As Economics A Exemplar Booklet

AS
Economics A
EXEMPLAR BOOKLET
AS exemplar material Issue 1
AS Economics A exemplar material
Contents
1. Introduction 1
1.1 About this booklet 1
1.2 How to use this booklet 1
1.3 Further support 1
2. Paper 1: Introduction to markets and market failure 2
Section A 3
Question 1a 3
Question 1b 4
Question 2a 5
Question 2b 6
Question 2c 7
Question 3a 9
Question 3b 10
Question 4a 11
Question 4b 12
Question 5a 12
Question 5b 13
Section B 15
Question 6a 15
Question 6b 17
Question 6c 19
Question 6d 21
Question 6e 22
Question 6f 27
Question 6g 32
2. Paper 2: The UK economy – performance and policies 34
Section A 35
Question 1a 35
Question 1b 36
Question 1c 36
Question 2a 37
Question 2b 38
Question 2c 38
Question 3a 39
Question 3b 39
Question 3c 40
Question 4a 41
Question 4b 42
Question 5a 43
Question 5b 43
Question 5c 44
Section B 45
Question 6a 45
Question 6b 46
Question 6c 47
Question 6d 49
Question 6e 51
Question 6f 55
Question 6g 58
1. Introduction
1.1 About this booklet

This booklet has been produced to support teachers delivering the new AS
Economics A specifications. The booklet looks at questions from the Sample
Assessment Materials. It shows real student responses to these questions and how
examiners have applied the mark schemes to demonstrate how student responses
would be marked.
The responses are part of a small sample only and have not gone through the
standardisation process. Therefore, all comments and marks are provided for
guidance only.
1.2 How to use this booklet

Our examiners have selected student responses to a range of questions from the
trialling of the Sample Assessment Materials. Following each question you will find:
● Student responses to the question (one or two responses for each question)
● Examiner commentary on how the mark scheme has been applied and
marks given
● Extracts from the mark scheme for levels based questions
● Comments relating to common errors for this style of question.
1.3 Further support

A range of materials are available to download from the Economics page of the
Pearson website to support you in planning and delivering the new specifications.
Our subject advisor team, led by Colin Leith, are also here to help. You can contact
Colin with any questions in the following ways:
E-mail: [email protected]
Phone: 0844 372 2187
Twitter: twitter.com/PearsonEconBus
Subject page: Economics subject page
© Pearson Education Ltd 2014. This material is not copyright free. 1

Paper 1 8EC0/01
2. Paper 1: Introduction to markets and

market failure
This section includes student responses, marks and commentary for AS Paper 1
8EC0/01, Introduction to markets and market failure. A summary of the questions
and marks for each response is provided in the table below. A second response has
not been included for the multiple choice questions.
Question Response 1 Response 2

Section A
1a (1) 1 -
1b (3) 1 3
2a (2) 2 2
2b (1) 1 -
2c (1) 1 1
3a (1) 1 1
3b (3) 2 3
4a (3) 2 3
4b (1) 1 -
5a (1) 1 -
5b (3) 2 3
Section B
6a (5) 5 5
6b (10) 4 8
6c (6) 5 6
6d (4) 4 4
6e (15) 12 13
*6f (20) 14 16
*6g (20) 9 -
* Students choose one essay question (20 marks) from a choice of two, meaning
students respond to either 6f or 6g. There is only one response exemplified for
question 6g which is reflective of the sample answers received.
2 © Pearson Education Ltd 2014. This material is not copyright free.

Paper 1 8EC0/01
Section A
Question 1a
Examiner’s comments
B is the correct answer. Statement 1 is value free – only stating facts that can be
verified – and is therefore positive. Statement 2 has a value judgement, stating
that the government should spend more on education, and is therefore normative.
The response therefore gained 1 mark.

Paper 1 8EC0/01
Question 1b
Response 1
The student defines external benefits accurately (1). However, the example given is
not an external benefit and there is no analysis in the response.
The response therefore gained 1 mark. (1/3)
External benefits accrue to those outside the transaction. Teachers and students
are clearly part of the transaction so benefits to them are to the first and second
party.
Response 2
The student defines external benefits accurately (1). The context of the question is
education so the link to how this leads workers to be more skilled also achieves a
mark (1). The development of the response linking to how this increases the
workers’ productivity achieves the final mark (1).
The response therefore gained 3 marks and maximum marks for the question.

