#O C R
GCSE (9–1) Economics
J205/01 Introduction to Economics
May 2023
Time allowed: 1 hour 30 minutes
You can use:
a scientific or graphical calculator
an HB pencil
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
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.
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.
,2023 Turn over
, 2
Section A
Write your answer to each question in the box provided.
1 Buyers and sellers of a good on a website is an example of
A a market
B competition
C specialisation
D the secondary sector
Your answer [1]
2 For most of 2021 the world supply of computer chips did not satisfy the demand for them.
This is an example of
A economies of scale
B oligopoly collusion
C scarce resources
D unlimited wants
Your answer [1]
3 Price elasticity of supply measures the
A percentage change in price relative to the percentage change in quantity supplied
B percentage change in quantity supplied relative to a change in income
C ratio of the quantity supplied to the price of the factor inputs
D responsiveness of quantity supplied to a change in the price of the product
Your answer [1]
2023
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