Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Edexcel a level economics a question paper 2 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 02 The National and Global Economy
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 02 The National and Global Economy
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
Edexcel a level
economics a question
paper 2 june 2024 +
mark scheme
Please check the examination details below before entering your candidate information
Candidate surname
Centre Number
Other names
Candidate Number
Pearson Edexcel Level 3 GCE
Monday 20 May 2024
Afternoon (Time: 2 hours)
Paper
reference
Economics A
9EC0/02
Advanced
PAPER 2: The National and Global Economy
You do not need any other materials
...
•
in the boxes at the top of this page with your name,
• Fill
centre number and candidate number
...
Answer all questions
• There
from Section A and Section B
...
the questions in the spaces provided
• Answer
– there may be more space than you need
...
•
marks for each question are shown in brackets
• The
– use this as a guide as to how much time to spend on each question
...
Advice
Read each question carefully before you start to answer it
...
Turn over
P74000A
©2024 Pearson Education Ltd
...
If you change your mind about an
answer, put a line through the box and then mark your new answer with a cross
...
Use the data to support your answers where relevant
...
1 UK household savings as a percentage of household disposable income,
quarter 1 (Q1) 2015 to quarter 3 (Q3) 2021
25
%
20
15
10
5
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015
2016
2017
2018
2019
2020
2021
(Source: https://www
...
gov
...
Write your answers in the spaces provided
...
Calculate the total amount of money saved by the average household in Q4
of 2015
...
...
...
...
...
...
(c) Explain one likely reason for the change in total household savings from Q1 2020
to Q2 2020
...
...
...
...
...
(Total for Question 1 = 5 marks)
*P74000A0336*
3
Turn over
%
24
...
4
23
23
...
3
22
...
4
22
22
22
...
8
22
...
4
20
...
ceicdata
...
1
B 0
...
1
D
8
...
(4)
...
...
...
...
...
...
...
...
...
(4)
...
...
...
...
...
...
...
6
*P74000A0636*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(Source: adapted from https://www
...
com/content/73163fa077c5-11e9-bbad-7c18c0ea0201)
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
3 A group of banks, including Barclays and JP Morgan, have been fined more than
€1 billion by the EU’s competition authorities for rigging the foreign exchange market
after the Global Financial Crisis of 2008
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(b) Which one of the following is a role of financial markets?
To:
(1)
A
discourage saving
B
promote moral hazard
C
provide forward markets
D
restrict free trade
(Total for Question 3 = 5 marks)
*P74000A0736*
7
Turn over
4
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Trend GDP growth
C
Actual GDP growth
D
A
B
Time
(a) Which one point on the trade cycle diagram above illustrates a boom?
(1)
A
B
C
D
8
*P74000A0836*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Real GDP
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(b) In July 2020 a survey estimated that the marginal propensity to consume in the
UK was 0
...
(Source: adapted from https://ifs
...
uk/uploads/WP202035-MPCs-throughCOVID-spending-saving-and-private-transfers
...
(4)
...
...
...
...
...
...
...
(Total for Question 4 = 5 marks)
*P74000A0936*
9
Turn over
(a) Explain the likely impact of this tariff on the steel market in the US
...
...
...
...
...
...
...
...
...
reuters
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(b) Which one of the following is likely to give the US a comparative advantage in
steel production?
An increase in:
(1)
A
corporation tax in the US
B
economic growth in the US
C
the productivity of US steel workers
D
the wages of US steel workers
(Total for Question 5 = 5 marks)
TOTAL FOR SECTION A = 25 MARKS
*P74000A01136*
11
Turn over
Write your answers in the spaces provided
...
Question 6
The UK Economy
Figure 1: UK national debt, percentage of GDP, 2001–2021
%
100
90
80
70
60
50
40
30
20
10
20
01
20 –02
02
20 –03
03
20 –04
04
20 –05
05
20 –06
06
20 –07
07
20 –08
08
20 –0
09 9
20 –10
10
20 –11
11
20 –12
12
20 –13
13
20 –14
14
20 –15
15
20 –16
16
20 –17
17
20 –18
18
20 –19
19
20 –20
20
–2
1
0
(Source: https://www
...
gov
...
ons
...
uk/economy/governmentpublicsectorandtaxes/
publicsectorfinance/bulletins/publicsectorfinances/december2021)
12
*P74000A01236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Read Figures 1, 2, 3 and 4 and the following extracts (A and B) before answering Question 6
...