Paper 1 8EC0/01
Question 2a
Response 1
This response clearly makes a link to the maximum potential output (1) and all the
resources being fully employed (1).
The response therefore gained 2 marks (2/2).
Response 2
This response has a link to maximum productive potential (1) and all resources
utilised (1).

Paper 1 8EC0/01
Question 2b
C is the correct answer. In moving from X to Y the production of consumer goods
rises 10 units but the cost of the alternative forgone (opportunity cost) is 80-50=30
units; that is they give up 30 units of capital goods to gain 10 units of consumer
goods.

Paper 1 8EC0/01
Question 2c
Response 1
The student has shown actual rather than potential GDP growth and a situation in
which the economy moves from below the PPF where resources are unemployed to
resources being fully employed; however, there is enough evidence that the
concept is understood so the mark is awarded.

Paper 1 8EC0/01
Response 2
The student has shifted PPF2 to the right of PPF1 (1) and it is useful to draw the
arrows to show the direction of the growth. The definition of economic growth has
been given under the diagram but this is not required; there is 1 mark available for
this question and this for shifting the PPF to the right.
Students should show economic growth by shifting the PPF to the right.
Students might find it helpful to label the new PPF and to draw the directional
arrows to show the direction of the shift.

Paper 1 8EC0/01
Question 3a
C is the correct answer. Wind turbines generate renewable energy and coal is a
non-renewable resource as it does not regenerate as fast as it is used up.

Paper 1 8EC0/01
Question 3b
Response 1
The definition and formula for Price Elasticity of Supply are accurate (1). The mark
is awarded for either the formula or definition but both are not required.
An application mark is awarded for the link between inelastic supply and 10 years
to renew (1); however, there is some confusion in that the student discusses the
time to renew whereas it is the time it takes to build a nuclear generator.
The student identifies that supply is inelastic but does not analyse this point, for
example by explaining that it takes time to build nuclear power stations or that it is
likely to be elastic in the long run.
The response therefore gained 2 marks. (2/3)
Response 2
The response includes an accurate formula for Price Elasticity of Supply (1). A mark
is also given for the link to 10 years before a nuclear plant is fully operational (1).
The student identifies supply as inelastic and explains that the 10 years means they
cannot respond quickly (1).
The response therefore gained the full 3 marks.
When questions require students to explain what the elasticity is, they will normally
need to identify the elasticity and justify their answer.

Paper 1 8EC0/01
Question 4a
Response 1
In this response the definition of a public good links to non-excludable and
non-rivalrous (1). There is some development in the response showing
understanding (1), but this is not linked to the context of defence.
Response 2
The definition of public good links to non-excludable and non-rivalrous (1) and
the student goes on to explain how defence will be non-excludable (1) and
non-rivalrous (1).
Both examples (Response 1 and Response 2) refer to the non-rivalrous and
non-excludable. However, it is equally acceptable to refer to the free rider problem
and why defence will experience this.

Paper 1 8EC0/01
Question 4b
B is the correct answer (1). Due to imperfect information consumers do not
appreciate the negative impact of cigarettes. They may not appreciate the full scale
of the costs and may therefore over consume them.
Question 5a
C is the correct answer (1). Rational decision making suggests that consumers will
aim to maximise their utility and producers will aim to maximise their profits.

Paper 1 8EC0/01
Question 5b
Response 1
The student has identified that it is habitual for consumers to use the same
provider (1). This idea is developed by explaining that consumers will get used to
their provider and will not consider switching (1).
To gain a further mark some linked development is required, for example that
consumers have low price elasticity of demand, the point of being irrational. It may
be that the perceived cost of changing provider is greater than the amount saved.

Paper 1 8EC0/01
Response 2
The student has identified inertia as the reason (1). The response explains that
consumers do not want to spend time researching (1) and gives the reason for this
as the effort involved (1).
This is a new topic for the 2015 AS specification. Students were able to identify
examples where rational decision making will break down. These include inertia,
habitual behaviour, consumer weakness at computation and the influence of other’s
behaviour. Students often gave a brief explanation to achieve the second mark but
most responses failed to pick up all three marks. It is important that students
identify and explain why rational decision making will break down and develop the
response further by linking to the context.

