Mark Scheme (Results) January 2015: Pearson Edexcel IAL WEC01 Paper 01 Markets in Action

Mark Scheme (Results)
January 2015
Pearson Edexcel IAL

WEC01
Paper 01 Markets in action
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January 2015
Publications Code IA040505
All the material in this publication is copyright
© Pearson Education Ltd 2015
General Marking Guidance
• All candidates must receive the same treatment. Examiners must mark
the first candidate in exactly the same way as they mark the last.
• Mark schemes should be applied positively. Candidates must be

rewarded for what they have shown they can do rather than penalised
for omissions.
• Examiners should mark according to the mark scheme not according to

their perception of where the grade boundaries may lie.
• There is no ceiling on achievement. All marks on the mark scheme

should be used appropriately.
• All the marks on the mark scheme are designed to be awarded.

Examiners should always award full marks if deserved, i.e. if the answer
matches the mark scheme. Examiners should also be prepared to award
zero marks if the candidate’s response is not worthy of credit according
to the mark scheme.
• Where some judgement is required, mark schemes will provide the

principles by which marks will be awarded and exemplification may be
limited.
• When examiners are in doubt regarding the application of the mark

scheme to a candidate’s response, the team leader must be consulted.
• Crossed out work should be marked UNLESS the candidate has replaced
it with an alternative response.
Section A: Supported multiple choice
NB: Candidates may achieve up to 3 explanation marks even if the incorrect
option is selected.
NB: Candidates may achieve up to 3 marks for explaining three incorrect

options (provided three different reasons are offered and each option key is
clearly rejected).
Question Answer Mark

Number
1 Answer B (1 mark)
Explanation (up to 3 marks)

• Definition of a mixed economy- combines free market
and government intervention where necessary(1)
• Definition of a free market economy- where economic
decisions are made by the price mechanism and there
is no/minimal government intervention (1)
• Definition of market failure- where market forces lead
to an inefficient allocation of resources (1)
Maximum 2 marks for definitions
• Application: free market economy is likely to lead to

market failure e.g. under provision of public goods/
merit goods/ positive externalities/ over consumption
of demerit goods/ negative externalities(1)
• Examples of public goods/ merit goods/ positive
externalities/ over consumption of demerit goods/
negative externalities (1)
Rejection marks
• Option A: governments are likely to have imperfect
information as firms are reluctant to make all
information available/ firms have more information
about their markets than their government meaning
imperfect information. (1)
• Option C: incorrect because with public goods the
market would not allocate enough of the product due
to the free rider problem/ with demerit goods there
would be overconsumption (1)
• Option D: mixed economies do experience market
failure for example external costs exist which lead to
an overconsumption of these goods. (1)
(4)
Number
2 Answer D (1 mark)

• Definition of a producer surplus- the difference
between price customers are willing to pay and the
price they actually pay/ profit for producers (1)
• Definition of substitute- product with positive XED/
closely related goods that consumers can switch
consumption between/ when the price of good A
increases the quantity demand of good B would
increase (1)
• Application: customers could choose between cereals
or fruit and yoghurt as they are alternative options for
breakfast (1)
• Application: when consumers switch to fruit and
yoghurts their demand for cereals will fall (1)
• This fall in demand leads to a lower price and output
and producer surplus will fall (may be shown
diagrammatically) (1)
• DIAGRAM (up to 2)
- Shift in demand (1)
- Producer surplus identifying original and new/ or
identifying the reduction (1)
Rejection marks
• Option A: Incorrect because an advertising campaign
will increase demand for cereals and higher demand
will lead to increased producer surplus (1)
• Option B: a subsidy will increase supply and this is
likely to result in increased producer surplus (1)
• Option C: Reducing the size of indirect taxation will
shift supply right and again is more likely to increase
rather than decrease producer surplus. (1) (4)
Question Mark Mark
Number
3 Answer A (1 mark)
• Definition of imperfect information- where people

