Component 1: Introduction to Economic Principles · B520U10-1

Eduqas AS Component 1, June 2024

All 10 written questions from Eduqas AS Component 1 (June 2024), 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

Q16 marks

Using calculations in your answer, outline how price elasticity of demand changes along this demand curve.

TopicDemand, supply and elasticity

Question paper p.3 Mark scheme p.4 Examiner report p.6 Open in the tool

Q2(a)5 marks

Using the data in column 3 of Table 1, outline the differences between the types of products sold by the shop using income elasticity of demand.

Mark splitKnowledge 2Application 3

TopicDemand, supply and elasticity

Question paper p.4 Mark scheme p.5 Examiner report p.6 Open in the tool

Q2(b)6 marks

Using Table 1 and Figure 1, consider whether the change in Australian Real GDP between 2021 and 2023 will be harmful for the total revenue of the shop.

Mark splitApplication 2Analysis 2Evaluation 2

TopicDemand, supply and elasticityMeasuring economic performanceCosts, revenues and profit

Question paper p.5 Mark scheme p.7 Examiner report p.7 Open in the tool

Q3(a)3 marks

Using a demand and supply diagram, outline how China might be able to manage their exchange rate below their free market exchange rate.

TopicInternational trade and exchange rates

Question paper p.6 Mark scheme p.9 Examiner report p.7 Open in the tool

Q3(b)3 marks

Using Figure 2, explain why China's monetary authorities would argue that the recent increase from $1: 6.30 CNY to $1: 7.20 CNY is not the result of any management of the exchange rate.

TopicInternational trade and exchange rates

Question paper p.7 Mark scheme p.11 Examiner report p.7 Open in the tool

Q49 marks

Using the data and economic analysis, discuss the strength of the relationship between China's exchange rate and its economic growth, inflation and net exports between January 2018 and October 2019.

Mark splitKnowledge 2Application 3Analysis 2Evaluation 2

TopicInternational trade and exchange ratesAggregate demandEconomic growth and the economic cycle

Question paper p.8 Mark scheme p.12 Examiner report p.7 Open in the tool

Q58 marks

To what extent will an absence of private property rights lead to market failure now that the UK has left the EU?

Mark splitKnowledge 2Application 2Analysis 2Evaluation 2

TopicGovernment intervention in markets

Question paper p.10 Mark scheme p.16 Examiner report p.7 Open in the tool

Q6Evaluate9 marks

Evaluate whether the proposed policies are likely to lead to higher prices, higher unemployment and a lower rate of economic growth.

Mark splitApplication 2Analysis 3Evaluation 4

TopicEconomic growth and the economic cycleMeasuring economic performance

Question paper p.11 Mark scheme p.18 Examiner report p.8 Open in the tool

Q7(a)4 marks

Using calculations in your answer, explain why the total wage cap in 2020 might have been said to be "too low".

Mark splitApplication 3Analysis 1

TopicGovernment intervention in marketsDemand, supply and elasticityThe labour market

Question paper p.12 Mark scheme p.22 Examiner report p.8 Open in the tool

Q7(b)7 marks

Using a diagram in your answer, discuss if the removal of the maximum price of labour was the main cause of the wage growth of elite players since 1961.

Mark splitKnowledge 3Application 2Evaluation 2

TopicGovernment intervention in markets

Question paper p.13 Mark scheme p.24 Examiner report p.8 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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