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Wec11 Jan25 QP

This document outlines the examination details for the Pearson Edexcel International Advanced Level Economics paper scheduled for January 8, 2025. It includes instructions for candidates, information about the total marks, and a series of questions covering various economic concepts. The paper consists of multiple sections, requiring candidates to answer all questions in Sections A, B, and C, and one question from Section D.

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0% found this document useful (0 votes)

338 views32 pages

Wec11 Jan25 QP

Uploaded by

xoxaxe4134

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

You are on page 1/ 32

Please check the examination details below before entering your candidate information

Candidate surname Other names

Centre Number Candidate Number

Pearson Edexcel International Advanced Level

Wednesday 8 January 2025
Morning (Time: 1 hour 45 minutes) Paper
reference WEC11/01
Economics  

International Advanced Subsidiary

UNIT 1: Markets in action

You must have: Total Marks

Source Booklet (enclosed)

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

Information
•• The total mark for this paper is 80.
The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
• Calculators 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

P78461A
©2025 Pearson Education Ltd.
H:1/1/1
*P78461A0128*
SECTION A
Answer ALL questions in this section.

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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 .
1 Singapore is considered to be close to being a free market economy, with low tax
rates, minimal regulations on businesses and a reliance on the price mechanism.
Which one of the following is a disadvantage of a free market economy?

A The profit incentive encourages investment

B The non-provision of public goods

C The possibility of government failure

D An equal distribution of income

(Total for Question 1 = 1 mark)

2 Between November 2022 and November 2023, the average price of milk decreased
by 36.8% in Ireland.
Which one of the following is most likely to result from the introduction of a
minimum guaranteed price for milk above the equilibrium price?

A An excess supply of milk

B An excess demand for milk

C An increase in consumer surplus

D A decrease in producer surplus

(Total for Question 2 = 1 mark)

3 In 2022 it was estimated that $5.8 trillion worth of money was circulating in the USA.
Which one of the following is a function of money?

A To create a moral hazard

B To extend property rights

C To regulate financial markets

D To act as a medium of exchange

(Total for Question 3 = 1 mark)

2
*P78461A0228* 
4 The diagram shows the production possibilities for an economy.
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Capital goods
W
80

55 X

Y
38

Z
0
42 70 100

Consumer goods

Which one of the following can be deduced from the diagram?

A The movement from W to X has an opportunity cost of 42 consumer goods

B The movement from Y to Z has an opportunity cost of 30 consumer goods

C The movement from X to Y has an opportunity cost of 17 capital goods

D The movement from Y to X has an opportunity cost of 28 capital goods

(Total for Question 4 = 1 mark)

3
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5 The chart shows the resources used to generate electricity globally in 2022.

Other renewables 13%

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Solar 4%
Coal 35%

Wind 7%

Hydro power 15%

Oil 3% Gas 23%

(Source: https://www.worldenergydata.org/world-electricity-generation/)

Which one of the following can be deduced from the chart?

A Electricity was mostly generated using renewable resources

B Electricity was mostly generated using non-renewable resources

C 58% of electricity was generated using non-renewable resources

D 26% of electricity was generated using renewable resources

(Total for Question 5 = 1 mark)

4
*P78461A0428* 
6 The table shows the estimated cross elasticities of demand for selected types of
vehicle with respect to a change in the price of petrol vehicles in Norway.
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Types of vehicles Cross elasticity of demand

Electric +0.19

Plug-in hybrid +0.25

Diesel +0.64

(Source: adapted from https://etrr.springeropen.com/articles/10.1186/s12544-020-00454-2)

Ceteris paribus, which one of the following can be deduced from this information?

A All three types of vehicle are normal goods

B All three types of vehicle are inferior goods

C All three types of vehicle are complements of petrol vehicles

D All three types of vehicle are substitutes for petrol vehicles
(Total for Question 6 = 1 mark)

TOTAL FOR SECTION A = 6 MARKS

5
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SECTION B
Answer ALL questions in this section. Write your answers in the spaces provided.

