Component 1: Introduction to Economic Principles · B520U10-1

Eduqas AS Component 1, June 2022

All 12 written questions from Eduqas AS Component 1 (June 2022), 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

The 2022 question paper carries the Z22 reference, from the adapted summer 2022 series. Its mark scheme is the summer 2022 one.

Q1(a)Define2 marks

Define opportunity cost.

Mark splitKnowledge 2

TopicThe economic problem and resource allocation

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

Q1(b)2 marks

Assuming that the fund grows at the mid-rate, calculate the opportunity cost in terms of the individual's final total projected pension fund value.

Mark splitApplication 2

TopicThe economic problem and resource allocation

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

Q1(c)6 marks

Using the data, discuss whether opting out of 'auto-enrolment' by employees is a rational decision.

Mark splitKnowledge 1Application 3Evaluation 2

TopicDemand, supply and elasticityThe labour market

Question paper p.3 Mark scheme p.5 Examiner report p.3 Open in the tool

Q210 marks

With reference to the data, discuss to what extent the German Government should be concerned by the protectionist measures taken by the USA.

Mark splitApplication 4Analysis 2Evaluation 4

TopicInternational trade and exchange ratesAggregate demandMeasuring economic performance

Question paper p.4 Mark scheme p.7 Examiner report p.4 Open in the tool

Q3(a)6 marks

Using the data, analyse how the level of consumption in the economy may have changed between 2011 and 2019.

Mark splitApplication 3Analysis 3

TopicAggregate demand

Question paper p.8 Mark scheme p.10 Examiner report p.4 Open in the tool

Q3(b)6 marks

Based on this data, consider whether UK unemployment is likely to increase or decrease from 2019 onwards.

Mark splitApplication 2Analysis 2Evaluation 2

TopicMeasuring economic performance

Question paper p.9 Mark scheme p.12 Examiner report p.4 Open in the tool

Q4(a)Define2 marks

Define what is meant by: (i) a mean pay gap. (ii) a median pay gap.

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

Q4(b)6 marks

Using a labour market diagram, outline reasons why a gender pay gap may have existed at universities.

TopicThe labour market

Question paper p.10 Mark scheme p.15 Examiner report p.5 Open in the tool

Q5(a)2 marks

Using a Laffer curve diagram, illustrate how keeping the higher rate of income tax in Scotland could result in less tax revenues than if they had cut taxes in line with the rest of the UK.

Mark splitKnowledge 2

TopicPublic finances and the role of the stateMacroeconomic objectives and policyGovernment intervention in markets

Question paper p.12 Mark scheme p.18 Examiner report p.5 Open in the tool

Q5(b)9 marks

Using the data, discuss to what extent you agree that there would be damaging consequences to the Scottish economy from not cutting taxes for their higher earners.

Mark splitApplication 3Analysis 3Evaluation 3

TopicGovernment intervention in marketsMacroeconomic objectives and policyThe labour market

Question paper p.13 Mark scheme p.19 Examiner report p.5 Open in the tool

Q6(a)3 marks

Sugar prices fell by 18% between November 2018 and January 2019. Calculate the percentage change in the short run supply of sugar.

Mark splitKnowledge 1Application 2

TopicDemand, supply and elasticity

Question paper p.14 Mark scheme p.22 Examiner report p.6 Open in the tool

Q6(b)Explain6 marks

Explain possible reasons for the differences between the short run and long run price elasticities of supply for sugar and copper.

Mark splitKnowledge 2Application 2Analysis 2

TopicDemand, supply and elasticity

Question paper p.14 Mark scheme p.23 Examiner report p.6 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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