have inaccurate/ incomplete/ uncertain or
misunderstand data (1)
• OR Accept asymmetric information where they
refer to have inferior knowledge (1)
• How is this a market failure- too little of a service
is being consumed compared to the socially
optimal level of output (1)
• Application- people are not fully appreciating the
likely cost of an accident or injury- £1610 (1)
• So resources are misallocated away from travel
insurance to other activities like ski equipment or
meals on holiday (1)
Rejection marks
• Option B: Incorrect as a decrease in indirect tax on
travel insurance would increase the supply and see
an extension of demand (1)
• Option C: opportunity cost is the next best
alternative forgone and if a person buys travel
insurance they cannot then use that money on ski
equipment. (1)
• Option D: incorrect as if symmetric information
was available people would see the risks of being
uninsured- e.g. £1610 average cost causing more
to buy travel insurance (1)
(4)
Number
4 Answer B (1 mark)

• Definition of public goods- goods that are non-
excludable and non-rival (1)
• Example of public goods- street lights/
lighthouses/defence (1)
• DO NOT AWARD Quasi-public goods
• Application- explain the free rider problem- where it is
difficult to exclude consumers and they will consume
the product without paying for it (1)
• This means the private sector is unlikely to provide the
goods as it is difficult to get people to pay (1)
• Therefore production of these goods become
unprofitable to produce (1)
• This means governments have to find funds for their
production and this is the role of RPGI (1)
• Public goods example of market failure as inefficient
allocation of resources- underprovided. (1)
Rejection marks
• Option A: incorrect because public goods are non-
excludable so when provided you cannot stop
consumers benefiting from them (1)
• Option C: public goods are non-rivalrous where the
consumption by one person does not affect the
consumption by another. (1)
• Option D: the governments of Latin America and the
Caribbean will make these products available to all (1)
Be careful not to double award if using same mark to

rejection or explaining the correct answer
(4)
Number
5 Answer C (1 mark)

• Definition of buffer stock- where governments will
intervene in the market to keep the price between
a minimum and maximum level / buying when a
surplus and selling when there is a shortage (1)
• This may be to stabilise prices/ incomes for
farmers in Ghana (1)
• Application: the harvest of soya beans in 2014
sees a decrease in supply compared to 2013 (1)
• The new market equilibrium would see the price
rise to P 3 / quantity fall to Q 3 (1)
• P 3 is above P 2 which is the maximum price the
government will allow so the government will
intervene in the market/ price is now above
ceiling/ maximum price (1)
• NAFCO will increase supply to the market by selling
from their stockpile (1)
• This will reduce the price back down to P 2 /
increase quantity to Q 2 (1)
• Diagrams annotated showing that the equilibrium
after intervention will move from M to L (1)
• identifying the quantity of stock released from
government stockpile (KL) or (Q3Q2). (This will
often be annotated by the candidate) (1)
• identifying agency revenue from the sale of stock
(KLQ2Q3). (This will often be annotated by the
candidate) (1)
Rejection marks
• Option A: incorrect because the price is above the
maximum price so to reduce the price the government
will be selling soya beans and depleting its stockpile
(1)
• Option B: incorrect because the price will rise to P 3 /
the shift to P 1 would have happened had there been a
good harvest/ increase in supply.(1)
• Option D: excess supply occurs when supply is greater
than demand and in this case there is an equilibrium
at M (1)
Do not double award
(4)
Number
6 Answer D (1 mark)

• Definition or formula for PED- responsiveness of
Quantity Demanded to a change in Price
• OR %∆QD÷ %∆P(1)
No marks for definition or formula for YED
• PED is inelastic as PED between 0 and -1 (1)
• As the price of cigarettes in Argentina decrease the
demand will rise due to the law of demand/ as
elasticity is negative (1)
• If price decreased10% quantity demanded would rise
3.1%
Rejection marks
• Option A: incorrect as an increase in consumer income
will lead to a less than proportionate increase in
demand for cigarettes as it is inelastic (1)
• Option B: Incorrect as a decrease in consumer
incomes will lead to a less than proportionate fall in
demand as this is a normal good (1)
• Option C: incorrect as an increase in the price of
cigarettes will lead to a less than proportionate fall in
demand for cigarettes due to law of demand/ elasticity
is negative (1) (4)
Number
Q7 Answer A (1 mark)

