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Pearson Edexcel Level 3 GCE Economics A Advanced PAPER 1: Markets and Business Behaviour June 2023
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Pearson Edexcel Level 3 GCE Economics A Advanced PAPER 1 Markets and Business Behaviour June 2023

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  • March 5, 2024
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  • pearson edexcel level 3 gce economics a advanced
  • paper 1 markets and business behaviour
  • paper 1 markets and business behaviour june 2023

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Pearson Edexcel Level 3 GCE
Economics A
Advanced
PAPER 1: Markets and Business Behaviour
June 2023

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 three sections in this question paper. Answer all questions
name,Section A and Section B. Answer one question from Section C.
from
• Answer the questions in the spaces
provided – there may be more space than
you need.

Information

•• The total mark for this paper is 100.
The marks for each question are shown in
– use this as a guide as to how much time to spend on each question.
• Calculators
brackets
may be used.

Advice

•• Read each question carefully before you start to answer it.
Check your answers if you have time at the

end.

Turn over




1

, SECTION A
Answer ALL questions. Write your answers in the spaces provided.




AREA
DO NOT WRITE IN THIS
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 30 minutes on this

section. Use the data to support your answers

where relevant.
You may annotate and include diagrams in your answers.
1 In a major reform of its command economy, the Cuban government will allow
small private businesses to operate in most fields. Free market economists have
long called for the role of small business to be expanded to help jump-start the
economy and to create jobs.
(a) With reference to the information provided, explain one advantage of a
free market economy.




AREA
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(4)

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2


, (b) Which one of the following economic thinkers supported the idea
of a command economy?
(1)
A Adam Smith
DO NOT WRITE IN THIS




B Friedrich Hayek
C John Maynard Keynes
D Karl Marx
(Total for Question 1 = 5 marks)
AREA
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AREA
DO NOT WRITE IN THIS
AREA




3
 Turn
over

, 2 The production possibility frontier shows last year’s harvest for a UK farmer at point X.

Wheat




AREA
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7
6 Y

5 Z
4 X
3
2
W
1
0 Oats
1 2 3 4 5

(a) Calculate the opportunity cost of the decision by the farmer to harvest 6




AREA
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units of wheat this year at point Y (movement from point X to point Y).
(2)

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(b) Explain the impact on efficiency of producing at point W in the following year.
(2)
AREA
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4


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