2024 AQA AS ECONOMICS 7135/2 Paper 2 The National
Economy in a Global Context Verified Question paper
and Marking Scheme Attached
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2024 AQA AS ECONOMICS 7135/2 Paper 2 The National
Economy in a Global Context
Verified Question paper and Marking Scheme Attached
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.
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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.
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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 ►
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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
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5
Do not write
outside the
0 8 Figure 1 shows the rate of unemployment in an economy over a period of time. box
Figure 1
At which one of the following points was the economy most likely to be in the recovery
phase of the economic cycle?
[1 mark]
A Point A
B Point B
C Point C
D Point D
Turn over for the next question
Turn over ►
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6
Do not write
outside the
0 9 Which type of unemployment is caused by a fall in aggregate demand leading to a fall in box
the demand for labour?
[1 mark]
A Cyclical
B Frictional
C Seasonal
D Structural
1 0 Country W is operating at its normal capacity level of output. When one of its trading
partners experiences economic growth, this leads to a rise in demand for Country W’s
exports.
All other things being equal, what is the most likely consequence of this for Country W?
[1 mark]
A A fall in employment and a reduction in cost-push inflation
B A negative output gap and a period of disinflation
C A positive output gap and an increase in demand-pull inflation
D An increase in unemployment and a fall in the price level
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7
Do not write
outside the
1 1 Which one of the following explains the operation of the accelerator process in an box
economy?
[1 mark]
A Increasing investment leads to a rise in aggregate demand
B National income increases as a result of rising investment
C National income rises as a result of an increase in aggregate demand
D Rising national income leads to an increase in investment
1 2 A government is considering how to fund additional spending on healthcare. One option
is to raise the rate of tax charged on the whole of firms’ profits from 19% to 25%.
All other things being equal, for every 10 firms earning profits of £1 million, by how much
could the government increase its spending on healthcare without affecting the budget
balance?
[1 mark]
A £60 000
B £250 000
C £600 000
D £2 500 000
Turn over for the next question
Turn over ►
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8
Do not write
outside the
1 3 Figure 2 shows the aggregate demand (AD), short-run aggregate supply (SRAS) and box
long-run aggregate supply (LRAS) curves for an economy.
Figure 2
All other things being equal, which one of the following is the most likely consequence for
firms if an increase in government spending shifts the aggregate demand curve from AD1
to AD2?
[1 mark]
A Increase in spare capacity
B Less corporation tax is paid
C More goods are exported
D Shortages of skilled labour
1 4 Which one of the following statements regarding UK monetary policy is true?
[1 mark]
A The central bank considers the government’s fiscal policy when setting
Bank Rate.
B The central bank is responsible for setting the rate of corporation tax.
C The central bank sets the target rate of inflation as measured by the
Consumer Prices Index.
D The central bank’s decisions do not affect the government’s budget
balance.
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Economy in a Global Context Verified Question paper
and Marking Scheme Attached
written by
BestScores01
www.stuvia.com
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2024 AQA AS ECONOMICS 7135/2 Paper 2 The National
Economy in a Global Context
Verified Question paper and Marking Scheme Attached
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.
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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.
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IB/M/Jun24/7135/2
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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 ►
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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
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5
Do not write
outside the
0 8 Figure 1 shows the rate of unemployment in an economy over a period of time. box
Figure 1
At which one of the following points was the economy most likely to be in the recovery
phase of the economic cycle?
[1 mark]
A Point A
B Point B
C Point C
D Point D
Turn over for the next question
Turn over ►
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6
Do not write
outside the
0 9 Which type of unemployment is caused by a fall in aggregate demand leading to a fall in box
the demand for labour?
[1 mark]
A Cyclical
B Frictional
C Seasonal
D Structural
1 0 Country W is operating at its normal capacity level of output. When one of its trading
partners experiences economic growth, this leads to a rise in demand for Country W’s
exports.
All other things being equal, what is the most likely consequence of this for Country W?
[1 mark]
A A fall in employment and a reduction in cost-push inflation
B A negative output gap and a period of disinflation
C A positive output gap and an increase in demand-pull inflation
D An increase in unemployment and a fall in the price level
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7
Do not write
outside the
1 1 Which one of the following explains the operation of the accelerator process in an box
economy?
[1 mark]
A Increasing investment leads to a rise in aggregate demand
B National income increases as a result of rising investment
C National income rises as a result of an increase in aggregate demand
D Rising national income leads to an increase in investment
1 2 A government is considering how to fund additional spending on healthcare. One option
is to raise the rate of tax charged on the whole of firms’ profits from 19% to 25%.
All other things being equal, for every 10 firms earning profits of £1 million, by how much
could the government increase its spending on healthcare without affecting the budget
balance?
[1 mark]
A £60 000
B £250 000
C £600 000
D £2 500 000
Turn over for the next question
Turn over ►
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8
Do not write
outside the
1 3 Figure 2 shows the aggregate demand (AD), short-run aggregate supply (SRAS) and box
long-run aggregate supply (LRAS) curves for an economy.
Figure 2
All other things being equal, which one of the following is the most likely consequence for
firms if an increase in government spending shifts the aggregate demand curve from AD1
to AD2?
[1 mark]
A Increase in spare capacity
B Less corporation tax is paid
C More goods are exported
D Shortages of skilled labour
1 4 Which one of the following statements regarding UK monetary policy is true?
[1 mark]
A The central bank considers the government’s fiscal policy when setting
Bank Rate.
B The central bank is responsible for setting the rate of corporation tax.
C The central bank sets the target rate of inflation as measured by the
Consumer Prices Index.
D The central bank’s decisions do not affect the government’s budget
balance.
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