5
%
4
...
5
3
...
5
2
...
5
0
Jul 22
Aug 22
Sep 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
(Source: https://www
...
com/content/ece962c3-b7e5-48c6-a0b1-06f9823a4853#
post-ad2ac225-0543-49e7-9ed5-af9907e83697)
Figure 4: Income tax rates for 2023–24, compared to 2022–23
2022–23
Tax band
2023–24
Income threshold
Tax rate
Income threshold
Tax rate
Personal
allowance
Up to £12 570
0%
Up to £12 570
0%
Basic rate
£12 571–£50 270
20%
£12 571–£50 270
20%
Higher rate
£50 271–£150 000
40%
£50 271–£125 140
40%
Over £150 000
45%
Over £125 140
45%
Additional rate
(Source: Gov
...
While this freeze
may not look like a tax rise on the face of it, having thresholds that fail to rise in line with
salaries, people will still end up paying more tax on their income – particularly if they end
up in a higher tax band as a result
...
It is estimated around 250 000 taxpayers will be pushed into the additional
rate tax band, paying 45% tax on any income above the new limit
...
(Source adapted from: https://www
...
co
...
It voted to reduce the base rate of interest to 0
...
This followed a number of announcements by the UK government to
try and limit the damage of the deep recession the country was facing and reduce the
chances of deflation occurring in the UK
...
5
However, since then the monetary policy committee has rapidly increased the base
rate of interest – which reached 4% in February 2023
...
10
The Bank’s use of quantitative easing (QE) has also come in for criticism, with former
governor of the Bank of England Mervyn King saying that the decision to keep pumping
money into the economy during the global health crisis was a mistake that fuelled
inflation
...
That
was a mistake [as] we had too much money chasing too few goods’
...
However, critics say QE does not cause inflation as most of the extra money is
contained in the financial system and does not affect consumption and investment
...
25
(Source: adapted from: https://www
...
co
...
ft
...
(8)
(c) Assess whether a fiscal deficit and national debt should be a cause for concern for
the UK government
...
(e) Discuss supply-side policies the UK government could introduce to stimulate
economic growth
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
6 (a) With reference to Figure 4 and your own knowledge, explain the distinction
between a progressive and a regressive tax
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
18
*P74000A01836*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(8)
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
20
*P74000A02036*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
(10)
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74000A02136*
21
Turn over
...
...
...
22
*P74000A02236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(d) With reference to Extract B, discuss the use of quantitative easing in
preventing deflation
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
26
*P74000A02636*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(15)
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74000A02736*
27
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
28
*P74000A02836*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
(Total for Question 6 = 50 marks)
TOTAL FOR SECTION B = 50 MARKS
*P74000A02936*
29
Turn over
Write your answer in the spaces provided
...
EITHER
7 In 2021 Brazil’s current account deficit on the balance of payments was US$46
...
The Central Bank of Brazil intervened to sell its own currency, the real, on
September 23rd 2022
...
(Source adapted from: https://www
...
com/statistics and https://www
...
com/central-banks/reserves/foreign-exchange/7953193/brazil-makes-first-fx-interventionof-the-year)
Evaluate macroeconomic policies that could be used to reduce a current account
deficit
...
(Total for Question 7 = 25 marks)
OR
8 In 2020, exports as a share of world GDP were 12% higher than in 2000, almost twice
as high as 50 years ago
...
dhl
...
pdf )
Evaluate the possible factors contributing to globalisation
...
If you change your
mind, put a line through the box and then indicate your new question with a cross
...
...
...
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
SECTION C
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74000A03136*
31
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
32
*P74000A03236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74000A03336*
33
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
34
*P74000A03436*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74000A03536*
35
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
TOTAL FOR SECTION C = 25 MARKS
TOTAL FOR PAPER = 100 MARKS
36
*P74000A03636*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
We
provide a wide range of qualifications including academic, vocational, occupational and specific
programmes for employers
...
edexcel
...
btec
...
uk
...
edexcel
...
