MONTHLY TEST - OCTOBER 2022

GRADE 9 (EDEXCEL)

ECONOMICS

MARK SCHEME

Grade 9 (Edexcel) Economics - Monthly Test - October 2022

Prepared for Lyceum International Schools by Lyceum Assessments
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Grade 9-Economics-Marking scheme (OCT-2022)-Edexcel

Q1/

a)

b)

c)
answer B
d)
answer C
e)
Scarcity(1),unlimited wants (1) are there to satisfy from limited resources(1)

f)the next best(1)alternative forgone(1),relevant exmaple(1)

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g)
identify 2 reasons (2) and explaining them (2)-habitual behavior, herding behavior, lack of
information, efforts and cost needed for a change or relevant answer accept

h) define demand (2) & define supply(2)

(20 marks)
Q2/
a)
demand curve shifts to left labelled (1), equilibrium price falls labelled (1) and equilibrium qty falls
labelled (1)
b)
Identify two factors (2) and explain them (2)-increase population, successful advertising, income
tax falls, Income rises or relevant
c)
maximum combinations of two products (1) which can be produced with maximum potential/use of
resources (1)/given technology (1)/given specific time period (1)
d)
good harvest/subsidies/less cost of production/less indirect tax/new technology or equivalent
(identify 3* 1=3 marks)

e) substitutes-a product which can used instead of another (10-tea and coffee or equivalent (1)
Complements-two goods which can be used together (1)-tea and sugar or equivalent (1)

g) D & S labeled and draw(1),equilibrium price and qty labelled(1)

(20 marks)
Q3/
a)

b)
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c)
Increase resources/Advanced technology/Immigration of workers/discovery of resources or any
relevant (2 marks for 2 points)

(10 marks)

(Total 50 marks *2=100 marks)