0455.1.1.2 — economic and free goods The difference between economic goods and free goods.: past paper questions
Real questions on 0455.1.1.2 — economic and free goods the difference between economic goods and free goods.
The newest 19 of 19 written questions. Open one to see it on the real paper.
- 0455/01 · Specimen 2027 · Q1[1]
Which one of the following best describes a characteristic of a free good?
See it on the paper → - 0455/22 · May/June 2026 · Q4a[2]
Identify two characteristics of an economic good.
See it on the paper → - 0455/22 · February/March 2025 · Q2a[2]
Identify a difference between economic goods and free goods.
See it on the paper → - 0455/11 · May/June 2024 · Q1[1]
What is a free good?
See it on the paper → - 0455/22 · May/June 2024 · Q5c[6]
the effect of an increase in demand for football shirts on demand for football shorts and demand for basketball shirts.
See it on the paper → - 0455/22 · October/November 2023 · Q1b[2]
two benefits the Honduran economy could gain from a growth in the US economy.
See it on the paper → - 0455/12 · October/November 2022 · Q4[1]
What is a disadvantage of a market economy?
See it on the paper → - 0455/12 · October/November 2022 · Q17[1]
The table shows the rate of income tax paid at different income levels. What describes this type of tax?
See it on the paper → - 0455/12 · October/November 2022 · Q28[1]
Vietnamese companies buy insurance from companies in the US. How will this transaction be recorded in the Vietnamese balance of payments?
See it on the paper → - 0455/12 · October/November 2022 · Q29[1]
What is a restriction on the quantity of imports called?
See it on the paper → - 0455/23 · October/November 2022 · Q1c[2]
State why sunshine has no opportunity cost.
See it on the paper → - 0455/12 · May/June 2022 · Q1[1]
What is an example of a free good? A defence B education C health services D sunshine
See it on the paper → - 0455/11 · October/November 2021 · Q3[1]
Helium is a gas that is limited in supply because it takes thousands of years to form. The US government holds 35% of the world’s supply of helium and has been selling its stocks. Helium is essential in medical scanners. It is also used for party balloons, which is a wasteful alternative use of a valuable good. Which t...
See it on the paper → - 0455/12 · October/November 2021 · Q3[1]
Helium is a gas that is limited in supply because it takes thousands of years to form. The US government holds 35% of the world’s supply of helium and has been selling its stocks. Helium is essential in medical scanners. It is also used for party balloons, which is a wasteful alternative use of a valuable good. Which t...
See it on the paper → - 0455/22 · October/November 2021 · Q2a[2]
Define a free good.
See it on the paper → - 0455/23 · October/November 2020 · Q1f[5]
Analyse the relationship between the countries’ consumer expenditure and imports. (f)
See it on the paper → - 0455/23 · October/November 2020 · Q1h[6]
Discuss whether or not building more roads in Manila will benefit the Philippine economy. Section B Answer any three questions. Each question is introduced by stimulus material. In your answer you may refer to this material and/or to other examples that you have studied.
See it on the paper → - 0455/11 · May/June 2020 · Q1[1]
What is an example of the purchase of a consumer good? A A farm owner buys a television. B A farm owner buys additional land. C A farm owner buys fertiliser for their crops. D A farm owner buys some farming equipment.
See it on the paper → - 0455/11 · October/November 2019 · Q4[1]
Which pair of economic institutions can be found in a market economy?
See it on the paper →
What examiners said
A small proportion of candidates revealed confusion between the economic definition of a free good and the everyday meaning of a free good. Some candidates gave an example of an economic good and a free good. This was not required and did not carry any marks. However, most candidates did show a clear understanding of the difference between an economic good and a free good.
— Examiner report, February/March 2025, 0455/22 Q2(a) (Cambridge)
Good answers identified sunshine as a free good and often stated that this was because it was unlimited or abundant in supply or a natural resource. Weaker answers tended to be too general e.g. ‘sunshine is everywhere’, or simply defined what was meant by ‘opportunity cost.’
— Examiner report, October/November 2022, 0455/23 Q1(c) (Cambridge)
Question 3 was answered correctly by 12 per cent who chose option D. 8 per cent chose option A, 57 per cent chose option B and 22 per cent chose option C. 1 per cent did not answer the question. The US government (public sector) is involved and helium is a factor used in production. The US government has stocks of the factor so, as there is a supply of existing stocks to meet the demand, there is...
— Examiner report, October/November 2021, 0455/11 Q3 (Cambridge)
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