AS
ECONOMICS
7135/2
Paper 2 The National Economy in a Global Context
Mark scheme
June 2026
Version: 1.0 Final
, MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant
questions, by a panel of subject teachers. This mark scheme includes any amendments made at the
standardisation events which all associates participate in and is the scheme which was used by them in
this examination. The standardisation process ensures that the mark scheme covers the students’
responses to questions and that every associate understands and applies it in the same correct way.
As preparation for standardisation each associate analyses a number of students’ scripts. Alternative
answers not already covered by the mark scheme are discussed and legislated for. If, after the
standardisation process, associates encounter unusual answers which have not been raised they are
required to refer these to the Lead Examiner.
It must be stressed that a mark scheme is a working document, in many cases further developed and
expanded on the basis of students’ reactions to a particular paper. Assumptions about future mark
schemes on the basis of one year’s document should be avoided; whilst the guiding principles of
assessment remain constant, details will change, depending on the content of a particular examination
paper.
No student should be disadvantaged on the basis of their gender identity and/or how they refer to the
gender identity of others in their exam responses.
A consistent use of ‘they/them’ as a singular and pronouns beyond ‘she/her’ or ‘he/him’ will be credited in
exam responses in line with existing mark scheme criteria.
Further copies of this mark scheme are available from
information
AQA retains the on all its publications. However, registered schools/colleges for AQA are permitted to copy material from this booklet for their own
internal use, wit ing important exception: AQA cannot give permission to schools/colleges to photocopy any material that is acknowledged to a third
party even for internal use within the centre.
AQA and its licensors. All rights reserved.
2
, MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
SECTION A
The following list indicates the correct answers used
in marking the students’ responses.
KEY LIST
C B
1 (Real income is adjusted for 11 (112.0)
inflation)
A B
(increased energy costs)
2 12
C B
3 (Households delay purchases of 13 (Frictional)
consumer durables)
D D
4 (The economy had spare capacity 14 (More financial regulations to reduce the
in 2023) supply of credit)
C D
(A subsidy to firms to cover an (The value of the euro was highest at the
5 increase in the cost of capital 15
beginning of the period and weakest
goods) towards the end)
D C
6 (The greatest change in inflation 16 (Price stability and minimising
occurred between 2021 and 2022) unemployment)
A C
(An economy is producing on its (the change in national income should be
7 17
production possibility frontier, with divided by the change in injections.)
no spare capacity)
B D
8 (Falling………….Rising) 18 (the percentage of tax is the same at all
levels of income.)
D D
(An increase in raw material prices (reduce aggregate demand.)
9 19
and an increase in household
wealth)
B A
10 (An increase in labour mobility) 20 (change in the pattern of economic
activity.)
Totals
A3 C5
B5 D7
3
ECONOMICS
7135/2
Paper 2 The National Economy in a Global Context
Mark scheme
June 2026
Version: 1.0 Final
, MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant
questions, by a panel of subject teachers. This mark scheme includes any amendments made at the
standardisation events which all associates participate in and is the scheme which was used by them in
this examination. The standardisation process ensures that the mark scheme covers the students’
responses to questions and that every associate understands and applies it in the same correct way.
As preparation for standardisation each associate analyses a number of students’ scripts. Alternative
answers not already covered by the mark scheme are discussed and legislated for. If, after the
standardisation process, associates encounter unusual answers which have not been raised they are
required to refer these to the Lead Examiner.
It must be stressed that a mark scheme is a working document, in many cases further developed and
expanded on the basis of students’ reactions to a particular paper. Assumptions about future mark
schemes on the basis of one year’s document should be avoided; whilst the guiding principles of
assessment remain constant, details will change, depending on the content of a particular examination
paper.
No student should be disadvantaged on the basis of their gender identity and/or how they refer to the
gender identity of others in their exam responses.
A consistent use of ‘they/them’ as a singular and pronouns beyond ‘she/her’ or ‘he/him’ will be credited in
exam responses in line with existing mark scheme criteria.
Further copies of this mark scheme are available from
information
AQA retains the on all its publications. However, registered schools/colleges for AQA are permitted to copy material from this booklet for their own
internal use, wit ing important exception: AQA cannot give permission to schools/colleges to photocopy any material that is acknowledged to a third
party even for internal use within the centre.
AQA and its licensors. All rights reserved.
2
, MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
SECTION A
The following list indicates the correct answers used
in marking the students’ responses.
KEY LIST
C B
1 (Real income is adjusted for 11 (112.0)
inflation)
A B
(increased energy costs)
2 12
C B
3 (Households delay purchases of 13 (Frictional)
consumer durables)
D D
4 (The economy had spare capacity 14 (More financial regulations to reduce the
in 2023) supply of credit)
C D
(A subsidy to firms to cover an (The value of the euro was highest at the
5 increase in the cost of capital 15
beginning of the period and weakest
goods) towards the end)
D C
6 (The greatest change in inflation 16 (Price stability and minimising
occurred between 2021 and 2022) unemployment)
A C
(An economy is producing on its (the change in national income should be
7 17
production possibility frontier, with divided by the change in injections.)
no spare capacity)
B D
8 (Falling………….Rising) 18 (the percentage of tax is the same at all
levels of income.)
D D
(An increase in raw material prices (reduce aggregate demand.)
9 19
and an increase in household
wealth)
B A
10 (An increase in labour mobility) 20 (change in the pattern of economic
activity.)
Totals
A3 C5
B5 D7
3
