Oxford Cambridge and
RSA Examinations
GCEEconomicsH460/03:
Themes in economics A
Level question paper
with marking scheme
(merged)
, Oxford Cambridge and RSA
Monday 5 June 2023 – Morning
A Level Economics
H460/03 Themes in economics
Time allowed: 2 hours
You can use:
* 9 1 0 8 1 5 6 6 3 5 *
• a scientific or graphical calculator
* H 4 6 0 0 3 *
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
INSTRUCTIONS
• Use black ink. You can use an HB pencil, but only for graphs and diagrams.
• Write your answer to each question in the space provided. If you need extra space use
the lined pages at the end of this booklet. The question numbers must be clearly shown.
• Answer all the questions.
INFORMATION
• The total mark for this paper is 80.
• The marks for each question are shown in brackets [ ].
• Quality of extended response will be assessed in questions marked with an asterisk (*).
• This document has 28 pages.
ADVICE
• Read each question carefully before you start your answer.
© OCR 2023 [601/4799/4] OCR is an exempt Charity
DC (ST/JG) 308773/6 Turn over
, 2
SECTION A
Write your answer to each question in the box provided.
1 What would a shift in the long run aggregate supply curve to the right be most likely to cause?
A A decrease in the level of income inequality
B A decrease in the rate of inflation
C An increase in the current account deficit
D An increase in unemployment
Your answer [1]
2 A Central Bank is operating a fixed exchange rate.
What intervention can it take to prevent the value of the currency falling?
A Decreasing the interest rate
B Imposing tariffs
C Quantitative easing
D Selling foreign currency reserves
Your answer [1]
© OCR 2023
, 3
3 A firm is producing Q1 units of output at a price of P1 in the diagram below.
What objective is it likely to be pursuing?
Costs and
revenues MC
AC
P1
AR
0 Q1 Output
MR
A Profit maximisation
B Profit satisficing
C Sales revenue maximisation
D Sales volume maximisation
Your answer [1]
4 650 units of a good are demanded by consumers. If the income elasticity of demand is 0.4, what
will the new quantity demanded of the good be if income decreases by 3%?
A 601 units
B 631 units
C 642 units
D 658 units
Your answer [1]
© OCR 2023 Turn over
RSA Examinations
GCEEconomicsH460/03:
Themes in economics A
Level question paper
with marking scheme
(merged)
, Oxford Cambridge and RSA
Monday 5 June 2023 – Morning
A Level Economics
H460/03 Themes in economics
Time allowed: 2 hours
You can use:
* 9 1 0 8 1 5 6 6 3 5 *
• a scientific or graphical calculator
* H 4 6 0 0 3 *
Please write clearly in black ink. Do not write in the barcodes.
Centre number Candidate number
First name(s)
Last name
INSTRUCTIONS
• Use black ink. You can use an HB pencil, but only for graphs and diagrams.
• Write your answer to each question in the space provided. If you need extra space use
the lined pages at the end of this booklet. The question numbers must be clearly shown.
• Answer all the questions.
INFORMATION
• The total mark for this paper is 80.
• The marks for each question are shown in brackets [ ].
• Quality of extended response will be assessed in questions marked with an asterisk (*).
• This document has 28 pages.
ADVICE
• Read each question carefully before you start your answer.
© OCR 2023 [601/4799/4] OCR is an exempt Charity
DC (ST/JG) 308773/6 Turn over
, 2
SECTION A
Write your answer to each question in the box provided.
1 What would a shift in the long run aggregate supply curve to the right be most likely to cause?
A A decrease in the level of income inequality
B A decrease in the rate of inflation
C An increase in the current account deficit
D An increase in unemployment
Your answer [1]
2 A Central Bank is operating a fixed exchange rate.
What intervention can it take to prevent the value of the currency falling?
A Decreasing the interest rate
B Imposing tariffs
C Quantitative easing
D Selling foreign currency reserves
Your answer [1]
© OCR 2023
, 3
3 A firm is producing Q1 units of output at a price of P1 in the diagram below.
What objective is it likely to be pursuing?
Costs and
revenues MC
AC
P1
AR
0 Q1 Output
MR
A Profit maximisation
B Profit satisficing
C Sales revenue maximisation
D Sales volume maximisation
Your answer [1]
4 650 units of a good are demanded by consumers. If the income elasticity of demand is 0.4, what
will the new quantity demanded of the good be if income decreases by 3%?
A 601 units
B 631 units
C 642 units
D 658 units
Your answer [1]
© OCR 2023 Turn over
