2025 OCR A Level Economics H460/03 Themes in economics Combined Question Paper &
Final Marking Scheme
Oxford Cambridge and RSA
Thursday 5 June 2025 – Morning
A Level Economics
H460/03 Themes in economics
Time allowed: 2 hours
*1354870677*
You can use:
• a scientific or graphical calculator
* H 4 6 0 0 3 *
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
INSTRUCTIONS
• Use black ink. You can use an HB pencil, but only for graphs and diagrams.
• Write your answer to each question in the space provided. If you need extra space use
the lined pages at the end of this booklet. The question numbers must be clearly shown.
• Answer all the questions.
INFORMATION
• The total mark for this paper is 80.
• The marks for each question are shown in brackets [ ].
• Quality of extended response will be assessed in questions marked with an asterisk (*).
• This document has 28 pages.
ADVICE
• Read each question carefully before you start your answer.
© OCR 2025 [601/4799/4] OCR is an exempt Charity
DC (DE/FC) 345028/5 Turn over
, 2
Section A
Write your answer to each question in the box provided.
1 Which point on the diagram represents productive efficiency for the firm?
Costs /
revenu es
MC
AC
AR
O Q1 Q2Q3 Q4 Quantity
MR
A Q1
B Q2
C Q3
D Q4
Your answer [1]
2 In the diagram what represents the opportunity cost of increasing production of wheat from W1 to
W2?
Corn
C1
C2
C3
O W1 W2 W3
Wheat
A C1 to C2
B C1 to C3
C C2 to C3
D W2 to W3
Your answer [1]
© OCR 2025
, 3
3 What is missing from the Harrod-Domar model?
? INVESTMENT
ECONOMIC INCREASE IN
GROWTH CAPITAL STOCK
A Banks
B Exports
C Microfinance
D Saving
Your answer [1]
4 The UK government imposes a tariff on imports of steel from Japan.
In retaliation the Japanese government imposes protectionist policies on UK firms.
What is a likely outcome for the UK economy?
A An increase in exports to Japan
B An increase in imports from Japan
C An increase in the consumer surplus in the steel market
D An increase in unemployment in UK exporting industries
Your answer [1]
© OCR 2025 Turn over
, 4
5 Country A is experiencing a long-term improvement in the terms of trade.
Country B is experiencing a long-term deterioration in the terms of trade.
What is the likely impact?
A An increase in inequality between country A and country B
B An increase in inequality within country A and within country B
C An increase in living standards in country B
D An increase in the number of exports country A needs to sell in order to buy the same
quantity of imports
Your answer [1]
6 Which of these are in joint supply?
A Beef and leather
B Carrots and potatoes
C iPhones and iPhone chargers
D Buildings and brick layers
Your answer [1]
7 The price elasticity of supply (PES) of tomatoes is 0.2.
At a price of £2.40 per Kg the supply of tomatoes is 130 000 Kg.
What would be the new quantity of tomatoes supplied if the price of tomatoes increased to £3.00
per Kg?
A 132 600 Kg
B 135 200 Kg
C 136 500 Kg
D 292 500 Kg
Your answer [1]
© OCR 2025
Final Marking Scheme
Oxford Cambridge and RSA
Thursday 5 June 2025 – Morning
A Level Economics
H460/03 Themes in economics
Time allowed: 2 hours
*1354870677*
You can use:
• a scientific or graphical calculator
* H 4 6 0 0 3 *
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
INSTRUCTIONS
• Use black ink. You can use an HB pencil, but only for graphs and diagrams.
• Write your answer to each question in the space provided. If you need extra space use
the lined pages at the end of this booklet. The question numbers must be clearly shown.
• Answer all the questions.
INFORMATION
• The total mark for this paper is 80.
• The marks for each question are shown in brackets [ ].
• Quality of extended response will be assessed in questions marked with an asterisk (*).
• This document has 28 pages.
ADVICE
• Read each question carefully before you start your answer.
© OCR 2025 [601/4799/4] OCR is an exempt Charity
DC (DE/FC) 345028/5 Turn over
, 2
Section A
Write your answer to each question in the box provided.
1 Which point on the diagram represents productive efficiency for the firm?
Costs /
revenu es
MC
AC
AR
O Q1 Q2Q3 Q4 Quantity
MR
A Q1
B Q2
C Q3
D Q4
Your answer [1]
2 In the diagram what represents the opportunity cost of increasing production of wheat from W1 to
W2?
Corn
C1
C2
C3
O W1 W2 W3
Wheat
A C1 to C2
B C1 to C3
C C2 to C3
D W2 to W3
Your answer [1]
© OCR 2025
, 3
3 What is missing from the Harrod-Domar model?
? INVESTMENT
ECONOMIC INCREASE IN
GROWTH CAPITAL STOCK
A Banks
B Exports
C Microfinance
D Saving
Your answer [1]
4 The UK government imposes a tariff on imports of steel from Japan.
In retaliation the Japanese government imposes protectionist policies on UK firms.
What is a likely outcome for the UK economy?
A An increase in exports to Japan
B An increase in imports from Japan
C An increase in the consumer surplus in the steel market
D An increase in unemployment in UK exporting industries
Your answer [1]
© OCR 2025 Turn over
, 4
5 Country A is experiencing a long-term improvement in the terms of trade.
Country B is experiencing a long-term deterioration in the terms of trade.
What is the likely impact?
A An increase in inequality between country A and country B
B An increase in inequality within country A and within country B
C An increase in living standards in country B
D An increase in the number of exports country A needs to sell in order to buy the same
quantity of imports
Your answer [1]
6 Which of these are in joint supply?
A Beef and leather
B Carrots and potatoes
C iPhones and iPhone chargers
D Buildings and brick layers
Your answer [1]
7 The price elasticity of supply (PES) of tomatoes is 0.2.
At a price of £2.40 per Kg the supply of tomatoes is 130 000 Kg.
What would be the new quantity of tomatoes supplied if the price of tomatoes increased to £3.00
per Kg?
A 132 600 Kg
B 135 200 Kg
C 136 500 Kg
D 292 500 Kg
Your answer [1]
© OCR 2025
