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IGCSE Economics Past Papers & Drilling (Paper 1): Demand, Supply, Elasticity
TUTORZONE ORIGINAL DRILLING MOCK · CAMBRIDGE IGCSE ECONOMICS (0455) PAPER 1
Written to the Cambridge 0455 syllabus (2027-2029): Paper 1 Multiple Choice, 40 marks, 1 hour, 30% (40 items); plus Paper 2 structured (80, 70%). This is a Paper 1 drilling mock: 6 questions demonstrating the 40-mark core concepts, with answers and techniques.
What is in IGCSE Economics (0455) Paper 1?
Direct answer: Paper 1 Multiple Choice, 40 marks, 1 hour, 30% (40 items).
Assessment at a glance (2027)
| Component | Content | Weighting | Duration |
|---|---|---|---|
| Paper 1 (Multiple Choice) | 40 multiple-choice items, 40 marks | 30% | 1 hour |
| Paper 2 (Structured Questions) | A compulsory + B choose 3 of 4, 80 marks | 70% | 2 hours |
IGCSE Economics Paper 1 drilling technique: 40 questions in 1 hour is about 90 s each. Elasticity: PED = % change in quantity demanded / % change in price; do concept items first and circle keywords in graph questions.
How this paper was built
This is a TutorZone original drilling mock: the questions follow the Cambridge 0455 structure (Paper 1, 40 marks, 30%) and the answers are our own, not Cambridge past papers or marking references.
Numeric answers were recomputed programmatically.
Pacing
| Section | Marks | Suggested time | What to do first |
|---|---|---|---|
| Paper 1 (Multiple Choice) | 30% | about 90 s per question | core economic concepts |
| Paper 2 (Structured Questions) | 70% | about 30 min per question | analysis + application |
How is PED calculated?
Direct answer: PED = % change in quantity demanded / % change in price; e.g. -0.25 / 0.2 = -1.25.
Paper 1: concept drilling (6 demonstrated)
Know the elasticity formula; track demand/supply shifts.
Question 1 (7 marks)
Price rises 10 to 12 and quantity demanded falls 40 to 30. Find PED.
Question 2 (7 marks)
Explain why a demand curve slopes downwards.
Question 3 (7 marks)
Explain why a supply curve slopes upwards.
Question 4 (7 marks)
Explain the meaning of equilibrium price.
Question 5 (6 marks)
Explain two effects of a government maximum price.
Question 6 (6 marks)
Explain how comparative advantage brings gains from trade.
What is equilibrium price?
Direct answer: the price where quantity demanded equals quantity supplied, with no shortage or surplus.
Paper 1 answers
Question 1
PED = ((30-40)/40) / ((12-10)/10) = -0.25 / 0.2 = -1.25 (7).
Question 2
When price falls, consumers can afford more (income effect) and substitutes look less attractive (substitution effect), so quantity demanded rises (7).
Question 3
When price rises, profit rises, so producers are willing and able to supply more (7).
Question 4
The equilibrium price is where quantity demanded equals quantity supplied, with no shortage or surplus (7).
Question 5
(1) A shortage (demand exceeds supply) (3). (2) Black markets or rationing appear (3).
Question 6
Countries specialise where opportunity cost is lower and trade, so total output rises and both gain (6).
Which topics does this paper drill?
Direct answer: demand, supply, equilibrium price, PED, government maximum price and comparative advantage.
Where these marks are usually lost
| Mistake | What it looks like | What it costs | Instead |
|---|---|---|---|
| Elasticity inverted | price/qty | PED = %dq / %dp | -1.25 |
| Demand/supply mixed | Price up, supply down | Price up, supply up (upward slope) | upward slope |
| Maximum as minimum | No effect | A maximum price causes shortage | shortage |
How to use this paper
First drill: the full 1 hour at the 40-question pace (this mock demonstrates 6 core items).
Mark it: check the elasticity calculation and curve directions.
Second drill: redo three to seven days later, aiming to finish inside 50 minutes.
What should I do after drilling this paper?
Direct answer: log answers with wrong elasticity formulas or curve directions; redo in three to seven days; and drill Paper 2 structured questions.
FAQ
Is this a Cambridge past paper?
No. The questions and answers are TutorZone originals, not Cambridge past papers or marking references.
What is in IGCSE Economics Paper 1?
Multiple choice, 40 marks, 1 hour, 30%, covering core economic concepts.
How is PED calculated?
PED = % change in quantity demanded / % change in price.
Official references
| Resource | What to check |
|---|---|
| Cambridge IGCSE Economics 0455 page | Confirm the paper marks and times |
| https://www.tutorzone.com.hk/en-igcse-economics-0455-paper-2-mock-2027/ | IGCSE Economics Paper 2 drilling mock |
Related: practice area · IGCSE Economics Paper 2 drilling mock
Next step: find a tutor / register as a tutor
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