2022 pearson june booklet + mark scheme Edexcel International GCSE 4EC1/01 Economics Level 1/2 PAPER 1: Microeconomics and Business Economics

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Answer ALL questions. Write your answers in the spaces provided. Some 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 (a) Which one of the following is a factor of production? (1) A Taxation B Gym workout C Enterprise D Restaurant meal A firm charges a price of $160 per item and has average costs of $120 per item. It sells 20 000 items. (b) What is the total revenue for the firm? (1) A $19 200 B $20 160 C $2 400 000 D $3 200 000 (c) What is meant by the term normal good? (2) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .............................................................................................................. [Show More]

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