Please write clearly in block capitals.
Centre number Candidate number
AS
ECONOMICS
Surname
Forename(s)
Candidate signature
I declare this is my own work.
7135/2
Paper 2 The National Economy in a Global Context
AS
Mark scheme
ECONOMICS June 2026
Paper 2 The National Economy in a Global Context Version: 1.0 Final
Monday 18 May 2026 Morning Time allowed: 1 hour 30 minutes
Materials For Examiner’s Use
For this paper you must have:
• the Insert Section Mark
• a calculator. A
B
Instructions
• Use black ink or black ball-point pen. Pencil should only be used for drawing. TOTAL
• Fill in the boxes at the top of this page.
• Answer all questions in Section A.
• Answer either Context 1 or Context 2 in Section B.
• You will need to refer to the Insert provided to answer Section B.
• You must answer the questions in the spaces provided. Do not write outside
the box around each page or on blank pages.
• If you need extra space for your answer(s), use the lined pages at the end of
this book. Write the question number against your answer(s).
• Do all rough work in this book. Cross through any work you do not want to be
marked.
Information
• The maximum mark for this paper is 70.
• The marks for questions are shown in brackets.
• No deductions will be made for wrong answers.
*jun *
IB/M/Jun26/G4004/V7 7135/2
, 2
MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Do not write
outside the
Section A box
Answer all questions in this section. 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’
Only one answer per question is allowed. 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
For each question completely fill in the circle alongside the appropriate answer. 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
CORRECT METHOD WRONG METHODS required to refer these to the Lead Examiner.
If you want to change your answer you must cross out your original answer as shown. 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
If you wish to return to an answer previously crossed out, ring the answer you now wish to select schemes on the basis of one year’s document should be avoided; whilst the guiding principles of
as shown. 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.
0 1 Which one of the following explains the difference between nominal income and
real income? A consistent use of ‘they/them’ as a singular and pronouns beyond ‘she/her’ or ‘he/him’ will be credited in
[1 mark] exam responses in line with existing mark scheme criteria.
A Nominal income is adjusted for inflation
Further copies of this mark scheme are available from
B Nominal income is adjusted for population changes
C Real income is adjusted for inflation
D Real income is adjusted for population changes
information
retains the on all its publications. H r, registered schools/colleges for are permitted to copy material from this booklet for their own
al use, wit ing important exception: cannot give permission to school ges to photocopy any material that is acknowledged to a third
party even for internal use within the centre.
and its licensors. All rights reserved.
*02*
2
IB/M/Jun26/7135/2
, 3
MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Do not write
outside the
0 2 Figure 1 shows the aggregate demand (AD) curve for an economy. box
SECTION A
Figure 1
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
Which one of the following would explain the change in the price level from P1 to P2 and 3 (Households delay purchases of 13 (Frictional)
real national output from Y1 to Y2? consumer durables)
[1 mark]
D D
4 (The economy had spare capacity 14 (More financial regulations to reduce the
A Increased energy costs in 2023) supply of credit)
C D
B Increased government spending
(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
C Reduced employment goods) towards the end)
D Reduced indirect taxation D C
6 (The greatest change in inflation 16 (Price stability and minimising
occurred between 2021 and 2022) unemployment)
A C
0 3 All other things being equal, which one of the following is most likely to occur in an (An economy is producing on its (the change in national income should be
economy experiencing a period of deflation? 7 17
production possibility frontier, with divided by the change in injections.)
[1 mark] no spare capacity)
B D
A Firms buy a higher proportion of raw materials from abroad 8 (Falling………….Rising) 18 (the percentage of tax is the same at all
levels of income.)
B Firms replace capital goods earlier than necessary
D D
(An increase in raw material prices (reduce aggregate demand.)
C Households delay purchases of consumer durables 9 19
and an increase in household
wealth)
D Households experience increases in the cost of living
B A
10 (An increase in labour mobility) 20 (change in the pattern of economic
activity.)
Totals
A3 C5
B5 D7
Turn over ►
*03*
3
IB/M/Jun26/7135/2
, 4
MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Do not write
outside the
0 4 Table 1 shows the annual growth rate in real gross domestic product (real GDP) in an box
economy between 2020 and 2024.
Level of response marking instructions
Table 1
Level of response mark schemes are broken down into levels, each of which has a descriptor. The
descriptor for the level shows the average performance for the level. There are marks in each level.
Year 2020 2021 2022 2023 2024
Before you apply the mark scheme to a student’s answer read through the answer and annotate it (as
Real GDP growth (%) –20% 15% 5% 3% 4% instructed) to show the qualities that are being looked for. You can then apply the mark scheme.
The economy has a long-run trend rate of growth of 3% per year. At the start of 2020, it
Step 1 Determine a level
was producing at its normal capacity level of output.
