MERGED QUESTION PAPER AND MARKING SCHEME
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signatu re
I declare this is my own work.
AS
ECONOMICS
Paper 2 The National Economy in a Global Context
Monday 20 May 2024 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
Instructions B
• 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.
IB/M/Jun24/G4002/E5 7135/2
, 2
Do not write
outside the
Section A box
Answer all questions in this section.
Only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 Which one of the following is a measure of productivity?
[1 mark]
A Employment divided by output
B Output of goods per worker
C Production multiplied by quantity of labour
D Volume of goods produced
0 2 Between 2021 and 2022, the weight applied to the restaurant and hotels sector in the
Consumer Prices Index rose from 97 to 102.
As a result of this change, it must be true that
[1 mark]
A average prices in the restaurant and hotels sector rose by just over 5%
between 2021 and 2022.
B restaurant and hotel prices rose by less than the overall average for
consumer prices in 2021.
C the proportion of average consumer expenditure relating to restaurants and
hotels rose in 2022.
D total consumer expenditure on restaurant and hotel services was higher in
2022 than in 2021.
IB/M/Jun24/7135/2
, 3
Do not write
outside the
0 3 Table 1 shows selected data for a country for 2022 and 2023. box
Table 1
2022 2023
Exports ($bn) 10 12
Government spending ($bn) 12 14
Investment ($bn) 40 38
The country’s national income was in equilibrium in 2022 and 2023. All other things being
equal, which one of the following is most likely to have occurred in this country in 2023 to
maintain equilibrium national income?
[1 mark]
A A decrease in tax revenue
B A fall in the value of imports
C A rise in the budget deficit
D An increase in savings
0 4 An aggregate demand and short-run aggregate supply diagram is used to illustrate the
effect of a rise in imports of goods and services into an economy. All other things being
equal, which one of the following would be shown on the diagram?
[1 mark]
A A leftward movement along the aggregate demand curve
B A leftward movement along the short-run aggregate supply curve
C A rightward shift of the aggregate demand curve
D A rightward shift of the short-run aggregate supply curve
Turn over ►
IB/M/Jun24/7135/2
, 4
Do not write
outside the
0 5 All other things being equal, which one of the following is the most likely cause of a box
reduction in a country’s surplus on its balance of payments on current account?
[1 mark]
A A depreciation in the exchange rate
B Contractionary fiscal policy
C Falling labour productivity
D Growth in export markets
0 6 Disinflation exists when
[1 mark]
A an economy experiences a fall in the cost of living.
B deflation has occurred for two or more successive quarters.
C nominal incomes are rising more slowly than prices.
D the price level is rising less quickly than previously.
0 7 Which one of the following is most likely to cause a rightward shift of the long-run
aggregate supply curve?
[1 mark]
A A fall in the supply of credit
B A reduction in geographical immobility of labour
C A rise in the cost of new technology
D An increase in welfare benefit payments
IB/M/Jun24/7135/2
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signatu re
I declare this is my own work.
AS
ECONOMICS
Paper 2 The National Economy in a Global Context
Monday 20 May 2024 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
Instructions B
• 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.
IB/M/Jun24/G4002/E5 7135/2
, 2
Do not write
outside the
Section A box
Answer all questions in this section.
Only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 Which one of the following is a measure of productivity?
[1 mark]
A Employment divided by output
B Output of goods per worker
C Production multiplied by quantity of labour
D Volume of goods produced
0 2 Between 2021 and 2022, the weight applied to the restaurant and hotels sector in the
Consumer Prices Index rose from 97 to 102.
As a result of this change, it must be true that
[1 mark]
A average prices in the restaurant and hotels sector rose by just over 5%
between 2021 and 2022.
B restaurant and hotel prices rose by less than the overall average for
consumer prices in 2021.
C the proportion of average consumer expenditure relating to restaurants and
hotels rose in 2022.
D total consumer expenditure on restaurant and hotel services was higher in
2022 than in 2021.
IB/M/Jun24/7135/2
, 3
Do not write
outside the
0 3 Table 1 shows selected data for a country for 2022 and 2023. box
Table 1
2022 2023
Exports ($bn) 10 12
Government spending ($bn) 12 14
Investment ($bn) 40 38
The country’s national income was in equilibrium in 2022 and 2023. All other things being
equal, which one of the following is most likely to have occurred in this country in 2023 to
maintain equilibrium national income?
[1 mark]
A A decrease in tax revenue
B A fall in the value of imports
C A rise in the budget deficit
D An increase in savings
0 4 An aggregate demand and short-run aggregate supply diagram is used to illustrate the
effect of a rise in imports of goods and services into an economy. All other things being
equal, which one of the following would be shown on the diagram?
[1 mark]
A A leftward movement along the aggregate demand curve
B A leftward movement along the short-run aggregate supply curve
C A rightward shift of the aggregate demand curve
D A rightward shift of the short-run aggregate supply curve
Turn over ►
IB/M/Jun24/7135/2
, 4
Do not write
outside the
0 5 All other things being equal, which one of the following is the most likely cause of a box
reduction in a country’s surplus on its balance of payments on current account?
[1 mark]
A A depreciation in the exchange rate
B Contractionary fiscal policy
C Falling labour productivity
D Growth in export markets
0 6 Disinflation exists when
[1 mark]
A an economy experiences a fall in the cost of living.
B deflation has occurred for two or more successive quarters.
C nominal incomes are rising more slowly than prices.
D the price level is rising less quickly than previously.
0 7 Which one of the following is most likely to cause a rightward shift of the long-run
aggregate supply curve?
[1 mark]
A A fall in the supply of credit
B A reduction in geographical immobility of labour
C A rise in the cost of new technology
D An increase in welfare benefit payments
IB/M/Jun24/7135/2
