A-level ECONOMICS Paper 3 Economic Principles and Issues
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A-level ECONOMICS Paper 3 Economic Principles and
Institution
A-level ECONOMICS Paper 3 Economic Principles And
A-level
ECONOMICS
Paper 3 Economic Principles and Issues
Friday 7 June 2024 Morning Time allowed: 2 hours
Materials
For this paper you must have:
• the Insert
• a calculator.
Instructions
• Answer all questions.
• Use black ink or black ball-point pen. Pencil should only be us...
A-level
ECONOMICS
Paper 3 Economic Principles and
Issues
Friday 7 June 2024 Morning Time allowed: 2 hours
Materials
For Examiner’s Use
For this paper you must have:
the Insert Sectio Mark
a calculator. n
A
Instructions B
Answer all questions.
TOTAL
Use black ink or black ball-point pen. Pencil should only be used for drawing.
Fill in the boxes at the top of this page.
You will need to refer to the Insert provided to answer Section B.
You must answer the questions in the spaces provided. Do not write outside the box
around each page or 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 answer book. Cross through any work that you do not want to be
marked.
Information
The maximum mark for this paper is 80.
The marks for questions are shown in brackets.
No deductions will be made for wrong answers.
Paper3 level economics
,Paper3 level ecomics
Paper3 level economics
, 2
Do not write
outside the
Section A box
Answer all questions in this
section.
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 one of the following is a consequence of the basic economic
problem of limited resources and unlimited wants?
[1 mark]
A All goods and services will have a market price
B Employment of factors of production has an opportunity cost
C Markets are unable to allocate resources efficiently
D There will not be an excess supply in markets
0 2 A profit-maximising firm, in the service sector, needs to recruit a new
employee. Which one of the following explains why asymmetric information
could mean that the most suitable person is not chosen?
[1 mark]
A It is difficult to calculate the marginal revenue productivity of
workers in the service sector
B Occupational immobility of labour means that there is a limited
supply of workers with the right skill set
C The firm may have to recruit the worker from the local area
because labour is often geographically immobile
D The firm is unlikely to know everything about job applicant’s
skills, abilities and motivation
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, 3
Do not write
outside the
0 3 Figure 1 shows the production possibility boundary for petrol-powered cars box
and electric- powered cars in a country's car industry.
Figure 1
If production has moved from Point A to Point B, which one of the following must
be true?
[1 mark]
A Allocative efficiency in the car industry is unchanged
B Demand for electric-powered vehicles has increased
C Productive efficiency in the car industry is unchanged
D Static efficiency in the car industry has improved
0 4 A household's annual income increases from £35 000 to £38 500. All other
things being equal, if the household's income elasticity of demand for Good X is –
0.2 and its income elasticity of demand for Good Y is 0.4, which one of the
following statements is correct?
[1 mark]
A Spending on Good X will fall by £70 and spending on Good Y
will increase by £140
B Spending on Good X will fall by £700 and spending on Good Y
will increase by £1400
C Spending on Good X will fall by 2% and spending on Good Y will
increase by 4%
D Spending on Good X will fall by 20% and spending on
Good Y will increase by 40%
Turn over ►
*03
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