• Definition of occupational immobility of labour-
where people find it difficult to move between
occupations/ accept occupational mobility OR
geographical immobility - where people find it
difficult to move between locations for employment
(1)
• mismatch is where the skills required by business do
not match those offered by customers (1)
• e.g. firms may require welders but the skills of the
available workforce are in plumbing making
• this makes it difficult to move between jobs (1)
• with 3.9million job vacancies whilst having 11.3
million unemployed shows that those without
employment are not likely to have the skills to fill
the vacancies (up to 2)
• candidate may suggest other causes of the job
vacancies being unfilled e.g. search time involved
to find work (1)
• some parts of the USA may have lots of vacancies
e.g. for steel workers and other states may have
lots of unemployed steel workers who are unwilling
to move (1)
Rejection marks
• Option B Government subsidies should reduce
geographical immobility. This would reduce the size
of the mismatch (1)
• Option C The government providing training
programmes to reduce immobility is a solution since
training schemes will increase skills making it easier
for people to fill the vacancies (1)
• Option D The unemployed possessing the necessary
skills would easily transfer between jobs that are
available meaning labour is mobile (1)
(4)
Number
8 Answer B (1 mark)

• Definition of minimum wage- the legal minimum
amount which labour must be paid at or above/ floor
wage (1)
• Minimum wage rising 10% will cause an extension of
supply by labour to benefit from higher wages (1)
/Quantity Supplied of labour rises from Q 3 to Q 4
• Firms will find employing staff more expensive hence
they will employ a lower quantity, Q 1 falls to Q 2 (1)
• Unemployed resources equal Q 4 -Q 2 (1)as people are
willing and able to work at the higher wage but
unable to find suitable employment
• Old unemployment rate was Q 3 -Q 1 (1)
• Diagram annotated to show unemployment/ excess
supply of labour
Unemployed resources
Rejection marks
• Option A:this will cause the demand for labour to
contract as wages and therefore costs are now
higher (1)
• Option C it will decrease the number employed as
unskilled agricultural workers from Q 1 to Q 2 (1)
• Option D: there is greater surplus not a shortage of
unskilled agricultural workers (1)
• Do NOT Double Award
(4)
Section B: Data response
NB: KAA marks relates to those awarded for AO1, AO2 and AO3
NB: Evaluation marks relates to those awarded for AO4

Number
9(a) Knowledge, Application and Analysis (up to 6
marks)
• Explicit reference to Extract 1 (eg Rs 7,989 2007-
08 falls to Rs 6,214 2012-13) (1)
• An increase in supply
Because:
o Built hotels/ 12,782 new rooms (1)
• A decrease in demand (up to 2 marks)
because :
o Falling incomes (1)
o Occupancy falling 71.5 to 58.3% (1)
o business and leisure travellers, both
domestic and international, are less willing
and able to stay in hotels (1)
Diagrammatic analysis which shows:

• original S and D (1)
• a shift to the left of the demand curve (1)
• a shift to the right of the supply curve (1)
• original and new equilibrium price and quantity (1)
Price of
hotel
rooms S
S1
P
D
D
0 Q1 Q Q of hotel
rooms
NB: Award a maximum of 4 marks if no diagram.