Pearson: helping people progress, everywhere
Pearson aspires to be the world’s leading learning company
...
We believe in every kind of learning, for all kinds of
people, wherever they are in the world
...
Find out more about how we can help you and your students at: www
...
com/uk
Summer 2024
Question Paper Log 74000
Publications Code 9EC0_02_2406_MS
All the material in this publication is copyright
© Pearson Education Ltd 2024
General Marking Guidance
●
●
●
●
●
●
●
●
All candidates must receive the same treatment
...
Mark schemes should be applied positively
...
Examiners should mark according to the mark scheme not
according to their perception of where the grade boundaries
may lie
...
All marks on the mark
scheme should be used appropriately
...
Examiners should always award full marks if
deserved, i
...
if the answer matches 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
...
Crossed out work should be marked UNLESS the candidate
has replaced it with an alternative response
...
g
...
g
...
g
...
8% of GDP (in October)
2020 (1) or any other figure for 2020 in diagram
● Investment fell from 24
...
8% (or 3
...
g
...
1) (1) OR
= 1 /0
...
11 (1)
1
...
6m
Award full marks for correct answer 66
...
g
...
6
NB 3 marks for the correct value of multiplier
(4)
Questio
n
Number
5(a)
Answer
Mark
Knowledge 2, Application 1, Analysis 1
Knowledge/Analysis up to 3 marks for e
...
:
●
●
●
●
●
●
●
●
●
●
●
●
●
●
Increase in the price of steel (1)
Reduced imports of steel from the UK (1)
Protects domestic steel industries (1)
Reduced current account deficit of the US (1)
Higher domestic supply of steel/ growth of market (1)
Lower domestic demand for steel (1) But higher domestic
demand for US steel (1)
Higher domestic employment (1)
Higher USA growth (1)
Retaliation by the UK if linked to impact on the US
US steel firms gain extra producer surplus from the
tariff as they can now sell at a higher price (1)
US consumers lose out due to the higher prices/
lower consumer surplus (1)
Deadweight loss in the market (1)
Government gain additional tariff revenue (1)
Higher revenues/ profits for US steel producers (1)
Application (1):
● 25% tariff on steel imports (1)
● steel imports from the UK (1)
● can be shown on a diagram e
...
an increase in price,
increase in domestic production, increase in government
revenue (1)
NB: Marks can be awarded for these points illustrated on a
diagram, e
...
:
(4)
Question
Number
5(b)
Answer
Mark
The only correct answer is C
A is not correct because higher corporation tax would
increase costs and therefore reduce comparative advantage
B is not correct because higher economic growth would
likely increase inflation, therefore reducing comparative
advantage
D is not correct because higher wages would increase costs
and therefore reduce comparative advantage
(1)
Question
Number
6(a)
Answer
Mark
Knowledge 2, Application 2, Analysis 1
Knowledge / analysis up to 3 marks for e
...
:
● Progressive tax is where the proportion of
income/wealth paid as tax increases as
income/wealth increases / tax rate rises as
income/wealth rises (1)
● Regressive tax is where the proportion of
income/wealth paid as tax decreases as
income/wealth increases / tax rate falls as
income/wealth rises (1)
●
Distinction examples: progressive tax would reduce
income inequality while regressive tax would increase
income inequality (1); reference to effect on Gini
coefficient (1); progressive greater burden on higher
income, regressive greater burden on lower income
(1) encourage people to work harder, earn more
money? (1) direct vs indirect (1)
Application: Up to 2 marks (1 mark for progressive and 1
mark for regressive)
Progressive income tax (1) e
...
●
●
•
People earning less than £12,570 pay no income
tax
Someone earning £150,000 will pay an extra
£1,200 income tax per year with the changes
Corporation Tax
Regressive tax (1) e
...
● VAT
● Council tax
● sugar tax
● Congestion Charge
● ULEZ
● Excise duty
NB: Do not accept e
...
increase in tax paid as income
rises
(5)
Question
Number
6(b)
Answer
Mark
Knowledge 2, Application 2, Analysis 2,
Evaluation 2
Knowledge/Understanding:
Likely impact identified (1+1), e
...