Paper 1 8EC0/01
Section B
Question 6a
Response 1
There is reference to data, with the student stating that the proportion of
domestically sourced meat increased from 81% to 83% (1). The data is linked to
the horsemeat scandal (1), how this decreased demand for foreign meat and
increased demand for British beef (1). The diagram is drawn accurately, with the
original supply and demand drawn with the equilibrium (1), and an increase/ right
shift of demand (1) and new equilibrium (1).
There is an extensive use of data in this response which allows the student to
achieve more ‘marks’ than allocated to the question. Although it is important to be
careful not to go over the tariff of marks available it is useful to use the data.
Many responses referred to the 3% price increase stated in the question. If it is
given directly in the question it will not be in the mark scheme.
It is useful for students to draw direction arrows for the shift in the curve as well as
the changes in price and quantity.

Paper 1 8EC0/01
Response 2
There is a data reference linked to the horsemeat scandal and increased domestic
consumption from 81% to 83% (1). This links this to the fact that people substitute
to beef from the UK (1).
The diagram is drawn accurately with supply, demand and equilibrium (1), an
increase/ right shift of demand (1) and new equilibrium (1).

Paper 1 8EC0/01
Question 6b
Response 1
This response demonstrates elements of knowledge and understanding of cross
elasticity of demand. This is linked to some context, with the examples of beef and
lamb. The student defines and provides the formula for cross price elasticity of
demand and identifies lamb and beef as substitutes. There is an accurate diagram
to show an increase in price and quantity.
The response therefore gained Level 2 and 4 marks (4/6) for knowledge,
application and analysis. The response does not include evaluative comments
so gains 0 marks for evaluation. The total for the response is therefore
4 marks (4/10).
To improve the response, the student could have explained further why beef and
lamb are substitutes and developed further the effect on the lamb market.
Evaluation is required within an assess question: a 10-mark question has 4 marks
for evaluation.

Paper 1 8EC0/01
Response 2
The student demonstrates accurate knowledge and understanding of cross price
elasticity of demand, which is linked to the context of beef and lamb. Economic
ideas are applied appropriately to the question.
The student defines cross elasticity of demand, identifies lamb and beef as
substitutes and that XED is positive and explains this. The student makes a link to
higher revenue for lamb producers. However, there is no diagram and no specific
reference to the price of lamb.
The evaluative comments are supported by relevant reasoning and appropriate
reference to context. The point about magnitude is well developed in context, with
a link to the 3% increase. The student also links to limited impact in the short run
but this is less developed.
application and analysis and Level 2 and 3 marks (3/4) for evaluation.
The total for the response is therefore 8 marks (8/10).
To gain full marks for knowledge, application and analysis this student could have
explicitly linked the effect to price and quantity in the market for lamb.

Paper 1 8EC0/01
Question 6c
Response 1
The diagram accurately shows original supply and demand, a shift in demand and
the higher price (1). However, the increase in quantity is not accurate. The student
references higher output at the end of the first paragraph (1) and refers to the
extract, stating that Chinese companies are trying to secure millions of litres of milk
(1) and how this increases demand for milk (1). The student identifies the original
and new producer surplus, showing it increases (1).
Students should remember to check diagrams for accuracy. In this response, this
omission means the student did not gain the final mark.

Paper 1 8EC0/01
Response 2
The student has accurately drawn a diagram showing the higher price (1) and
higher quantity (1). There is explicit reference to the amount of milk demanded,
30-50 million litres (1) and this is linked to increased demand (1). The student
develops their response further by identifying the original and new producer
surplus, showing it increases (1), and how dairy farmers will export more (1).

Paper 1 8EC0/01
Question 6d
Response 1 and 2
Both of these responses have correct calculations (1+1) and correct answers
(1+1). The responses therefore gained the full 4 marks.
Students are advised to include the formula and calculation and show their working.
They will usually be given credit for correct calculations even if the final answer is
wrong.
Unless stated otherwise, students should normally present calculations to one or
two decimal places. The second response has 13 decimal places which is a little
excessive!