Award a maximum of 5 if supply or demand not
shifted (6)
Number
9(b)
Knowledge, Application and Analysis – Indicative content
• Definition Inelastic supply- (where quantity
supplied is less responsive than the changes in
price) elastic supply (where quantity supplied is
more responsive than the changes in price) PES
(1)
• PES likely to be <1 (1)
• May be presented diagrammatically (1)
• Supply is price inelastic since at least one factor
input is fixed in the short run (1)
• It takes time to build hotels as various types of
workers required in production process (1)
• it will vary over time from price inelastic to elastic
(1)
In the long run the number of hotel rooms can
increase as builders have more time to organise
factors of production (up to 2 marks)
• Spare capacity so if price rose supply of rooms
could change quickly so elastic (1)
Price of
hotel rooms
S
P1
0
Q Q1 Quantity of hotels
(4)
Number
9(c) (10)
• Definition/ formula for income elasticity of demand
- %∆QD/%∆Y
• Application - fall in consumer incomes in India and
across the developed world
• Declining incomes leads to fall from 71% to 58.3%
• Normal good - as income falls, quantity demanded
falls/ positive YED
• With lower occupancy - lower revenue
• Lay off workers
• Shut down/ closures of hotels
• Diagram depicting normal good
• Supply and demand diagram showing demand
falls/ price falls/ quantity falls
Knowledge, Application and Analysis – Level descriptors
Level Marks Descriptor
0 0 A completely inaccurate response.
1 1-2 Shows some awareness of the income elasticity of
demand and the impact on the hotels
2 3-4 Understanding of income elasticity of demand and the
impact on the hotels with some application to context.
3 5-6 Clear understanding of income elasticity of demand and
the impact on the hotels with appropriate application to
context.
Evaluation – Indicative content
• Not all hotels the same so may not have the same
YED
• Expansion of number of hotels shows will have
been profitable- so reserves to cope with falling
demand
• Many hotels major chains who can cross subsidise
weak demand
• Short term issue- as the economy recovers it is
likely the product being a normal good will be
helpful
• For richer small proportion of income so less
impact
• Magnitude- depends on size of income changes
• Other factors cause reduction in demand
Evaluation – Level descriptors
0 0 No evaluative comments.
1 1-2 For identifying evaluative comments without
explanation. or 1 evaluation point developed
2 3-4 For evaluative comments supported by relevant
reasoning.
Number
9(d) (14)
• Definition of indirect tax- a payment to discourage
the production or consumption of a good/ hotel
rooms
• Reference to extract High indirect taxes are
hurting the hotel sector. The government keeps
increasing taxes and hotels pass it on to the
guest.
Producers/ hotels
• This indirect tax increases costs for hotel rooms
• Reduction in supply of hotel rooms – this should
be shown diagrammatically
Consumer pays
Producer pays
Decrease in quantity of hotel rooms (reduced

occupancy)
• Increase price for hotel rooms
• Lower producer surplus
• Incidence of tax
Consumers
• Higher price
• Lower Quantity
• Lower consumer surplus
Government
• Tax revenue is raised
• This can be used to fund investment in
infrastructure- e.g. roads
Cap 6 out of 8 if no diagram
1 1-3 Shows some awareness of the impact of the
introduction of an indirect tax but information presented
is often irrelevant and lacks organisation. It may fail to
talk about all of consumers, producers and the
government. Frequent punctuation and/or grammar
errors are likely to be present and the writing is
generally unclear.
2 4-6 Understanding of the impact of the introduction of an
indirect tax in the context of the hotel market. This will
be supported by an accurately labelled diagram.
Reference will be made to consumers, producers and
the government although not all will be in detail.
Material is presented with some relevance but there are
likely to be passages which lack proper organisation.
Punctuation and/or grammar errors are likely to be
present which affect the clarity and coherence.
3 7-8 Clear understanding of the impact of the introduction of
an indirect tax in the context of the hotel market. This
will be supported by an accurately labelled diagram
which is explained and applied effectively. Candidates
will look in detail at consumers, producers and the
government.
Material is presented in a relevant and logical way.
Some punctuation and/or grammar errors may be
found, but the writing has overall clarity and coherence.
• Magnitude of indirect tax – high indirect taxes/
government keeps increasing
• Time period: short term people continue to use
but long term substitute to alternative countries/
caravans
• Discussion of incidence, depends on elasticity of
demand
• unofficial / unregulated accommodation arises-
government loses revenue/ consumers receive
lower quality/ official hotels suffer lower sales
• Incidence of tax- inelastic consumer/ elastic
producer
explanation
2 3-4 For evaluative comments supported by some reasoning
and application to context.
reasoning and clear application to context.
Number
9(e) (14)
• Definition of regulation- rules that are set to
control or limit the production of goods/ services
• Reduced regulation- tourists can enter the
country more easily as they can arrange their
visas upon arrival.
• If it is easier to get in to India this may
encourage more tourists
• 29% increase in tourists when 11 countries
allowed- with 40 now greater impact
• May help fill some of the spare 41.7% capacity
• More tourists- benefits hotels- producer surplus/
profit
• More tourists- benefit government in terms of tax
revenue
• External costs may emerge- increased numbers
lead to pollution/ congestion
• External benefits greater benefiting retailers/
entertainments/ attractions
1 1-3 Shows some awareness of regulation.
Material presented is often irrelevant and lacks
organisation. Frequent punctuation and/or grammar
generally unclear.
2 4-6 Understanding of regulation in the context of tourism.
This may be supported by an accurately labelled
diagram.
3 7-8 Clear understanding of regulation in the context of
tourism. This may be supported by an accurately
labelled diagram which is explained and applied
effectively.
Material is presented in a relevant and logical way.
Some punctuation and/or grammar errors may be
found, but the writing has overall clarity and coherence.
Evaluation for Q9e on next page

