2024
The ECONOMICS
National Paper
Economy in a2
Global Context Question Paper
& answers
Examples of acceptable definitions worth:
• controlling inflation to achieve a low rate of inflation in line with the
government’s target of 2%
• when the general level of prices is consistently rising slowly
• allow a definition of absolute price stability, eg achieving a zero annual
rate of inflation.
Examples of a definition worth :
• when inflation is rising slowly (no indication of a period of time to
emphasise ‘stability’)
• when the general level of prices is rising slowly (as above).
Examples of a definition worth
• no inflation
• a general sustained increase in the price level (definition of
inflation, with no indication that the increase is low or slow).
significant point of comparison
Response
Identifies a significant point of comparison.
Makes accurate use of the data to support the point
identified. Unit of measurement given accurately.
Identifies a significant point of comparison but only one piece of
data is given when two are needed and/or no unit of measurement
is given and/or the unit of measurement is inaccurate.
OR
Identifies a significant feature of one data series with accurate use
of the data (including the unit of measurement) but no comparison
is made.
, If a student identifies more than 2 significant points of comparison,
reward the best two. Significant points include:
• the annual % change in real GDP in both countries was higher at
the start of the period in 2015 than in 2019. In the UK annual %
change in real GDP was 2.4% in 2015, and 1.4% in 2019, whereas
in Germany it was 1.7% in 2015 and 0.6% in 2019
• the annual % change in real GDP was higher in the UK than in
Germany at the start and end of the period. In the UK annual %
change in real GDP was 2.4% in 2015, whereas in Germany it was
1.7%, in 2019, the annual % change in real GDP was 1.4% in the UK,
and 0.6% in Germany
• only between the years 2016 to 2018 was the German growth rate
higher than the UK. In 2016, the annual % change in real GDP was
1.9% in the UK, and 2.2% in Germany; In 2018, the annual
% change in real GDP was 1.4% in the UK, and 1.5% in Germany
• the highest annual % change in real GDP in the UK occurred
in 2015 at 2.4%, whereas in Germany it occurred in 2017 at
2.5%
• the lowest annual % change in real GDP occurred in 2018 and
2019 in the UK at 1.4%, and in 2019 in Germany at 0.6%
• the annual % change in real GDP in Germany had a greater range than in
the UK, with a range of
1.9 % points, for Germany, and a smaller range of 1% point.
.
Response
Accurately drawn AD/AS diagram showing the initial equilibrium level of
output and price level, a rightwards shift in the LRAS curve, an increase
in real national output, and a lower equilibrium price level with both
axes and all curves and coordinates correctly labelled.
The ECONOMICS
National Paper
Economy in a2
Global Context Question Paper
& answers
Examples of acceptable definitions worth:
• controlling inflation to achieve a low rate of inflation in line with the
government’s target of 2%
• when the general level of prices is consistently rising slowly
• allow a definition of absolute price stability, eg achieving a zero annual
rate of inflation.
Examples of a definition worth :
• when inflation is rising slowly (no indication of a period of time to
emphasise ‘stability’)
• when the general level of prices is rising slowly (as above).
Examples of a definition worth
• no inflation
• a general sustained increase in the price level (definition of
inflation, with no indication that the increase is low or slow).
significant point of comparison
Response
Identifies a significant point of comparison.
Makes accurate use of the data to support the point
identified. Unit of measurement given accurately.
Identifies a significant point of comparison but only one piece of
data is given when two are needed and/or no unit of measurement
is given and/or the unit of measurement is inaccurate.
OR
Identifies a significant feature of one data series with accurate use
of the data (including the unit of measurement) but no comparison
is made.
, If a student identifies more than 2 significant points of comparison,
reward the best two. Significant points include:
• the annual % change in real GDP in both countries was higher at
the start of the period in 2015 than in 2019. In the UK annual %
change in real GDP was 2.4% in 2015, and 1.4% in 2019, whereas
in Germany it was 1.7% in 2015 and 0.6% in 2019
• the annual % change in real GDP was higher in the UK than in
Germany at the start and end of the period. In the UK annual %
change in real GDP was 2.4% in 2015, whereas in Germany it was
1.7%, in 2019, the annual % change in real GDP was 1.4% in the UK,
and 0.6% in Germany
• only between the years 2016 to 2018 was the German growth rate
higher than the UK. In 2016, the annual % change in real GDP was
1.9% in the UK, and 2.2% in Germany; In 2018, the annual
% change in real GDP was 1.4% in the UK, and 1.5% in Germany
• the highest annual % change in real GDP in the UK occurred
in 2015 at 2.4%, whereas in Germany it occurred in 2017 at
2.5%
• the lowest annual % change in real GDP occurred in 2018 and
2019 in the UK at 1.4%, and in 2019 in Germany at 0.6%
• the annual % change in real GDP in Germany had a greater range than in
the UK, with a range of
1.9 % points, for Germany, and a smaller range of 1% point.
.
Response
Accurately drawn AD/AS diagram showing the initial equilibrium level of
output and price level, a rightwards shift in the LRAS curve, an increase
in real national output, and a lower equilibrium price level with both
axes and all curves and coordinates correctly labelled.
