Exam (elaborations)
OCR GCSE (9–1) Economics J205/01 JUNE 2023 QUESTION PAPER: Introduction to Economics
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Please write clearly in black ink. Do not write in the barcodes.Centre number Candidate number
First name(s)
Last nameAb OCR
Oxford Cambridge and RSA
Wednesday 17 May 2023 – Afternoon
GCSE (9–1) Economics
J205/01 Introduction to Economics
Time allowed: 1 hour 30 minutes
INSTRUCTIONS
•Use black ink. You can use an HB pencil, but only for graphs and diagrams.
•Write your answer to each question in the space provided. If you need extra space use the lined pages at the end of this booklet. The question numbers must be clearly shown.
•Answer all the questions.
INFORMATION
•The total mark for this paper is 80.
•The marks for each question are shown in brackets [ ].
•Quality of extended response will be assessed in questions marked with an asterisk (*).
•This document has 24 pages.
ADVICE
•Read each question carefully before you start your answer.You can use:
a scientific or graphical calculator
an HB pencil © OCR 2023 [603/0143/0] DC (LK/CT) 316128/5OCR is an exempt Charity Turn over Section A
Write your answer to each question in the box provided.
1Buyers and sellers of a good on a website is an example of
Aa market
Bcompetition
Cspecialisation
Dthe secondary sector
Your answer [1]
2For most of 2021 the world supply of computer chips did not satisfy the demand for them.
This is an example of
Aeconomies of scale
Boligopoly collusion
Cscarce resources
Dunlimited wants
Your answer [1]
3Price elasticity of supply measures the
Apercentage change in price relative to the percentage change in quantity supplied
Bpercentage change in quantity supplied relative to a change in income
Cratio of the quantity supplied to the price of the factor inputs
Dresponsiveness of quantity supplied to a change in the price of the product
Your answer [1] 4A company advertised for a new marketing manager. Two essential requirements
are that the person must have marketing experience and live within easy commuting distance. Pay will depend on the level of experience.
What best explains why some suitable people will not apply for this job?
AThe demand for labour is dependent on the demand for the product
BThe price elasticity of demand for the advertised job is inelastic
CTheir qualifications and experience are not in marketing
DThis labour market lacks perfect mobility
Your answer [1]
5What is a function of the Bank of England?
AIssuing bank notes
BMaking business loans
COffering savings accounts
DRegulating the stock market
Your answer [1]
6Which group would not be classed as producers?
AFactory workers
BSelf-employed individuals
CSmall firms
DThe government
Your answer [1]
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