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 22 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/Jun25/E9 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 an injection into the circular flow of income?
[1 mark]
A Consumer expenditure
B Exports
C Imports
D Wages
0 2 In which one of the following situations is an increase in aggregate demand most likely to
result in higher inflation?
[1 mark]
A Household savings are increasing
B Mortgage interest rates are high
C Resources are fully employed
D Unemployment is rising
IB/M/Jun25/7135/2
, 3
Do not write
outside the
0 3 Table 1 shows the Consumer Price Index (CPI) for an economy over a period of time. box
Table 1
Year CPI
2008 110
2011 108
2014 116
2017 124
2020 130
Which one of the following can be concluded from Table 1?
[1 mark]
A The price of a representative basket of goods rose throughout the period.
B The rate of inflation from 2011 to 2014 was the same as from 2014 to 2017.
C The standard of living reached its highest level in 2020.
D The value of money rose between 2008 and 2011.
Turn over for the next question
Turn over ►
IB/M/Jun25/7135/2
, 4
Do not write
outside the
0 4 A government decides to increase the minimum wage at a time when the rest of the world box
is coming out of recession. These events cause short-run aggregate supply (SRAS) to
shift from SRAS1 to SRAS2 and aggregate demand (AD) to shift from AD1 to AD2.
If the initial macroeconomic equilibrium is E1, which one of the following diagrams shows
the correct new equilibrium E2?
[1 mark]
IB/M/Jun25/7135/2
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 22 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/Jun25/E9 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 an injection into the circular flow of income?
[1 mark]
A Consumer expenditure
B Exports
C Imports
D Wages
0 2 In which one of the following situations is an increase in aggregate demand most likely to
result in higher inflation?
[1 mark]
A Household savings are increasing
B Mortgage interest rates are high
C Resources are fully employed
D Unemployment is rising
IB/M/Jun25/7135/2
, 3
Do not write
outside the
0 3 Table 1 shows the Consumer Price Index (CPI) for an economy over a period of time. box
Table 1
Year CPI
2008 110
2011 108
2014 116
2017 124
2020 130
Which one of the following can be concluded from Table 1?
[1 mark]
A The price of a representative basket of goods rose throughout the period.
B The rate of inflation from 2011 to 2014 was the same as from 2014 to 2017.
C The standard of living reached its highest level in 2020.
D The value of money rose between 2008 and 2011.
Turn over for the next question
Turn over ►
IB/M/Jun25/7135/2
, 4
Do not write
outside the
0 4 A government decides to increase the minimum wage at a time when the rest of the world box
is coming out of recession. These events cause short-run aggregate supply (SRAS) to
shift from SRAS1 to SRAS2 and aggregate demand (AD) to shift from AD1 to AD2.
If the initial macroeconomic equilibrium is E1, which one of the following diagrams shows
the correct new equilibrium E2?
[1 mark]
IB/M/Jun25/7135/2