● Disposable (real) income might fall / rising more slowly
(1)
● Reduction / slowdown in consumption (1)
● Reduction / slowdown in investment (1)
● Impact on tax revenue (1)
● Impact on government spending (1)
● Reduction / slowing in economic growth (1)
● People pushed into higher income tax brackets (Fiscal
drag) (1)
● Change in confidence can affect consumption/investment
(1)
Analysis:
Linked development (1+1), e
...
in the UK:
● Higher tax means consumers will have less money
to spend (1)
● Lower demand from consumers reduces firms
incentive to invest (1)
● Less demand means firms will need to reduce staff
costs, increasing unemployment (1)
● Linked AD/AS analysis / diagram (1)
● Fiscal drag explained or equivalent(1)
● Reference to lower incentive to work (1)
● Explain impact on tax revenue, e
...
Laffer Curve (1)
Application:
2 marks (1+1) for reference to the data (from either or both
Fig 4 or Extract A), e
...
● Additional-rate income tax threshold decreased from
£150 000 to £125 140 (1)
● Someone earning £150 000 will pay an extra £1 200
income tax per year with the changes / ‘end up paying
more tax on their income’ (1)
● Apart from additional rate, other thresholds are all
staying the same (1)
● ‘Around 250,000 taxpayers will be pushed into this
higher tax band’ (1)
● Thresholds fail to rise in line with salaries (line 3 Ext
A) (1)
Evaluation: 2 marks for two evaluative comments OR 2
marks for identification and linked development of one
comment (1+1 or 2+0), e
...
● If government spends extra tax revenue (1) then
that could create more employment (1)
● Stealth tax? (1)
● Depends on changes in other taxes/government
spending that may offset higher income tax (1)
● Inflation is expected to fall in 2023 so wages may
rise more slowly in the future (1), limiting impact of
freeze in tax bands (1)
● Impact on economic growth depends on where the
AD lies on Keynesian LRAS/level of spare capacity
(1)
● Depends on changes in other components of AD (1)
● Time lags: Short run v long run considerations (1)
● Consumers may not reduce consumption if they choose
to save less instead (1)
● Top income households disposable income does fall (1)
● Depends on value of multiplier (1)
● Impact on tax revenue may not be as expected (1) e
...
Laffer Curve (1) / possible tax avoidance (1)
(8)
Question
Number
6(c)
Indicative Content
Mark
Knowledge 2, Application 2, Analysis 2
Fiscal deficit is a cause for concern:
●
●
●
●
●
Government will have to borrow more money to
finance the fiscal deficit
Will increase the size of the national debt
Reduce government’s ability to spend in the future
Can be inflationary
Risk of being unable to borrow in future / lose trust /
credit default
National debt is a cause for concern:
●
●
●
●
●
●
●
●
Result in crowding out – resource and/or financial
Opportunity cost of interest payments on the debt
Reliance on willingness of borrowers to keep lending
to the government (reference to credit rating)
May reduce business confidence in the UK economy
May result in the depreciation of the currency,
making imports relatively more expensive
Could lead to future tax rises and spending
cuts
Could result in a default on the debt, and
need for IMF assistance
Intergenerational conflict
NB For Level 3, candidates need to make
reference to both fiscal deficit AND national
debt
NB For Level 3, must refer to the UK
government e
...
use of Figs 1 or 2 or 3 or own
knowledge
NB Some causes for concern can be applied to
both e
...
intergenerational inequity
NB KAA and EV can be flipped
(6)
Level
Level 1
Mark
0
1–2
Level 2
3–4
Level 3
5–6
Descriptor
A completely inaccurate response
...
Use of generic or irrelevant information or examples
...
Displays elements of knowledge and understanding of
economic principles, concepts and theories
...
A narrow response or the answer may lack balance
...
Ability to link knowledge and understanding in context using
relevant and focused examples which are fully integrated
...