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7 In 2023 the Government of France considered imposing an indirect tax on aviation
fuel for those using private jets. This was to be set at a rate of €0.65 per litre.
Draw a diagram to illustrate the impact of imposing this indirect tax on aviation fuel
for private jets.

................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 7 = 4 marks)

6
*P78461A0628* 
8 The table shows annual percentage changes in house prices in Australia between
2020 and 2022.
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Percentage
change

2020 3.6

2021 24.5

2022 −4.9

(Source adapted from: https://www.abc.net.au/news/2024-01-02/australia-

house-pricing-home-value-index-2023/103278170)

Explain one reason why there might have been a housing market bubble in Australia
in 2021.

................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 8 = 4 marks)

7
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9 In 2021 the global price of cotton increased substantially. This resulted in an increase
in the price of a cotton t-shirt from $1.50 to $2.

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Rising fertiliser costs caused farmers to switch from growing wheat for bread
production to growing wheat for animal feed that requires less fertiliser.
With reference to the information given, explain the difference between the rationing
function and the incentive function of the price mechanism.

(Total for Question 9 = 4 marks)

8
*P78461A0828* 
10 The table shows the number of bus journeys taken by individuals and the average
weekly income for the UK in 2022 and 2023.
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Number of Average weekly

bus journeys income per person

2022 2.9 billion £626

2023 3.4 billion £663

Ceteris paribus, calculate the income elasticity of demand for bus journeys.
Show your workings.

(Total for Question 10 = 4 marks)

9
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11 Between 2019 and 2022 the number of international visitors to Czechia decreased
from 6.8 million to 4.5 million.

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Ceteris paribus, explain the likely impact on producer surplus in the hotel market in
Czechia.
Illustrate your answer with a supply and demand diagram.

(Total for Question 11 = 4 marks)

TOTAL FOR SECTION B = 20 MARKS

10
*P78461A01028* 
11
Turn over
*P78461A01128*
SECTION C BEGINS ON THE NEXT PAGE.
BLANK PAGE


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SECTION C
Study Figures 1 and 2 and Extracts A, B and C in the Source Booklet

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before answering Question 12.
Write your answers in the space provided on the following pages.
12 (a) Define the term ‘forward market’. (Extract A, line 10)
(2)
(b) With reference to Figure 1 and Extract A, analyse one supply factor and one
demand factor that caused the price of cocoa to increase by approximately 68%
between November 2022 and November 2023.
Illustrate your answer with a supply and demand diagram.
(6)
(c) With reference to Figure 2, explain the term ‘price inelastic supply’. Refer to the
short-run and the long-run in your answer.
(4)
(d) With reference to Extract C, examine two effects of the Government of Ghana’s
decision to end the subsidies paid to cocoa farmers.
(8)
(e) With reference to Extract B, discuss the likely external costs associated with cocoa
production.
Illustrate your answer with an externalities diagram.
(14)

12
*P78461A01228* 
12 (a) Define the term ‘forward market’. (Extract A, line 10)
(2)
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13
 *P78461A01328* Turn over
(b) With reference to Figure 1 and Extract A, analyse one supply factor and one
demand factor that caused the price of cocoa to increase by approximately 68%
between November 2022 and November 2023.

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Illustrate your answer with a supply and demand diagram.
(6)

14
*P78461A01428* 
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15
 *P78461A01528* Turn over
(c) With reference to Figure 2, explain the term ‘price inelastic supply’. Refer to the
short-run and the long-run in your answer.
(4)

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16
*P78461A01628* 
(d) With reference to Extract C, examine two effects of the Government of Ghana’s
decision to end the subsidies paid to cocoa farmers.
(8)
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17
 *P78461A01728* Turn over
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18
*P78461A01828* 
(e) With reference to Extract B, discuss the likely external costs associated with cocoa
production.
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Illustrate your answer with an externalities diagram.