• Magnitude- provide a significant number of tourists
to India
• 11 countries saw 29% increase- another 40 countries
could be significant
• Still paperwork when arriving- may delay entry in to
the country
• Time lag- before people realise that entry restrictions
have been relaxed
explanation
Number
10(a)
Knowledge, Application and Analysis (up to 6
marks)
• Definition of subsidy- a payment made by
government to encourage the production/
consumption of a good/ service (1)
• Reducing the size of a subsidy will increase costs
to universities and see supply shift left (1)
• Link to affordability/ other relevant arguments (1)
• May be presented diagrammatically:

o Supply and Demand (1)
o Showing leftward shift with reduced subsidy
(1)
o Lower quantity/Student numbers will fall
(1) and higher price identified/Student fees
will rise (1)
(6)
Number
10(b) (10)
• Definition Production Possibility Frontier- maximum
potential production given current available
resources OR investment (increase in the capital stock of
the economy)
• An increase in investment in research and
development is likely to increase the productivity of
labour/ capital
• Application: dramatically increased investments in
research and higher education, outstripping the
growth rate of US research and development
investments by 200-400 %
• Productive potential increases and the PPF shifts out
Diagrammatic analysis which shows:

• Original PPF E.g. KK
• New PPF E.g. LL
• old and new equilibrium E.g. movement from X to Z
or Y to Z
• (It is acceptable for any combination of two goods
to be included)
NB: Award a maximum of 4 marks if no diagram.

1 1-2 Shows some awareness of the effect of increased
investment in education / diagram may have inaccuracies
2 3-4 Understanding of the effect of increased investment in
education with some application to context / at top of
this level, an accurate diagram showing shift in PPF
3 5-6 Clear understanding of the effect of increased
investment in education with appropriate application to
context / accurate diagram showing shift in PPF.
Evaluation for Q10b on next page

• Time lag- may take time for increased production
potential
• Magnitude of increased investment or size of shift
• Magnitude- size of higher education spending
important
• Opportunity costs funds for education could affect
health funding

explanation.
reasoning.
Number
10(c) (14)
• Definition of external benefits- where third parties are
positively affected by a transaction/ where social benefits
exceed private benefits
• Identification of external benefits: Firms benefit from a
more productive workforce/ the voluntary sector can
support more people/health services are put under less
pressure/increased tax revenue for governments/ less is
spent on income support programmes.
• Accept the following only as private benefits AND NOT
external benefits e.g. 65% higher earnings over working
life/ $21 000 more, receive health insurance and pension
benefits, report higher levels of job satisfaction/ less likely
to smoke or be obese.
• Diagrammatic analysis
o Market equilibrium (QE, PE) and Social Optimum
(Q1, P1) – can also be written
o Identifying welfare loss/welfare gain / identifying
external benefits on diagram
External benefits

1 1-3 Shows some awareness of external benefits of higher
education. Material presented is often irrelevant and lacks
organisation or may confuse private and external benefits.
Frequent punctuation and/or grammar errors are likely to be
present and the writing is generally unclear. Diagrams not
offered or accurate
2 4-6 Understanding of the external benefits of higher education,
with some application to context. Diagrams will be largely
accurate and labelled. This will be supported by an accurately
labelled diagram.
Material is presented with some relevance but there are likely
to be passages which lack proper organisation. Punctuation
and/or grammar errors are likely to be present which affect
the clarity and coherence.
3 7-8 Clear understanding of the external benefits of higher
education. At the top of this level, there will be an accurately
labelled diagram which is explained and applied effectively to
the context. There will be an accurately labelled diagram
which is explained and applied effectively to the context.
Material is presented in a relevant and logical way. Some
punctuation and/or grammar errors may be found, but the
writing has overall clarity and coherence.

