Mark Scheme
(Results)
January 2024
Pearson Edexcel International Advanced Level
In Economics (WEC11)
Unit 1: Markets in Action
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January 2024
Question Paper Log Number P73482A
Publications Code WEC11_01_MS_2401
All the material in this publication is copyright
© Pearson Education Ltd 2024
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, Section A
Question Quantitative skills assessed Answer Mark
1 QS9: Interpret, apply and The only correct answer is C
analyse information in (1)
written, graphical, tabular A is not correct because this is an
and numerical forms example of asymmetric information
B is not correct because this is an
example of asymmetric information
D is not correct because market
failure occurs when there is
asymmetric information
2 QS9: Interpret, apply and The only correct answer is D
analyse information in (1)
written, graphical, tabular A is not correct because consumer
and numerical forms goods gain utility for an individual
B is not correct because the sea
defences have an opportunity cost
C is not correct because the sea
defences are non-excludable and
non-rival whereas private goods are
excludable and rival.
3 QS8: Make calculations of The only correct answer is B
elasticity and interpret the (1)
result A is not correct because
QS9: Interpret, apply and complements have a negative XED
analyse information in C is not correct because unrelated
written, graphical, tabular goods have an XED of 0
and numerical forms D is not correct because there is no
information on income
4 QS4: Construct and The only correct answer is A
interpret a range of (1)
standard graphical forms B is not correct because this is the
QS9: Interpret, apply and area of consumer surplus
analyse information in C is not correct because the area the
written, graphical, tabular and government will spend is GHKJ
numerical forms D is not correct because this is the
total revenue to farmers
5 QS2 Calculate, use and The only correct answer is B
understand percentages, (1)
percentage changes and A is not correct because more
percentage point changes electricity is generated using
QS9: Interpret, apply and renewable resources
analyse information in C is not correct because 21% is the
written, graphical, tabular total for non-renewable resources
and numerical forms D is not correct because 79% is the
total for renewable resources