Start at the lowest level of the mark scheme and use it as a ladder to see whether the answer meets the
Which one of the following statements is supported by the data in Table 1? descriptor for that level. The descriptor for the level indicates the different qualities that might be seen in
[1 mark] the student’s answer for that level. If it meets the lowest level then go to the next one and decide if it
meets this level, and so on, until you have a match between the level descriptor and the answer. With
practice and familiarity you will find that for better answers you will be able to quickly skip through the
A The economy experienced an economic boom in 2021 lower levels of the mark scheme.
B The economy had a positive output gap by 2024 When assigning a level you should look at the overall quality of the answer and not look to pick holes in
small and specific parts of the answer where the student has not performed quite as well as the rest. If
C The economy had recovered to pre-recession real GDP by the end of 2022 the answer covers different aspects of different levels of the mark scheme you should use a best fit
approach for defining the level and then use the variability of the response to help decide the mark within
the level, ie if the response is predominantly level 3 with a small amount of level 4 material it would be
D The economy had spare capacity in 2023
placed in level 3 but be awarded a mark near the top of the level because of the level 4 content.
Step 2 Determine a mark
0 5 Which one of the following is an example of a supply-side policy? Once you have assigned a level you need to decide on the mark. The descriptors on how to allocate
[1 mark] marks can help with this. The exemplar materials used during standardisation will help. There will be an
answer in the standardising materials which will correspond with each level of the mark scheme. This
answer will have been awarded a mark by the Lead Examiner. You can compare the student’s answer
A A fall in indirect taxation to increase short-run aggregate supply with the example to determine if it is the same standard, better or worse than the example. You can then
use this to allocate a mark for the answer based on the Lead Examiner’s mark on the example.
B A rise in direct taxation to reduce aggregate demand
You may well need to read back through the answer as you apply the mark scheme to clarify points and
C A subsidy to firms to cover an increase in the cost of capital goods assure yourself that the level and the mark are appropriate.
D A subsidy to households to cover an increase in energy prices Indicative content in the mark scheme is provided as a guide for examiners. It is not intended to be
exhaustive and you must credit other valid points. Students do not have to cover all of the points
mentioned in the Indicative content to reach the highest level of the mark scheme.
An answer which contains nothing of relevance to the question must be awarded no marks.
*04*
4
IB/M/Jun26/7135/2
Centre number Candidate number
AS
ECONOMICS
Surname
Forename(s)
Candidate signature
I declare this is my own work.
7135/2
Paper 2 The National Economy in a Global Context
AS
Mark scheme
ECONOMICS June 2026
Paper 2 The National Economy in a Global Context Version: 1.0 Final
Monday 18 May 2026 Morning Time allowed: 1 hour 30 minutes
Materials For Examiner’s Use
For this paper you must have:
• the Insert Section Mark
• a calculator. A
B
Instructions
• Use black ink or black ball-point pen. Pencil should only be used for drawing. TOTAL
• Fill in the boxes at the top of this page.
• Answer all questions in Section A.
• Answer either Context 1 or Context 2 in Section B.
• You will need to refer to the Insert provided to answer Section B.
• You must answer the questions in the spaces provided. Do not write outside
the box around each page or on blank pages.
• If you need extra space for your answer(s), use the lined pages at the end of
this book. Write the question number against your answer(s).
• Do all rough work in this book. Cross through any work you do not want to be
marked.
Information
• The maximum mark for this paper is 70.
• The marks for questions are shown in brackets.
• No deductions will be made for wrong answers.
*jun *
IB/M/Jun26/G4004/V7 7135/2
, 2
MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Do not write
outside the
Section A box
Answer all questions in this section. 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’
Only one answer per question is allowed. 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
For each question completely fill in the circle alongside the appropriate answer. 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
CORRECT METHOD WRONG METHODS required to refer these to the Lead Examiner.
If you want to change your answer you must cross out your original answer as shown. 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
If you wish to return to an answer previously crossed out, ring the answer you now wish to select schemes on the basis of one year’s document should be avoided; whilst the guiding principles of
as shown. 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.
0 1 Which one of the following explains the difference between nominal income and
real income? A consistent use of ‘they/them’ as a singular and pronouns beyond ‘she/her’ or ‘he/him’ will be credited in
[1 mark] exam responses in line with existing mark scheme criteria.
A Nominal income is adjusted for inflation
Further copies of this mark scheme are available from
B Nominal income is adjusted for population changes
C Real income is adjusted for inflation
D Real income is adjusted for population changes
information
retains the on all its publications. H r, registered schools/colleges for are permitted to copy material from this booklet for their own
al use, wit ing important exception: cannot give permission to school ges to photocopy any material that is acknowledged to a third
party even for internal use within the centre.
and its licensors. All rights reserved.