Paper 1 8EC0/01
Question 6e
Response 1

Paper 1 8EC0/01
This student demonstrates accurate knowledge and understanding of subsidies and
is able to link knowledge and understanding in context using relevant examples to
farming.
The definition of a subsidy is accurate and the student links to context with
reference to the rural economy and income. The diagram is accurate and the
student links to lower cost and increased supply.
Evaluative comments are made and developed in context with discussion of
opportunity cost and magnitude.
In a 15-mark discuss question, 6 marks will be available for evaluation so offering
further development to ensure the evaluation is balanced will be helpful in
accessing the top level.

Paper 1 8EC0/01
Response 2

Paper 1 8EC0/01

Paper 1 8EC0/01
The student demonstrates accurate knowledge and understanding of subsidies, and
use of the context with relevant examples to farming. For example, the definition of
a subsidy is accurate and the student makes links to context with reference to
‘79%’ and ‘68%’ and ‘vital to rural economy’. This last point is also developed with
the link to employment.
The student discusses reduced risk of contaminated food and considers how
subsidies will lower costs and increase supply, causing lower price and increased
quantity.
The student makes evaluative comments which are developed in context; these are
opportunity costs and magnitude, which are linked to leading to reliance on
subsidies.
The response therefore gained Level 3 and the full 9 marks for knowledge,
This student needed additional answer space. It is useful for students to refer to
using an additional sheet in their response so the examiner knows to look for this.

Paper 1 8EC0/01
Question 6f
Response 1

Paper 1 8EC0/01
The student demonstrates precise knowledge and understanding of external costs.
The definition and diagram are accurate and the labels include examples in context.
Knowledge and understanding is also demonstrated in the context of increased
beef production. The analysis is relevant and focused.
There are evaluative comments which are developed but the context is brief.

Paper 1 8EC0/01
Response 2

Paper 1 8EC0/01

Paper 1 8EC0/01
The student demonstrates precise knowledge and understanding of external costs,
linked to the context of increased beef production. The definition is accurate and
the diagram is accurately drawn and labelled, with examples given in context. The
student is very clear that the costs are external. Analysis is relevant and focused,
with strong and secure reasoning.
The response also includes evaluative comments that are developed and linked in
places to the context, but these comments could be developed further.
It is useful for students to refer to any data provided as many of the arguments on
either side will be referred to in the extracts.

Paper 1 8EC0/01
Question 6g
Response 1

Paper 1 8EC0/01
The student demonstrates elements of knowledge and understanding of the
Guaranteed Minimum Price, linked to the context of increased beef production.
For example, Guaranteed Minimum Price is defined and linked to how this will see
businesses invest more as they are more confident. However, there is no diagram
and little context offered. The analysis is also brief.
There is a macroeconomic focus in places which is not appropriate for this question.
There is some evaluation with some link to context and brief development.
If the question asks for a diagram it is important to provide one as this will be
rewarded in the mark scheme. The diagram would also have enabled the student to
consider the likely impact on quantities and price to support their analysis.

Paper 2 8EC0/02
2. Paper 2: The UK economy – performance and

policies
This section includes student responses, marks and commentary for AS Paper 2
8EC0/02, The UK economy – performance and policies. A summary of the questions
and marks for each response is provided in the table below. A second response has
not been included for the multiple choice questions.
Question Response 1 Response 2

Section A
1a (1) 1 1
1b (2) 2 2
1c (1) 1 -
2a (1) 0 1
2b (2) 0 2
2c (1) 1 -
3a (1) 1 1
3b (1) 1 -
3c (2) 1 2
4a (1) 1 -
4b (3) 2 2
5a (1) 1 -
5b (2) 2 -
5c (1) 1 -
Section B
6a (4) 2 4
6b (5) 2 4
6c (6) 4 6
6d (10) 5 8
6e (15) 7 10
*6f (20) 17 -
*6g (20) - 6
* Students choose one essay question (20 marks) from a choice of two, meaning
students respond to either 6f or 6g. There is only one response exemplified for
question 6f and 6g which is reflective of the sample answers received.

Paper 2 8EC0/02
Section A
Question 1a
Response 1
This is a correct definition (1) so the response gained 1 mark.
Response 2
This is a correct definition (1). ‘Change’ is acceptable instead of ‘increase’ as
economic growth could be negative.

Paper 2 8EC0/02
Question 1b
Response 1
The student has shown the correct working (1) and the correct answer (1) so the
response gained 2 marks.
Response 2
The student has shown the correct working (1) and the correct answer (1).
The calculation is an alternative method to that given in the mark scheme but is
equally correct.
The response therefore gained 2 marks.
Question 1c
D is the correct answer so the response gained 1 mark.

