Q1 · Difficulty 1/3
The quantity producers offer at each price is:
- supply
- demand
- profit
- cost
Show answer & explanation
✓ Answer: A — supply
Supply is quantity producers offer.
Pearson Edexcel International · IGCSE · Economics
Free Pearson Edexcel International IGCSE Economics
Practice Paper
8 mixed-difficulty practice questions in the style of real Pearson Edexcel International IGCSE papers — answers, mark-scheme-style explanations, and the official exam structure all on one page.
Take a Mini Mock →What the real Pearson Edexcel International IGCSE Economics paper looks like
Paper 1
Objective and short-answer questions covering the breadth of the specification.
Paper 2
Structured and extended-response questions testing depth of understanding.
Total exam time varies by board and tier — typically 2.5 to 3.5 hours.
Grading: See the official board specification for the current grading scale.
Grading: See the official board specification for the current grading scale.
Mini practice paper: 8 questions
Mixed-difficulty questions from across the Economics syllabus. Tap "Show answer" after each to check yourself.
Q2 · Difficulty 1/3
Which combination correctly identifies the three basic economic questions that all economies must answer?
- What is the price? Who sets wages? How is trade organised?
- How much to save? What to import? Who controls the banks?
- Who owns resources? How much profit is made? Who pays taxes?
- What to produce? How to produce? For whom to produce?
Show answer & explanation
✓ Answer: D — What to produce? How to produce? For whom to produce?
Every economy must decide what goods and services to produce, how to produce them (which resources and methods to use), and for whom they are produced (distribution of output). The other options contain questions that may be relevant in economics but do not represent the fundamental three basic economic questions as defined in the IGCSE syllabus.
Q3 · Difficulty 1/3
Which of the following is the best definition of microeconomics?
- The study of the decisions made by individual consumers, firms, and industries and how prices are determined in markets
- The study of international trade flows and exchange rate movements between countries
- The study of the overall performance of a national economy, including total output and employment levels
- The study of how governments allocate resources across different sectors of the economy
Show answer & explanation
✓ Answer: A — The study of the decisions made by individual consumers, firms, and industries and how prices are determined in markets
Award 1 mark for identifying microeconomics as the study of individual economic agents (consumers, firms, industries) and price determination in specific markets. B describes macroeconomics, which focuses on economy-wide aggregates such as national output and employment, not individual decision-making. C confuses microeconomics with public finance or government resource allocation, which is a macroeconomic policy area. D describes international economics, a separate branch concerned with trade and exchange rates.
Q4 · Difficulty 2/3
A tax on imported goods is a:
- quota
- grant
- tariff
- subsidy
Show answer & explanation
✓ Answer: C — tariff
A tariff taxes imports.
Q5 · Difficulty 2/3
The four factors of production are land, labour, capital and:
- profit
- demand
- enterprise
- money
Show answer & explanation
✓ Answer: C — enterprise
Enterprise is the fourth factor.
Q6 · Difficulty 2/3
Total revenue equals price multiplied by:
- variable cost
- quantity sold
- fixed cost
- profit
Show answer & explanation
✓ Answer: B — quantity sold
TR = price × quantity.
Q7 · Difficulty 2/3
The percentage of the labour force without work is the ____ rate.
- inflation
- interest
- exchange
- unemployment
Show answer & explanation
✓ Answer: D — unemployment
The unemployment rate measures joblessness.
Q8 · Difficulty 2/3
Trade without tariffs or barriers is:
- autarky
- a quota
- free trade
- protectionism
Show answer & explanation
✓ Answer: C — free trade
Free trade has no barriers.
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Pearson Edexcel International IGCSE Economics FAQ
What does the Pearson Edexcel International IGCSE Economics exam look like?
The Pearson Edexcel International IGCSE Economics exam is structured across 2 components. Paper 1: Objective and short-answer questions covering the breadth of the specification. Paper 2: Structured and extended-response questions testing depth of understanding. Total exam time varies by board and tier — typically 2.5 to 3.5 hours.
Can I download a free Pearson Edexcel International IGCSE Economics past paper?
Real Pearson Edexcel International past papers are published directly by Pearson Edexcel International on their official website. Kramizo doesn't redistribute copyrighted past papers, but we do generate free AI-written practice papers in the exact same style — same command words, same difficulty tier, same mark conventions. Use this practice paper as warm-up, then time yourself on official past papers before exam day.
How is Pearson Edexcel International IGCSE Economics graded?
See the official board specification for the current grading scale. Kramizo's practice questions are tagged with difficulty 1-3 mapping roughly to the lower, middle, and top grade boundaries you'll encounter in the real exam.