Exam (elaborations)

AQA AS ECONOMICS BEST RATING Paper 1 The Operation of Markets and Market Failure MAY 2023

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Module
AS ECONOMICS Paper 1

Institution
AQA

AQA AS ECONOMICS Paper 1 The Operation of Markets and Market Failure Monday 15 May 2023 Morning Time allowed: 1 hour 30 minutes Materials For this paper you must have: • the Insert • a calculator. Instructions • Use black ink or black ball-point pen. Pencil should only b...

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Uploaded on June 19, 2023
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Written in 2022/2023
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AS ECON PPR1

AQA

AS
ECONOMICS
Paper 1 The Operation of Markets and Market
Failure

Monday 15 May 2023 Morning Time allowed: 1 hour 30 minutes
Materials
For Examiner’s Use
For this paper you must have:
 the Insert Sectio Mark
 a calculator. n
A
Instructions B
 Use black ink or black ball-point pen. Pencil should only be used for drawing.
 Fill in the boxes at the top of this page. TOTAL
 Answer all questions in Section A.
 Answer either Context 1 or Context 2 in Section B.
 You will need to refer to the Insert provided to answer Section B.
 You must answer the questions in the spaces provided. Do not
write outside the box around each page or on blank pages.
 If you need extra space for your answer(s), use the lined pages at
the end of this book. Write the question number against your
answer(s).
 Do all rough work in this book. Cross through any work you do not
want to be marked.

Information
 The maximum mark for this paper is 70.
 The marks for questions are shown in brackets.
 No deductions will be made for wrong answers.

IB/M/Jun23/E10 7135/1

1

, 2
Do not write
outside the
Section A box

Answer all questions in this
section.

Only one answer per question is allowed.

For each question completely fill in the circle alongside the appropriate answer.

CORRECT METHOD WRONG METHODS

If you want to change your answer you must cross out your original answer as shown.

If you wish to return to an answer previously crossed out, ring the answer you now wish to select

0 1 Which one of the following gives rise to opportunity cost?
[1 mark]

A Alternative uses for resources

B Market failures for many goods

C The methodology of positive economics

D The presence of externalities

0 2 A bakery decides to increase the price of the bread that it sells.

Which one of the following price elasticities of demand for bread will result
in the largest increase in the bakery’s total revenue?
[1 mark]

A –0.4

B –0.8

C –1.0

D –2.0

*02
IB/M/
* Jun23/7135/1

, 3
Do not write
outside the
0 3 Figure 1 shows the demand (D) and supply (S) curves for scooters. box

Market equilibrium is initially at E, the intersection of D1 and S1.

Figure 1

The government announces a cut in the indirect tax on scooters and an increase
in the indirect tax on bicycles, a substitute for scooters.

Which one of the following is most likely to be the new equilibrium in the
market for scooters?
[1 mark]

A F

B G

C H

D I

Turn over ►

*03
IB/M/
* Jun23/7135/1

, 4
Do not write
outside the
box

*03
IB/M/
* Jun23/7135/1

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Exam (elaborations)

AQA AS ECONOMICS BEST RATING Paper 1 The Operation of Markets and Market Failure MAY 2023

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