The June 2018 Edexcel Economics A Level Paper 1 exam covers markets and business behavior. This 2-hour paper tests students' knowledge of key economic concepts and their ability to analyze data and apply economic theories.
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Edexcel A Level Economics Past Papers: June 2018 Questions and Answers
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03/08/2023
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Page 1: Exam Instructions
This page provides essential information about the June 2018 Edexcel Economics A Level Paper 1:
- The exam is 2 hours long and worth 100 marks total
- Students must answer all questions in Sections A and B, and choose one question from Section C
- Calculators are permitted
- Black ink or ballpoint pen should be used
Highlight: This paper tests students on markets and business behavior, key topics in the Edexcel A Level Economics specification.
Page 2: Production Possibility Frontier Question
This page presents the first question, focusing on production possibility frontiers (PPFs):
- A diagram shows PPFs for an economy producing capital and consumer goods
- Students must calculate opportunity costs and analyze shifts in the PPF
- The question tests understanding of economic efficiency and resource allocation
Definition: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods an economy can produce with its available resources and technology.
Example: The PPF shifts outward from XY to XZ, indicating economic growth or increased productive capacity.
Page 3: PPF Analysis Continued
This page continues the PPF question:
- Students must identify the most likely cause of the PPF shift
- An explanation of the economy's characteristics at point W is required
Vocabulary: Inefficient allocation of resources refers to an economy operating inside its PPF, indicating unemployment or underutilization of resources.
Page 4: National Lottery Revenue Calculation
This question focuses on the UK National Lottery:
- Students must calculate Camelot's weekly revenue after tax
- The question tests mathematical skills and understanding of tax impacts on business revenue
Example: With 73 million weekly ticket sales at £2 each, including 24 pence tax per ticket, students must determine Camelot's post-tax revenue.
Page 5: Cross-Elasticity of Demand Analysis
This page examines the relationship between national lottery tickets and gaming machines:
- Students analyze the impact of a price increase in lottery tickets on gaming machine demand
- The question tests understanding of cross-elasticity of demand (XED)
Definition: Cross-elasticity of demand measures how the demand for one good changes in response to a price change in another good.
Highlight: The XED of 1.28 indicates that lottery tickets and gaming machines are strong substitutes.
Page 6: Public Goods Question
The final question on this page relates to a coastal flood defense scheme:
- Students must identify the economic rationale for a National Lottery grant funding the scheme
- The question tests understanding of public goods and government intervention
Vocabulary: A public good is non-excludable and non-rivalrous in consumption, often requiring government provision or funding.
Page 7: Incomplete Question
This page contains the beginning of a new question, but the text is cut off. It appears to be introducing a new topic or scenario for analysis.
Highlight: The incomplete nature of this question emphasizes the importance of carefully reading through the entire exam paper before beginning to answer questions.
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Edexcel A Level Economics Past Papers: June 2018 Questions and Answers
Los
@los
·
185 Followers
Follow
The June 2018 Edexcel Economics A Level Paper 1 exam covers markets and business behavior. This 2-hour paper tests students' knowledge of key economic concepts and their ability to analyze data and apply economic theories.
Page 1: Exam Instructions
This page provides essential information about the June 2018 Edexcel Economics A Level Paper 1:
- The exam is 2 hours long and worth 100 marks total
- Students must answer all questions in Sections A and B, and choose one question from Section C
- Calculators are permitted
- Black ink or ballpoint pen should be used
Highlight: This paper tests students on markets and business behavior, key topics in the Edexcel A Level Economics specification.
Page 2: Production Possibility Frontier Question
This page presents the first question, focusing on production possibility frontiers (PPFs):
- A diagram shows PPFs for an economy producing capital and consumer goods
- Students must calculate opportunity costs and analyze shifts in the PPF
- The question tests understanding of economic efficiency and resource allocation
Definition: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods an economy can produce with its available resources and technology.
Example: The PPF shifts outward from XY to XZ, indicating economic growth or increased productive capacity.
Page 3: PPF Analysis Continued
This page continues the PPF question:
- Students must identify the most likely cause of the PPF shift
- An explanation of the economy's characteristics at point W is required
Vocabulary: Inefficient allocation of resources refers to an economy operating inside its PPF, indicating unemployment or underutilization of resources.
Page 4: National Lottery Revenue Calculation
This question focuses on the UK National Lottery:
- Students must calculate Camelot's weekly revenue after tax
- The question tests mathematical skills and understanding of tax impacts on business revenue
Example: With 73 million weekly ticket sales at £2 each, including 24 pence tax per ticket, students must determine Camelot's post-tax revenue.
Page 5: Cross-Elasticity of Demand Analysis
This page examines the relationship between national lottery tickets and gaming machines:
- Students analyze the impact of a price increase in lottery tickets on gaming machine demand
- The question tests understanding of cross-elasticity of demand (XED)
Definition: Cross-elasticity of demand measures how the demand for one good changes in response to a price change in another good.
Highlight: The XED of 1.28 indicates that lottery tickets and gaming machines are strong substitutes.
Page 6: Public Goods Question
The final question on this page relates to a coastal flood defense scheme:
- Students must identify the economic rationale for a National Lottery grant funding the scheme
- The question tests understanding of public goods and government intervention
Vocabulary: A public good is non-excludable and non-rivalrous in consumption, often requiring government provision or funding.
Page 7: Incomplete Question
This page contains the beginning of a new question, but the text is cut off. It appears to be introducing a new topic or scenario for analysis.
Highlight: The incomplete nature of this question emphasizes the importance of carefully reading through the entire exam paper before beginning to answer questions.
Can't find what you're looking for? Explore other subjects.
Knowunity is the #1 education app in five European countries
Knowunity has been named a featured story on Apple and has regularly topped the app store charts in the education category in Germany, Italy, Poland, Switzerland, and the United Kingdom. Join Knowunity today and help millions of students around the world.
4.9+
Average app rating
13 M
Pupils love Knowunity
#1
In education app charts in 12 countries
950 K+
Students have uploaded notes
Still not convinced? See what other students are saying...
iOS User
I love this app so much, I also use it daily. I recommend Knowunity to everyone!!! I went from a D to an A with it :D
Philip, iOS User
The app is very simple and well designed. So far I have always found everything I was looking for :D
Lena, iOS user