(14)

19
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20
*P78461A02028* 
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(Total for Question 12 = 34 marks)

TOTAL FOR SECTION C = 34 MARKS

21
 *P78461A02128* Turn over
SECTION D
Answer ONE question from this section.

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Write your answer in the space provided.
EITHER
13 In 2015 the Government of South Korea introduced a tradeable pollution permit
scheme. This scheme applies to 70% of all businesses and includes power generation,
manufacturing and domestic aviation.
Evaluate the possible benefits of introducing a tradeable pollution permit scheme.
(Total for Question 13 = 20 marks)

OR
14 Between 2012 and 2021 government spending on education per person per year in
high-income countries increased from $7 507 to $8 515. In low-income countries the
increase was from $42 to $56 per person.
Evaluate the microeconomic benefits of increased spending on education.
(Total for Question 14 = 20 marks)

22
*P78461A02228* 
Indicate which question you are answering by marking a cross in the box . If you change your
mind, put a line through the box and then indicate your new question with a cross .
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Chosen question number: Question 13 Question 14

Write your answer here:

23
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24
*P78461A02428* 
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25
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26
*P78461A02628* 
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TOTAL FOR SECTION D = 20 MARKS

TOTAL FOR PAPER = 80 MARKS

27
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*P78461A02828*
BLANK PAGE

28
Pearson Edexcel International Advanced Level
Wednesday 8 January 2025
Morning (Time: 1 hour 45 minutes)
Paper
reference WEC11/01
Economics
 

International Advanced Subsidiary

UNIT 1: Markets in action

Source Booklet
Do not return this Booklet with the question paper.

Turn over

P78461A
©2025 Pearson Education Ltd.
H:1/1/1
*P78461A*
Sources for use with Section C.
The cocoa market
Figure 1 World price of cocoa, dollars per kilogram, November 2022 to
November 2023

$
4.23
4.04
3.84
3.65
3.45
3.26
3.07
2.87
2.68
2.48
2.29

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
2022 2022 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023

Extract A Cocoa price rises rapidly

By November 2023 cocoa prices were at their highest level for 46 years. Between
November 2022 and November 2023 prices increased by approximately 68%.
Côte d’Ivoire, the world’s largest grower, experienced a 36.3% decrease in production
compared to the previous year. Flooding and swollen shoot disease on cocoa farms 5
caused this significant fall in cocoa production.
More cocoa has been required by the chocolate and drinking chocolate markets. There
is growing evidence of the health benefits of cocoa so chocolate makers and drinking
chocolate makers have been increasing the cocoa content in their products.
The forward market price for cocoa for six months’ time more than doubled between 10
April 2023 and April 2024.

2 P78461A

Figure 2 Estimated price elasticity of supply for cocoa

Estimated elasticity

Short-run price elasticity of supply +0.07

Long-run price elasticity of supply +0.57

Extract B The true cost of cocoa production

Cocoa farming has resulted in the loss of large areas of rainforest. Over the last three
decades the increase in cocoa farming has resulted in a 70% loss of the forests in Ghana
and Côte d’Ivoire.
Between 2014 and 2019 the use of pesticides in the production of cocoa increased by 5
20% in Ghana and Côte d’Ivoire. These pesticides are often highly hazardous and may
cause cancer. In addition, they can pollute drinking water and rivers.
The percentage of earnings for each sector involved in the chocolate market is as follows:
• Cocoa farmers 6.6%
• Transport businesses 2.1% 10

• Processors 7.6%
• Marketing businesses 4.3%
• Chocolate manufacturers 35.2%
• Retailers 44.2%
Many cocoa farmers have difficulty in meeting their basic needs. Some are even unable 15
to afford sufficient food, shelter or clothing. As farmers struggle to survive financially,
many now employ children. Between 2009 and 2019 the percentage of workers on cocoa
plantations who were children increased from 5% to 24% in Ghana and Côte d’Ivoire.
Extract C Subsidies for cocoa farmers in Ghana
Between 2019 and 2020 the Government of Ghana increased the amount it spent
subsidising cocoa farmers from $200 million to $400 million. The funds were paid to
enable farmers to purchase fertiliser and to ensure that farmers’ incomes were not too
low. However, the Government found it difficult to fund these payments to cocoa farmers 5
and it decided to end these subsidies in 2023.

