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IGCSE Economics (0455) Paper 2 Mock: Scarcity, Opportunity Cost, Demand, Elasticity, Inflation, Trade
TUTORZONE ORIGINAL MOCK PAPER · CAMBRIDGE IGCSE ECONOMICS (0455) PAPER 2 (STRUCTURED)
Written to the Cambridge 0455 syllabus (2027-2029): Paper 1 multiple choice, 40 marks, 30%; Paper 2 structured questions, 80 marks, 70%, 2 hours (Section A one compulsory six-part question + Section B three of four). This is a Paper 2 mock: 6 structured questions for 80 marks with answers.
What is in the IGCSE Economics (0455) exam?
Direct answer: two papers: Paper 1 multiple choice, 40 marks, 30%, 1 h; Paper 2 structured, 80 marks, 70%, 2 h (Section A compulsory six-part + Section B three of four).
Assessment at a glance (2027)
| Component | Content | Weighting | Duration |
|---|---|---|---|
| Paper 2 (Structured Questions) | Section A compulsory six-part + Section B three of four | 80 marks (70%) | 2 h |
| Paper 1 (Multiple Choice) | 40 four-choice questions | 40 marks (30%) | 1 h |
Six questions in 2 hours is about 18 minutes each. Economics answers need definition, example and analysis; for calculations (PED) show the formula and steps.
How this paper was built
This is a TutorZone original mock paper: the questions follow the Cambridge 0455 structure (Paper 2 structured, 80 marks, 70%) and the answers are our own, not Cambridge past papers or marking references.
The numerical answer (PED) was recomputed programmatically.
Pacing
| Section | Marks | Suggested time | What to do first |
|---|---|---|---|
| Paper 2 (Structured Questions) | 80 marks (70%) | about 18 min per question | definition, example, analysis |
| Paper 1 (Multiple Choice) | 40 marks (30%) | about 1.5 min per question | eliminate clearly wrong options |
What is opportunity cost?
Direct answer: the value of the next best alternative forgone.
Paper 2: structured questions (6 questions, 80 marks)
All compulsory; aim for 110 minutes with 10 to check. Definition, example, analysis.
Question 1 (13 marks)
Question 1: scarcity. Explain what scarcity means, and how it forces a society to make choices.
Question 2 (13 marks)
Question 2: opportunity cost. Define opportunity cost, and illustrate it with a student choosing between studying and a part-time job.
Question 3 (13 marks)
Question 3: demand and supply. State the law of demand, and say how the equilibrium price and quantity change when demand increases.
Question 4 (14 marks)
Question 4: price elasticity. A good’s price rises from $10 to $11 and quantity demanded falls from 100 to 80. Calculate the price elasticity of demand (PED) and state whether it is elastic or inelastic.
Question 5 (14 marks)
Question 5: inflation. Define inflation, and state one effect on people holding cash.
Question 6 (13 marks)
Question 6: international trade. Explain comparative advantage, and how it leads to trade between countries.
How is PED calculated?
Direct answer: PED = %change quantity demanded / %change price, normally negative; a magnitude above 1 is elastic.
Paper 2 answers
Question 1
Scarcity means finite resources but unlimited wants, so not all wants can be met (7); society must therefore choose what, how and for whom to produce, involving opportunity cost (6).
Question 2
Opportunity cost is the value of the next best alternative forgone (7); if the student takes the job, the opportunity cost is the study time and grades given up (6).
Question 3
The law of demand: as price rises, quantity demanded falls (other things equal) (7); an increase in demand shifts the curve right, so the equilibrium price and quantity both rise (6).
Question 4
PED = %change Qd / %change P (4) = (-20%) / (+10%) (4) = -2 (4); its magnitude exceeds 1, so it is elastic (2).
Question 5
Inflation is a sustained rise in the general price level (7); it reduces the purchasing power of money, so cash holders lose real wealth (7).
Question 6
Comparative advantage is producing a good at a lower opportunity cost (7); countries specialise in and export their comparative-advantage goods and trade, raising total output (6).
How does inflation affect cash holders?
Direct answer: inflation lowers the purchasing power of money, reducing cash holders’ real wealth.
Where these marks are usually lost
| Mistake | What it looks like | What it costs | Instead |
|---|---|---|---|
| Wrong opportunity cost | “Money spent” | It is the next best alternative forgone | Write the value of the next best alternative forgone |
| Wrong PED sign | Positive PED | PED is normally negative (price and demand move oppositely) | PED = -2 |
| No example | Definition only | Economics answers need definition and example | Add a concrete example |
How to use this paper
First sit: the full 2 hours on all 6 questions with no references.
Mark it: check every answer has a definition, example and analysis.
Second sit: redo three to seven days later, aiming to finish inside 1 h 45 min.
What should I do after finishing this paper?
Direct answer: log questions with missing definitions, examples or a wrong PED sign; redo in three to seven days; and drill Paper 1 multiple choice.
FAQ
Is this a Cambridge paper?
No. The questions and answers are TutorZone originals, not Cambridge past papers or marking references.
How many papers does IGCSE Economics have?
Two: Paper 1 multiple choice (40 marks, 30%) and Paper 2 structured (80 marks, 70%).
How is PED calculated?
PED = %change quantity demanded / %change price; the example here is -2 (elastic).
Official references
| Resource | What to check |
|---|---|
| Cambridge IGCSE Economics 0455 syllabus (2027-2029) | Confirm the Paper 1/2 marks and times |
| https://www.tutorzone.com.hk/en-igcse-physics-0625-paper-4-mock-2027/ | IGCSE Physics (0625) Paper 4 mock |
Related: practice area · IGCSE Physics Paper 4 mock · IGCSE Biology Paper 4 mock · IGCSE English 0500 mock
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