Question
Number
6(c)
continued
Indicative Content
Mark
Evaluation 4
●
●
●
●
●
●
●
●
●
Depends on size of fiscal deficit/national debt
compared to total GDP
Fiscal deficit may be necessary to support the UK
economy during a recession
Borrowing to fund government spending to boost
economy e
...
education, infrastructure should pay
for itself through higher tax revenue in the future
Could result in ‘crowding in’
Depends on size of service charges/interest rates
Level of debt as % of GDP has been higher in the
past, and is higher in some other countries
Effects of recent fiscal drag will lessen impact in
future
Depends if cyclical or structural deficit
Not a cause for concern if protecting the country
in a crisis, e
...
GHC / conflict
(4)
Level
Level 1
Mark
0
1–2
Level 2
3–4
Descriptor
No evaluative comments
...
No evidence of a
logical chain of reasoning
...
Evaluation recognises different viewpoints and/or is critical of
the evidence
...
This may be illustrated with
AD shift right
QE may lower commercial / high street interest
rates, reducing the reward for saving therefore
increasing consumption, increasing AD
QE may lower interest rates, reducing the cost of
borrowing therefore increasing investment (an
injection), increasing AD
QE can result in a depreciation of the exchange
rate (e
...
via lower interest rates/hot money
outflows) leading to imports becoming relatively
more expensive and hence cost-push inflation or
boost (X-M)
QE can cause positive wealth effects through asset
price inflation
QE can lower cost of government borrowing and
may enable government spending
NB To access Level 3 must refer to preventing
deflation or causing inflation
(8)
Level
Level 1
Mark
0
1–2
Level 2
3–5
Level 3
6–8
Descriptor
A completely inaccurate response
...
Use of generic or irrelevant information or examples
...
Displays elements of knowledge and understanding of
economic principles, concepts and theories
...
A narrow response; chains of reasoning are developed but
the answer may lack balance
...
Ability to link knowledge and understanding in context using
relevant and focused examples which are fully integrated
...
The answer
demonstrates logical and coherent chains of reasoning
...
g
...
g
...
g
...
Identification of generic evaluative comments without
supporting evidence/reference to context
...
Evaluative comments supported by relevant reasoning and
appropriate reference to context
...
Question
Number
6(e)
Indicative content
Mark
Knowledge 3, Application 3, Analysis 3
Explanation of how supply-side policies could
stimulate economic growth, e
...
● Increased spending on infrastructure, e
...
carbon capture technology, increases the
potential output of the economy
● Increased spending on
education/training/healthcare to increase
productivity of workforce
● Policies to increase competition between firms,
such as privatisation/deregulation, to boost UK
competitiveness
● Reducing taxation, e
...
income tax/corporation tax
● Reforming the labour market, e
...
reducing the
cost/ paperwork of immigration, increasing
size/productivity of the labour market, measures to
reduce trade union power
● Government subsidies for strategic industries e
...
electric cars
● Protectionism
● Impact on AD can be credited as a dual/short-run
effect of supply-side policies on growth
NB For Level 3, more than one policy required
(9)
Level
Level 1
Mark
0
1–3
Level 2
4–6
Level 3
7–9
Descriptor
A completely inaccurate response
...
Use of generic or irrelevant information or examples
...
Displays elements of knowledge and understanding of
economic principles, concepts and theories
...
A narrow response; chains of reasoning are developed but
the answer may lack balance
...
Ability to link knowledge and understanding in context using
relevant and focused examples which are fully integrated
...
The answer
demonstrates logical and coherent chains of reasoning
...
g
...
g
...
Identification of generic evaluative comments without
supporting evidence/reference to context
...
Evidence of evaluation of alternative approaches which is
unbalanced
...
Evaluative comments supported by relevant chain of
reasoning and appropriate reference to context
...
Question
Number
7
Indicative content
Mark
Knowledge 4, Application 4, Analysis 8,
Evaluation 9
Policies that could be used to reduce a current account
deficit include:
● Reducing external value of the currency e
...
through
government intervention in currency markets or
expansionary monetary policy by reducing interest rates or
selling own currency such as the real
● Increase in interest rates to reduce consumer
spending on imports (could be evaluation of above)
● Supply-side policies to improve the international
competitiveness of the economy, market based and
interventionist policies supply side policies e
...
on
education and training, infrastructure, healthcare, tax
breaks for R&D etc
...
g
...
g
...
g
...
g
...