P78461A 3

BLANK PAGE

Acknowledgements

Figure 1 adapted from:

https://www.indexmundi.com/commodities/?commodity=cocoa-beans&months=12

Extract A adapted from:

https://tradingeconomics.com/commodity/cocoa
https://www.reuters.com/markets/commodities/chocolate-making-ingredient-cocoa-hits-highest-price-46-
years-2023-06-28/
https://www.investing.com/commodities/london-cocoa

Figure 2 adapted from:

https://ageconsearch.umn.edu/record/258587

Extract B adapted from:

https://www.iisd.org/system/files/2022-11/2022-global-market-report-cocoa.pdf
https://www.inkota.de/sites/default/files/2023-08/info_sheet_pesticides_in_cocoa_production_en_final.pdf
https://www.visualcapitalist.com/wp-content/uploads/2020/10/supplemental-3.jpg

Extract C adapted from:

https://thecocoapost.com/ghana-pays-400m-yearly-in-subsidies-as-cocoa-prices-tumble/
https://www.bloomberg.com/news/articles/2023-05-19/imf-backed-program-aims-to-cut-ghana-cocoa-regulator-s-losses

4 P78461A
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Wec11 Jan25 QP

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Wec11 Jan25 QP

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Please check the examination details below before entering your candidate information

Candidate surname Other names

Centre Number Candidate Number

Pearson Edexcel International Advanced Level

International Advanced Subsidiary

You must have: Total Marks

A The profit incentive encourages investment

B The non-provision of public goods

C The possibility of government failure

D An equal distribution of income

A An excess supply of milk

B An excess demand for milk

D A decrease in producer surplus

A To create a moral hazard

B To extend property rights

C To regulate financial markets

D To act as a medium of exchange

Which one of the following can be deduced from the diagram?

A The movement from W to X has an opportunity cost of 42 consumer goods

B The movement from Y to Z has an opportunity cost of 30 consumer goods

C The movement from X to Y has an opportunity cost of 17 capital goods

D The movement from Y to X has an opportunity cost of 28 capital goods

Other renewables 13%

Hydro power 15%

Oil 3% Gas 23%

Which one of the following can be deduced from the chart?

A Electricity was mostly generated using renewable resources

B Electricity was mostly generated using non-renewable resources

D 26% of electricity was generated using renewable resources

Types of vehicles Cross elasticity of demand

Plug-in hybrid +0.25

(Source: adapted from https://etrr.springeropen.com/articles/10.1186/s12544-020-00454-2)

A All three types of vehicle are normal goods

B All three types of vehicle are inferior goods

C All three types of vehicle are complements of petrol vehicles

TOTAL FOR SECTION A = 6 MARKS

(Total for Question 7 = 4 marks)

(Source adapted from: https://www.abc.net.au/news/2024-01-02/australia-

(Total for Question 8 = 4 marks)

(Total for Question 9 = 4 marks)

Number of Average weekly

2022 2.9 billion £626

2023 3.4 billion £663

(Total for Question 10 = 4 marks)

(Total for Question 11 = 4 marks)

TOTAL FOR SECTION B = 20 MARKS

Illustrate your answer with an externalities diagram.

(Total for Question 12 = 34 marks)

TOTAL FOR SECTION C = 34 MARKS

Chosen question number: Question 13 Question 14

TOTAL FOR SECTION D = 20 MARKS

International Advanced Subsidiary

Extract A Cocoa price rises rapidly

Short-run price elasticity of supply +0.07

Long-run price elasticity of supply +0.57

Extract B The true cost of cocoa production

Figure 1 adapted from:

Extract A adapted from:

Figure 2 adapted from:

Extract B adapted from:

Extract C adapted from:

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