Edexcel a level economics a question paper 2 june 2023 + mark scheme

Mark Scheme (Results) Summer 2023 Pearson Edexcel GCE In Economics A (9EC0) Paper 02: The National and Global EconomyEdexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualifications websites at or . Alternatively, you can get in touch with us using the details on our contact us page at Pearson: helping people progress, everywhere Pearson aspires to be the world’s leading learning company. Our aim is to help everyone progress in their lives through education. We believe in every kind of learning, for all kinds of people, wherever they are in the world. We’ve been involved in education for over 150 years, and by working across 70 countries, in 100 languages, we have built an international reputation for our commitment to high standards and raising achievement through innovation in education. Find out more about how we can help you and your students at: Summer 2023 Publications Code 9EC0_02_2306_MS All the material in this publication is copyright © Pearson Education Ltd 2022General 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.Question Number Answer Mark 1(a) Knowledge 2, Application 2 Knowledge/understanding: Correct labels on axes and curves (1) and shift of curve(s) (1) Application: Correct change in price level (1) and fall in real output (1) For example: N.B. Other AS curves are acceptable N.B. Decrease in AS also acceptable (4) Question Number Answer Mark 1(b) The only correct answer is A B is not correct because higher interest rates would lead to an increase in marginal propensity to save C is not correct because unemployment would be likely to increase as AD falls D is not correct because the pound would be likely to increase in value as a higher interest rate attracts more flows of money to the UK (1)Question Number Answer Mark 2(a) The only correct answer is B A is not correct because this is a decrease in 1.4 percentage points, not percentage C is not correct because the rate of unemployment was lowest in March 2022 and highest in December 2020 D is not correct because the chart only shows historical data (1) Question Number Answer Mark 2(b) Knowledge 2, Application 1, Analysis 1 Knowledge/understanding (2) e.g. • Increase in AD (1) leading to an increase in economic growth/production of goods & services (1) • Increase in consumption (1) increasing demand for goods and services in the UK (1) • Increase in government spending (1) creating more demand in the UK (1) • Depreciation of the pound (1) increasing demand for UK exports (1) • Improved transport (1) so workers are more able to access jobs further away (1) Application (1) e.g. A correct reference to the figure e.g. • Unemployment fell from 5.2% in December 2020 to 3.8% in June 2022 (1) • Unemployment was at a low of approximately 3.7% in March 2022 (1) • The trend in unemployment during the time period shown is downwards (1) Analysis (1) e.g. Linked development 1 mark for e.g. • Firms will need to hire more staff to meet higher demand (1) • Derived demand for labour (1) • Firms that previously struggled to recruit staff are now available to fill those job vacancies (1) • Fall in the output gap (1) (4)Question Number Answer Mark 3(a) Application 2 2198473m X 1.035 (1) = 2275420m Answer= 2275420m NB Award full marks for correct answer Allow range 2275419m to 2280000m (2) Allow 2.28 trillion (2) If answer given without million units, then maximum 1 mark NB Million units is not allowed if answer is written in the table (2) Question Number Answer Mark 3(b) Knowledge 1, Analysis 1 Knowledge: Identification of one likely cost for 1 mark, e.g. • Increase in unemployment (1) • Reduction in government tax revenue (1) • Reduction in investment from firms (1) • Fall in living standards (1) Analysis: Linked development 1 mark for e.g. • As there is less demand so firms will look to reduce their costs (1) • From consumers working less/firms making less profits (1) • Due to a drop in demand for goods and services (1) • Diagram e.g. showing fall in AD (1) (2)Question Number Answer Mark 3(c) The only correct answer is D A is not correct because this would cause AD to increase, leading to an increase in actual growth B is not correct because this would cause SRAS to fall C is not correct because this would lead to a reduction in