Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
GCSE
ECONOMICS
Paper 1 How Markets Work
Wednesday 17 May 2023 Afternoon Time allowed: 1 hour 45 minutes
For Examiner’s Use
Materials
You will need no other materials. Section Mark
You may use a calculator. A
B
Instructions
• Use black ink or black ball-point pen. TOTAL
• Fill in the boxes at the top of this page.
• Answer all questions.
• You must answer the questions in the spaces provided. Do not write 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 marks for questions are shown in brackets.
• The maximum mark for this paper is 80.
• Questions should be answered in continuous prose. You will be assessed on your ability to:
– use good English
– organise information clearly
– use specialist vocabulary where appropriate.
*JUN238136101*
IB/H/Jun23/E7 8136/1
, 2
Do not write
outside the
Section A box
Answer all questions in the spaces provided.
For questions with four responses, 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
as shown.
0 1 Which of the following best describes the equilibrium price in a market?
[1 mark]
A Where all consumers are satisfied
B Where profit is maximised
C Where quantity supplied equals quantity demanded
D Where quantity supplied exceeds quantity demanded
0 2 Which of the following could lead to a reduction in the quantity supplied of a product?
[1 mark]
A A decrease in demand for the product
B A decrease in the cost of making the product
C An increase in the popularity of the product
D An increase in the price of the product
*02*
IB/H/Jun23/8136/1
, 3
Do not write
outside the
0 3 A firm can reduce its average costs in the long run by making effective use of a large box
machine. This is an example of
[1 mark]
A financial economies of scale.
B purchasing economies of scale.
C risk-bearing economies of scale.
D technical economies of scale.
0 4 Which of the following would be included in the tertiary sector of an economy?
[1 mark]
A A farm
B A leisure centre
C Construction
D Fishing
Turn over for the next question
Turn over ►
*03*
IB/H/Jun23/8136/1
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
GCSE
ECONOMICS
Paper 1 How Markets Work
Wednesday 17 May 2023 Afternoon Time allowed: 1 hour 45 minutes
For Examiner’s Use
Materials
You will need no other materials. Section Mark
You may use a calculator. A
B
Instructions
• Use black ink or black ball-point pen. TOTAL
• Fill in the boxes at the top of this page.
• Answer all questions.
• You must answer the questions in the spaces provided. Do not write 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 marks for questions are shown in brackets.
• The maximum mark for this paper is 80.
• Questions should be answered in continuous prose. You will be assessed on your ability to:
– use good English
– organise information clearly
– use specialist vocabulary where appropriate.
*JUN238136101*
IB/H/Jun23/E7 8136/1
, 2
Do not write
outside the
Section A box
Answer all questions in the spaces provided.
For questions with four responses, 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
as shown.
0 1 Which of the following best describes the equilibrium price in a market?
[1 mark]
A Where all consumers are satisfied
B Where profit is maximised
C Where quantity supplied equals quantity demanded
D Where quantity supplied exceeds quantity demanded
0 2 Which of the following could lead to a reduction in the quantity supplied of a product?
[1 mark]
A A decrease in demand for the product
B A decrease in the cost of making the product
C An increase in the popularity of the product
D An increase in the price of the product
*02*
IB/H/Jun23/8136/1
, 3
Do not write
outside the
0 3 A firm can reduce its average costs in the long run by making effective use of a large box
machine. This is an example of
[1 mark]
A financial economies of scale.
B purchasing economies of scale.
C risk-bearing economies of scale.
D technical economies of scale.
0 4 Which of the following would be included in the tertiary sector of an economy?
[1 mark]
A A farm
B A leisure centre
C Construction
D Fishing
Turn over for the next question
Turn over ►
*03*
IB/H/Jun23/8136/1
