WEC01 01 Que 20140116

Topics: Supply and demand, Elasticity, Price elasticity of demand Pages: 40 (2636 words) Published: April 15, 2015
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Pearson Edexcel

Centre Number

Candidate Number

International
Advanced Level

Economics
International Advanced Subsidiary
Unit 1: Markets in Action
Wednesday 15 January 2014 – Afternoon
Time: 1 hour 30 minutes
You do not need any other materials.

Paper Reference

WEC01/01
Total Marks

Instructions

black ink or ball-point pen.
• Use
in the boxes at the top of this page with your name,
• Fill
centre number and candidate number.
all the questions in Section A and one question from Section B. • Answer
the questions in the spaces provided
• Answer
– there may be more space than you need.

Information

The total mark for this paper is 80.
• The
for each question are shown in brackets
• – usemarks
this as a guide as to how much time to spend on each question. your responses, you should take particular care with punctuation and • Ingrammar,
as well as the clarity of your expression.
• Calculators may be used.

Advice

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

Turn over

P44532A
©2014 Pearson Education Ltd.

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*P44532A0140*

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2

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Section A: Answer all the questions in this section.
You should spend 35 minutes on this section. Use the data to support your answers where relevant. You may annotate and include diagrams in your answers. 1 One of the roles of the state in a mixed economy is to

(1)
A maintain price flexibility
B allocate goods and services using the price mechanism
C ration luxury goods
D provide public goods

Answer

Explanation
(3)
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