Paper 2 8EC0/02
Question 2a
Response 1
This definition is not precise enough as there is no sense of ‘marginal’ in the
student’s answer – the definition is closer to the APC than the MPC.
Response 2
This is a correct definition (1) and therefore gained 1 mark.
The mark could be awarded either for the definition or the formula.

Paper 2 8EC0/02
Question 2b
Response 1
There is no understanding or application of the relationship between the MPC and
the multiplier shown. The response therefore gained 0 marks.
Response 2
The student has given the correct statement of the relationship between the MPC
and the multiplier (1) and the answer is correct (1).
This final mark is given for the answer alone, although students are advised to
show their working too.
Question 2c
Response 1
C is the correct answer so the response gained 1 mark.

Paper 2 8EC0/02
Question 3a
Response 1
This is a correct definition (1). It would be preferable to refer to ‘average’ or
‘general price level’, rather than ‘prices’, but this is acceptable here.
Response 2
This is a correct definition (1) and therefore gained 1 mark.
Question 3b
B is the correct answer (1) and the response therefore gained 1 mark.

Paper 2 8EC0/02
Question 3c
Response 1
The student identifies two limitations (1) but does not provide a linked development
of either point.
Where more points are provided in the answer than asked for in the question, the
highest scoring one would be counted.
Students must read the questions carefully to see if they ask for a set number of
points to be made in the answer. If the question asks to ‘explain one’ students
should identify one point with a linked development.
Response 2
The student identifies one limitation ‘CPI uses an average basket of goods’ (1)
and there is linked development ‘these items may not be relevant to lots of the
country’ (1).

Paper 2 8EC0/02
Question 4a
Response 1
D is the correct answer (1) and the response therefore gained 1 mark.

Paper 2 8EC0/02
Question 4b
Response 1
Response 2
In both responses, students have demonstrated knowledge of how to calculate
budget deficit (1) and the calculations are correct (2).
Both responses therefore gained 3 marks.
Response 1 includes a definition of budget definition but this is not required in a
calculate question. The knowledge mark is available for demonstrating knowledge
of the formula or calculation required by the question.

Paper 2 8EC0/02
Question 5a
This definition is a little confused, as there is no explicit reference to ‘inputs’ and
the student only half defines labour productivity. However, the use of ‘output’ and
the implicit idea of input are sufficient to award a mark giving the student the
benefit of the doubt (1).
Question 5b
The diagram shows an outward shift of the LRAS curve and this is correctly labelled
(1). The new equilibrium price level and real national output level (1) are correctly
labelled.

Paper 2 8EC0/02
Question 5c
A is the correct answer (1) and the response therefore gained 1 mark.

Paper 2 8EC0/02
Section B
Question 6a
Response 1
The student demonstrates their understanding of ‘investment’ (1) although there is
no reference to the meaning of ‘real’. The student has correctly identified falling
investment (1) but there is an inaccurate data reference as there is no use of
millions in the units.
Students should pay close attention to the units given for data presented in charts
or tables.
Response 2
This response demonstrates understanding of ‘investment’ (1) and ‘real’ (1), and
the student has correctly identified falling investment (1). The data has been
referenced accurately (1).

Paper 2 8EC0/02
Question 6b
Response 1
There is no explicit understanding of an ‘appreciation of the pound’ evident in the
response. There is an attempt at data reference here but this is insufficient, as
there is no indication that these are dollar values or that they are equivalent to £1.
In addition, there are no months are given.
The student includes in their analysis that imports into the UK will be cheaper (1)
and that exports from the UK will be more expensive (1).
Response 2
There is no explicit understanding of an ‘appreciation of the pound’ evident in the
response. Two accurate exchange rates are given, together with the correct months
and years (2). The student includes in their analysis that imports into the UK will be
cheaper (1) and that exports from the UK will be more expensive (1).

Paper 2 8EC0/02
Question 6c
Response 1
In this response two reasons to explain why consumer spending rose are identified.
However, there is insufficient reference made to Extract 1 to achieve application
marks.
There are two linked developments to form the analysis: lower interest rates
encouraged consumers to borrow money to fund their consumption; and greater
consumer confidence led to consumers running down their savings to fund their
consumption.