*02*
2
IB/M/Jun26/7135/2
, 3
MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Do not write
outside the
0 2 Figure 1 shows the aggregate demand (AD) curve for an economy. box
SECTION A
Figure 1
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
Which one of the following would explain the change in the price level from P1 to P2 and 3 (Households delay purchases of 13 (Frictional)
real national output from Y1 to Y2? consumer durables)
[1 mark]
D D
4 (The economy had spare capacity 14 (More financial regulations to reduce the
A Increased energy costs in 2023) supply of credit)
C D
B Increased government spending
(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
C Reduced employment goods) towards the end)
D Reduced indirect taxation D C
6 (The greatest change in inflation 16 (Price stability and minimising
occurred between 2021 and 2022) unemployment)
A C
0 3 All other things being equal, which one of the following is most likely to occur in an (An economy is producing on its (the change in national income should be
economy experiencing a period of deflation? 7 17
production possibility frontier, with divided by the change in injections.)
[1 mark] no spare capacity)
B D
A Firms buy a higher proportion of raw materials from abroad 8 (Falling………….Rising) 18 (the percentage of tax is the same at all
levels of income.)
B Firms replace capital goods earlier than necessary
D D
(An increase in raw material prices (reduce aggregate demand.)
C Households delay purchases of consumer durables 9 19
and an increase in household
wealth)
D Households experience increases in the cost of living
B A
10 (An increase in labour mobility) 20 (change in the pattern of economic
activity.)
Totals
A3 C5
B5 D7
Turn over ►
*03*
3
IB/M/Jun26/7135/2
, 4
MARK SCHEME – AS ECONOMICS – 7135/2 – JUNE 2026
Do not write
outside the
0 4 Table 1 shows the annual growth rate in real gross domestic product (real GDP) in an box
economy between 2020 and 2024.
Level of response marking instructions
Table 1
Level of response mark schemes are broken down into levels, each of which has a descriptor. The
descriptor for the level shows the average performance for the level. There are marks in each level.
Year 2020 2021 2022 2023 2024
Before you apply the mark scheme to a student’s answer read through the answer and annotate it (as
Real GDP growth (%) –20% 15% 5% 3% 4% instructed) to show the qualities that are being looked for. You can then apply the mark scheme.
The economy has a long-run trend rate of growth of 3% per year. At the start of 2020, it
Step 1 Determine a level
was producing at its normal capacity level of output.
Start at the lowest level of the mark scheme and use it as a ladder to see whether the answer meets the
Which one of the following statements is supported by the data in Table 1? descriptor for that level. The descriptor for the level indicates the different qualities that might be seen in
[1 mark] the student’s answer for that level. If it meets the lowest level then go to the next one and decide if it
meets this level, and so on, until you have a match between the level descriptor and the answer. With
practice and familiarity you will find that for better answers you will be able to quickly skip through the
A The economy experienced an economic boom in 2021 lower levels of the mark scheme.
B The economy had a positive output gap by 2024 When assigning a level you should look at the overall quality of the answer and not look to pick holes in
small and specific parts of the answer where the student has not performed quite as well as the rest. If
C The economy had recovered to pre-recession real GDP by the end of 2022 the answer covers different aspects of different levels of the mark scheme you should use a best fit
approach for defining the level and then use the variability of the response to help decide the mark within
the level, ie if the response is predominantly level 3 with a small amount of level 4 material it would be
D The economy had spare capacity in 2023
placed in level 3 but be awarded a mark near the top of the level because of the level 4 content.
Step 2 Determine a mark
0 5 Which one of the following is an example of a supply-side policy? Once you have assigned a level you need to decide on the mark. The descriptors on how to allocate
[1 mark] marks can help with this. The exemplar materials used during standardisation will help. There will be an
answer in the standardising materials which will correspond with each level of the mark scheme. This
answer will have been awarded a mark by the Lead Examiner. You can compare the student’s answer
A A fall in indirect taxation to increase short-run aggregate supply with the example to determine if it is the same standard, better or worse than the example. You can then
use this to allocate a mark for the answer based on the Lead Examiner’s mark on the example.
B A rise in direct taxation to reduce aggregate demand
You may well need to read back through the answer as you apply the mark scheme to clarify points and
C A subsidy to firms to cover an increase in the cost of capital goods assure yourself that the level and the mark are appropriate.
D A subsidy to households to cover an increase in energy prices Indicative content in the mark scheme is provided as a guide for examiners. It is not intended to be
exhaustive and you must credit other valid points. Students do not have to cover all of the points
mentioned in the Indicative content to reach the highest level of the mark scheme.
An answer which contains nothing of relevance to the question must be awarded no marks.
*04*
4
IB/M/Jun26/7135/2
