[Date] Pearson Edexcel
GCE AS Level In
Economics A
(8EC0) Paper 01
Introduction to Markets and
Market Failure
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Centre Candidate
Number Number
Pearson Edexcel Level 3
GCE
Monday 15 May 2023
Morning (Time: 1 hour 30
minutes)
referenc
e
8EC0/01
Economics A
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market
Failure
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materials. Marks
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your
centre number and candidate number.
• There are two sections in this question paper.
• Answer
name,
•• InAnswer
all questions in Section
Section B, answer all of questions 6(a) to 6(e) and one question from 6(f)
or the questions in the spaces
A. 6(g). – there may be more space than you need.
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provided
•• The total mark for this paper is 80.
The marks for each question are shown in
• Calculators
– use this as a guide as to how much time to spend on each question.
may be used.
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Advice
•• Read each question carefully before you start to answer it.
Check your answers if you have time at the
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, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
AREA
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Some 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 .
You are advised to spend 25 minutes on this section.
Use the data to support your answers where relevant. You may annotate and
include diagrams in your answers.
1 In 2021, energy regulator Ofgem announced that the maximum price of
energy will rise from £ 1 277 to £ 1 971 a year, for the average household bill.
(Source: adapted from https://www.moneysavingexpert.com/
utilities/what-is-the-energy-price-cap/)
(a) Which one of the following is the percentage increase in the maximum
price to the average household bill?
(1)
AREA
DO NOT WRITE IN THIS
A 35 %
B 45 %
C 54 %
D 694 %
(b) Annotate the diagram below to show the original and new maximum
price in this market.
(2)
Average annual household bill (£)
S AREA
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(Total for Question 1 = 4 marks)
DO NOT WRITE IN THIS
AREA
DO NOT WRITE IN THIS
AREA
3
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