marks

Using a diagram, explain how the tariffs on imported Chinese and Taiwanese solar panels would be expected to: (i) Reduce the imports of such panels into the US. (ii) Increase the producer surplus of US manufacturers of solar panels.

TopicInternational trade and exchange ratesDemand, supply and elasticity

Question paper p.10 Mark scheme p.14 Examiner report p.5 Open in the tool

Q5(b)8 marks

Using the data, discuss whether the US Government is right to impose the tariffs described in the data on Chinese and Taiwanese manufacturers of solar panels.

TopicInternational trade and exchange rates

Question paper p.11 Mark scheme p.15 Examiner report p.5 Open in the tool

Q68 marks

With reference to the data, discuss the extent to which the fall in the value of the rouble (Figure 1) is likely to be beneficial to Russia's economy.

TopicInternational trade and exchange ratesThe economic problem and resource allocation

Question paper p.12 Mark scheme p.17 Open in the tool

Question text is quoted from the question papers, © WJEC CBAC Ltd (Eduqas), for students’ private study. Open the official papers and mark schemes from the links on each question. Examiner insights are written with AI assistance and moderated by Finn.

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