Edexcel a level economics a question paper 2 june 2023 + mark scheme

Please check the examination details below before entering your candidate information Candidate surname Other names Centre Number Candidate Number Pearson Edexcel Level 3 GCE Monday 22 May 2023 Afternoon (Time: 2 hours) Paper reference 9EC0/02 Total Marks Economics A Advanced PAPER 2: The National and Global Economy You do not need any other materials. Instructions • Use black ink or ball-point pen. • Fill in the boxes at the top of this page with your name, centre number and candidate number. • There are three sections in this question paper. Answer all questions from Section A and Section B. Answer one question from Section C. • Answer the questions in the spaces provided – there may be more space than you need. Information • The total mark for this paper is 100. • The marks for each question are shown in brackets – use this as a guide as to how much time to spend on each question. • Calculators may be used. Advice • Read each question carefully before you start to answer it. • Check your answers if you have time at the end.*P72981A0236* DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA 2  SECTION A Answer ALL questions. Write your answers in the spaces provided. Some questions must be answered with a cross in a box . If you change your mind about an answer, put a line through the box and then mark your new answer with a cross . You are advised to spend 30 minutes on this section. Use the data to support your answers where relevant. You may annotate and include diagrams in your answers. 1 In September 2022 the Bank of England increased the base interest rate from 1.75% to 2.25%. (Source: adapted from (a) Draw an aggregate demand and aggregate supply diagram to illustrate the likely impact of an increase in the UK base interest rate on the average price level and real output. (4) (b) Which one of the following is the most likely impact of an increase in the base interest rate? (1) A decrease in the: A level of demand pull inflation B marginal propensity to save C rate of cyclical unemployment D value of the pound against the dollar (Total for Question 1 = 5 marks) *P72981A0336* Turn over 3 DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA BLANK PAGE QUESTION 2 BEGINS ON THE NEXT PAGE.*P72981A0436* DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA 4  2 UK unemployment rate (%), December 2020 – June 2022 6 5 4 3 2 1 0 % Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 5.2 5.1 5.0 5.0 4.9 4.9 4.7 4.6 4.4 4.3 4.2 4.1 4.0 4.0 3.8 3.7 3.8 3.8 3.8 (Source: adapted from peopleinwork/employmentandemployeetypes/bulletins/employmentintheuk/august2022) (a) With reference to the chart, which one of the following is true? (1) The unemployment rate: A fell by 1.4% between December 2020 and April 2022 B fell by one percentage point be