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Mark Scheme (Results)
January 2009
GCE
GCE Economics (6EC01) Paper 01
Edexcel Limited. Registered in England and Wales No. 4496750
Registered Office: One90 High Holborn, London WC1V 7BH
Candidates can be awarded up to 3 marks for explanation even if the incorrect key is used
Candidates can be awarded on maximum of 3 marks for identifying and explaining incorrect options
Question
Number
1
Answer
Mark
A
(1)
• A positive statement is an assertion of a fact / can be proved or disproved / value free (1 mark).
• Statement 1 is positive as it contains something (air quality) which can be tested. (1 mark).
• A normative statement is a value judgement / cannot be tested as true or false (1 mark).
• Statement 2 is normative as it contains the value judgement of
‘unfair’ (1 mark).
6EC01 GCE Economics
0901
2
(3)
Question Answer
Number
2
C
Mark
(1)
• A general understanding of the price mechanism e.g. invisible hand / interaction of supply and demand / allocation of resources (1 mark)
• An increase in demand for a good will lead to a rise in its price (1 mark) which provides an incentive for producers to expand / raise supply / more profits can be made (1 mark)
• Also, a decrease in demand for a good will lead to a fall in its price
(1 mark) and so producers contract / reduce supply /less profits can be made (1 mark).
Also award:
Relevant diagram which shifts the demand curve and shows impact on price and producer supply (up to 2 marks)
Price
S
P1
Pe
D1
D
Qe
Q1
Question Answer
Number
3
B
Mark
(1)
• Definition of producer surplus (the difference between the price producers are willing to supply a good for and the actual market price) (1 mark).
• Annotation of diagram which shows the new area of producer surplus (1 mark)
• Original producer surplus (in winter) is P1YZ (1 mark).
New level of producer surplus is P2XZ (1 mark).
6EC01 GCE Economics
0901
3
(3)
January 2009
GCE
GCE Economics (6EC01) Paper 01
Edexcel Limited. Registered in England and Wales No. 4496750
Registered Office: One90 High Holborn, London WC1V 7BH
Candidates can be awarded up to 3 marks for explanation even if the incorrect key is used
Candidates can be awarded on maximum of 3 marks for identifying and explaining incorrect options
Question
Number
1
Answer
Mark
A
(1)
• A positive statement is an assertion of a fact / can be proved or disproved / value free (1 mark).
• Statement 1 is positive as it contains something (air quality) which can be tested. (1 mark).
• A normative statement is a value judgement / cannot be tested as true or false (1 mark).
• Statement 2 is normative as it contains the value judgement of
‘unfair’ (1 mark).
6EC01 GCE Economics
0901
2
(3)
Question Answer
Number
2
C
Mark
(1)
• A general understanding of the price mechanism e.g. invisible hand / interaction of supply and demand / allocation of resources (1 mark)
• An increase in demand for a good will lead to a rise in its price (1 mark) which provides an incentive for producers to expand / raise supply / more profits can be made (1 mark)
• Also, a decrease in demand for a good will lead to a fall in its price
(1 mark) and so producers contract / reduce supply /less profits can be made (1 mark).
Also award:
Relevant diagram which shifts the demand curve and shows impact on price and producer supply (up to 2 marks)
Price
S
P1
Pe
D1
D
Qe
Q1
Question Answer
Number
3
B
Mark
(1)
• Definition of producer surplus (the difference between the price producers are willing to supply a good for and the actual market price) (1 mark).
• Annotation of diagram which shows the new area of producer surplus (1 mark)
• Original producer surplus (in winter) is P1YZ (1 mark).
New level of producer surplus is P2XZ (1 mark).
6EC01 GCE Economics
0901
3
(3)