• Magnitude: depends on what they do- medicine
degree save many lives
• SR/LR: it will take time before external benefits
are achieved- may take time to accumulate
• Student debt/ unemployment- not achieve private
or external benefits
• Workers may work abroad and not benefit
domestic firms

explanation.
Number
10(d) Knowledge, Application and Analysis (Up to 4
marks):
• Define opportunity cost – The cost of the next best

alternative (1)
• Take up employment (1) People can work and
earn money now rather than attend university (1)
• Enjoy present consumption (1) by not acquiring
debts and having to make repayment they can buy
car/holidays now(1)
• Opportunity cost of attending university has
increased due to higher fees due to more student
debt (1)
• Opportunity cost of not attending university is the
loss of potential higher earnings
• Opportunity cost of not attending university is the
increased risk of obesity (1)
• They may draw a PPF diagram showing
opportunity cost against another activity (should
show movement along the curve) (1)
(4)
Number
10(e) (14)
• Definition of asymmetric information- where one
group has superior information to other groups.
Asymmetric information does exist
• Reference to extract 1- referring to more
information needed- e.g. how set fees, course to
offer/ how delivered
• NUS- more needed on teaching arrangements,
costs, complaints etc.
• Likely benefits over lifetime uncertain
• Hard to assess external benefits
• OFT has called for more information on university
undergraduate courses.
Asymmetric information does not exist

• Reference to Figure 1- showing lots of information
about universities being made available for people
to make informed decisions
• Reference to extract 1- Universities UK- increased
information and respond to students.
• Which information- today’s students are working
for fewer hours, are set less work and are
receiving less detailed feedback
• Data on American returns to education
• Chef Executive of UK universities refers to more
information provided.

1 1-3 Shows some awareness of asymmetric information.
Material presented is often irrelevant and lacks
organisation. Frequent punctuation and/or grammar
generally unclear.
2 4-6 Understanding of asymmetric information, with some
application to context.
3 7-8 Clear understanding of asymmetric information with
effective application to context. Material is presented in
a relevant and logical way. Some punctuation and/or
grammar errors may be found, but the writing has
overall clarity and coherence.
Evaluation for Q10e on next page

- Magnitude- degree of asymmetric information
- Long run- more information made available
- Change over time due to OFT pressure

explanation.
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Mark Scheme (Results)

Pearson Edexcel IAL

Pearson: helping people progress, everywhere

• Mark schemes should be applied positively. Candidates must be

• Examiners should mark according to the mark scheme not according to

• There is no ceiling on achievement. All marks on the mark scheme

• All the marks on the mark scheme are designed to be awarded.

• Where some judgement is required, mark schemes will provide the

• When examiners are in doubt regarding the application of the mark

NB: Candidates may achieve up to 3 marks for explaining three incorrect

Question Answer Mark

Explanation (up to 3 marks)

• Application: free market economy is likely to lead to

Explanation (up to 3 marks)

• Definition of imperfect information- where people

Explanation (up to 3 marks)

Be careful not to double award if using same mark to

Explanation (up to 3 marks)

Explanation (up to 3 marks)

Explanation (up to 3 marks)

Explanation (up to 3 marks)

Question Answer Mark

Diagrammatic analysis which shows:

NB: Award a maximum of 4 marks if no diagram.

Decrease in quantity of hotel rooms (reduced

Evaluation for Q9e on next page

• May be presented diagrammatically:

Diagrammatic analysis which shows:

NB: Award a maximum of 4 marks if no diagram.

Evaluation for Q10b on next page

Evaluation – Level descriptors

Knowledge, Application and Analysis – Level descriptors

Evaluation – Indicative content

Evaluation – Level descriptors

• Define opportunity cost – The cost of the next best

Asymmetric information does not exist

Knowledge, Application and Analysis – Level descriptors

Evaluation for Q10e on next page

Evaluation – Level descriptors

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