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Centre Number Candidate Number
Pearson Edexcel International Advanced Level
Tuesday 9 January 2024
Afternoon (Time: 1 hour 45 minutes) Paper
reference WEC11/01
Economics
International Advanced Subsidiary
UNIT 1: Markets in action
You must have: Total Marks
Source Booklet (enclosed)
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your name,
centre number and candidate number.
•• Answer ALL questions in Sections A, B and C.
Answer ONE question in Section D.
• Answer the questions in the spaces provided
– there may be more space than you need.
Information
•• The total mark for this paper is 80.
The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
• Calculators may be used.
Advice
•• Read each question carefully before you start to answer it.
Check your answers if you have time at the end.
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Questions must be answered with a cross in a box . If you change your mind about an answer,
put a line through the box and then mark your new answer with a cross .
1 Which one of the following is a characteristic of symmetric information?
A Buyers have more information than sellers
B Sellers have more information than buyers
C Buyers and sellers have the same level of information
D Buyers and sellers experience market failure
(Total for Question 1 = 1 mark)
2 70 million citizens in Bangladesh live in areas where there is a risk of flooding.
The Government of Bangladesh plans to spend $400 billion to build 600 kilometres of
sea defences.
Sea defences are an example of which one of the following?
A Consumer goods
B Free goods
C Private goods
D Public goods
(Total for Question 2 = 1 mark)
3 The cross elasticity of demand for Pepsi Cola with respect to a change in the price of
Coca-Cola is estimated to be +0.62 in North America.
Which one of the following can be deduced from this information?
A Pepsi Cola and Coca-Cola are complements
B Pepsi Cola and Coca-Cola are substitutes
C Pepsi Cola and Coca-Cola are unrelated goods
D Pepsi Cola and Coca-Cola are normal goods
(Total for Question 3 = 1 mark)
2
*P73482A0228*
, 4 The diagram represents the market for wheat in India. The Government of India
operates a minimum price scheme for wheat. It agrees to buy any surpluses from
farmers at the minimum price of 0E.
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Price of wheat F Supply
per kg
G H Pmin
E
I
Demand
0 J K
Quantity of wheat, kg
Which one of the following can be deduced from this information?
A The Government will spend GHKJ
B The Government will spend EFG
C The Government will spend GHI
D The Government will spend EHK0
(Total for Question 4 = 1 mark)
3
*P73482A0328* Turn over
, 5 The chart shows the sources of electricity generation for Brazil in 2021.
Other renewables
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11%
Solar
2%
Oil
3%
Coal
4%
Wind
11% Hydropower
55%
Gas
14%
Which one of the following can be deduced from the chart?
A Electricity is mostly generated from non-renewable resources
B Electricity is mostly generated from renewable resources
C 21% of electricity is generated using renewable resources
D 79% of electricity is generated using non-renewable resources
(Total for Question 5 = 1 mark)
4
*P73482A0428*
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