Level 1
1–4
Displays isolated or imprecise knowledge and understanding
of terms, concepts, theories and models
...
Descriptive approach which has no chains of reasoning or
links between causes and consequences
...
Applies economic ideas and relates them to economic
problems in context, although does not focus on the broad
elements of the question
...
Level 3
9–12
Demonstrates accurate knowledge and understanding of the
concepts, principles and models
...
Analysis is clear and coherent, although it may lack balance
...
Level 4
13–16
Demonstrates precise knowledge and understanding of the
concepts, principles and models
...
Analysis is relevant and focused with
evidence fully and reliably integrated
...
The answer
demonstrates logical and coherent chains of reasoning
...
Identification of generic evaluative comments without
supporting evidence/reference to context
...
Evidence of evaluation of alternative approaches which is
unbalanced leading to unsubstantiated judgements
...
Evaluative comments supported by relevant reasoning and
appropriate reference to context
...
Question
Number
8
Indicative content
Mark
Knowledge 4, Application 4, Analysis 8,
Evaluation 9
●
●
●
●
●
●
●
Reduced cost of transport: technical efficiencies
through containerisation; increase in fuel efficiency;
better transport infrastructure
Trade liberalisation: reduction in trade barriers
linked to the work of WTO; application of law of
comparative advantage and link to specialisation
Increased number and size of trading blocs: may
apply to trade creation
Reduced costs of communication: e
...
internet,
mobile technology and technological advances
have made it easy to communicate; introduction
of new electronic payment systems
Political change: opening up of previously closed
economies to the world market, e
...
breakdown
of the Soviet system and opening up of China
Increased significance of TNCs / use of FDI: have
entered new markets and invested significantly in
expanding abroad to increase profits through
offshoring and outsourcing to benefit from lower
labour costs
Increased interconnectedness of global supply
chains as firms produce different parts of their
finished products in different countries
Evaluative comments may include e
...
:
●
●
●
●
●
●
●
●
●
●
●
●
Deglobalisation as a more recent trend, for example
recent increases in US tariffs on Chinese cars
Significance/magnitude of factors discussed
Combination of factors will be more significant
Different factors important for different countries
Reduced cost of transport: countries that have poor
infrastructure/landlocked will not benefit
Reduced cost of communications: many people in
developing countries excluded from benefits from
internet or mobile technology due to being poor
Countries leaving trading blocs e
...
UK and the EU
Political change: trade wars between countries e
...
China and USA have reduced global trade
Increased significance of TNCs: delays/uncertainty
in global shipping are encouraging some firms to
reshore production or simplify their supply chains
Increased automation reduces importance of labour
costs in firms decision regarding where to locate its
production facilities
Trade diversion
Limited scope for further tariff removal
(25)
Knowledge, application and analysis
Level
Mark
Descriptor
0
A completely inaccurate response
...
Use of generic or irrelevant information or examples
...
Level 2
5–8
Displays elements of knowledge and understanding of
economic principles, concepts and theories
...
A narrow response or superficial, two stage chains of
reasoning only
...
Ability to apply economic concepts and relate them directly to
the broad elements of the question with evidence integrated
into the answer
...
Chains of reasoning are developed but the answer may lack
balance
...
Ability to link knowledge and understanding in context using
appropriate examples
...
Economic ideas are carefully selected and applied
appropriately to economic issues and problems
...
Evaluation
Level
Mark
0
Level 1
1–3
Level 2
4–6
Level 3
7–9
Descriptor
No evaluative comments
...
No evidence of a
logical chain of reasoning
...
Evaluative comments with supporting evidence/reference to
context and a partially developed chain of reasoning
...
Evaluation recognises different viewpoints and is critical of
the evidence provided and/or the assumptions underlying the
analysis enabling informed judgements to be made
...
Registered company number 872828
with its registered office at 80 Strand, London, WC2R 0RL, United Kingdom
Title: Edexcel a level economics a question paper 2 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 02 The National and Global Economy
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 02 The National and Global Economy