Component 1: Introduction to Economic Principles · B520U10-1
Eduqas AS Component 1, June 2018
All 12 written questions from Eduqas AS Component 1 (June 2018), 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.
Q1(a)
Outline what a price elasticity of demand of –0.47 means.
Q1(b)
Explain why price elasticity of demand for tobacco products might be at this level.
Mark splitApplication 2Analysis 2
Q1(c)
Suppose average incomes in Egypt rise by 5% and the price of cigarettes rises by 10%. Calculate the probable impact on the sales of tobacco products in Egypt.
Q2(a)
With the aid of a diagram, outline why the data suggests that the number of diesel cars on the road grew between 2001 and 2015.
Mark splitKnowledge 2Application 2
Q2(b)
Discuss how effective subsidies for electric cars are likely to be in reducing the number of petrol and diesel cars on UK roads.
Mark splitApplication 2Analysis 2Evaluation 4
Q3(a)
Define consumer surplus.
Mark splitKnowledge 2
Q3(b)
Using the diagram above, calculate the consumer surplus for television licence holders in the UK when the licence fee is set at £145.50. Show your workings.
Mark splitApplication 2
Q4
Outline the economic theory which would explain these statistics.
Mark splitKnowledge 3Application 1
Q5(a)
In percentage terms, approximately how much higher is: (i) Luxembourg's minimum wage compared to Albania? (ii) The UK's minimum wage compared to the USA?
TopicThe labour market
Q5(b)
With reference to the data and using appropriate economic theory, discuss the extent to which the decision to increase the UK's minimum wage for 21-24 year olds would have been likely to increase unemployment in the UK.
Mark splitApplication 2Analysis 2Evaluation 4
TopicThe labour marketMeasuring economic performance
Q6
Using an AD/AS diagram, explain how the actions taken by the Bank of England were designed to prevent a post-Brexit recession.
Mark splitKnowledge 2Application 4Analysis 4
TopicInternational trade and exchange ratesEconomic growth and the economic cycleMacroeconomic objectives and policy
Q7
Using appropriate economic analysis and with reference to the data below, discuss the relationship between GDP growth and unemployment in the EU since the beginning of 2008.
Mark splitKnowledge 4Application 2Analysis 2Evaluation 2
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.