Paper 2 8EC0/02
Response 2
Two reasons to explain why consumer spending rose are identified in the response.
These are supported by two pieces of data evidence from Extract 1.
There are two linked developments to form the analysis: the interest rate cut to
0.5% meant less of a return on saving so saving fell; and greater consumer
confidence led to consumers running down their savings to fund their consumption.
Note that a further linked development is included here in terms of the impact of
the rate cut on borrowing also; however, only 2 marks for analysis is awarded in a
6-mark explain question.

Paper 2 8EC0/02
Question 6d
Response 1
The student shows some knowledge and understanding of the importance of
interest rates in determining business investment, but the response could be
broader and more accurate in its use of theory and concepts.
There is a suggestion that other factors may be more important, with two possible
factors suggested, but there is no logical chain of reasoning.
To improve this response, the student would need to fully integrate relevant and
focused examples into the response and ensure that the evaluation is more
balanced.

Paper 2 8EC0/02
Response 2
This student shows accurate knowledge and understanding of the importance of
interest rates in determining business investment and this is a sufficiently broad
and balanced response. However the student could have made more use of
relevant and focused examples.
The student also suggests that other factors may be more important, with evidence
of a logical chain of reasoning as to the relevance of expectations of future interest
rates. However, the evaluative comments could be more balanced.

Paper 2 8EC0/02
Question 6e
Response 1

Paper 2 8EC0/02
This student shows some knowledge and understanding, particularly of the likely
impact of an appreciation of the pound on inflationary pressures.
However, this is a narrow response that lacks balance in terms of both not
considering the impact of a lack of new investment, and only considering the effects
of the appreciation on demand-pull inflationary pressures, rather than also on
cost-push inflationary pressures.
The student has made one generic evaluative comment. There is some attempt to
develop this point, but there is no use of supporting evidence or reference to the
context.

Paper 2 8EC0/02
Response 2

Paper 2 8EC0/02
The understanding and analysis of the effect on inflationary pressures of the lack of
new investment is accurate and well applied, including an AS/AD diagram.
However, the analysis of the impact of an appreciation on import costs is incorrect.
There is evidence of chains of reasoning within the evaluation, and the reference to
‘recent economic conditions’ provides some reference to context, although more
could be done in this respect in particular. The evaluation could perhaps have been
more balanced.

Paper 2 8EC0/02
Question 6f

Paper 2 8EC0/02

Paper 2 8EC0/02
This student shows precise knowledge and understanding, and relevant economic
ideas are selected and applied. The analysis is focused and balanced.
Evaluative comments are supported by relevant chains of reasoning, and the
evaluation is fairly well balanced.
The focused and balanced nature of the analysis ensures this a Level 4 response
but to achieve a higher mark within Level 4, the student could have made more
effective use of appropriate examples and evidence. The response could also be
improved in terms of balance in order to achieve the top of Level 3 for evaluation.

Paper 2 8EC0/02
Question 6g

Paper 2 8EC0/02
This response begins with promise, demonstrating knowledge of monetary policy
and the government’s macroeconomic objectives. However, the relevant analysis is
very brief, with no real chains of reasoning. The student then moves away from
answering the question asked, and instead (and irrelevantly) considers the use of
fiscal and supply-side policies.
Given how the response veers away from answering the question asked, only one
throwaway evaluative comment is made relating to the possible time lag of
monetary policy. This is just sufficient to gain a mark within Level 1 (rather than 0).

As Economics A Exemplar Booklet

Uploaded by

Copyright:

Available Formats

As Economics A Exemplar Booklet

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

As Economics A Exemplar Booklet

Uploaded by

Copyright:

Available Formats

AS

1.1 About this booklet

1.2 How to use this booklet

1.3 Further support

© Pearson Education Ltd 2014. This material is not copyright free. 1

2. Paper 1: Introduction to markets and

Question Response 1 Response 2

2 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 3

4 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 5

6 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 7

8 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 9

10 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 11

12 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 13

14 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 15

16 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 17

18 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 19

20 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 21

22 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 23

24 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 25

26 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 27

28 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 29

30 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 31

32 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 33

2. Paper 2: The UK economy – performance and

Question Response 1 Response 2

34 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 35

36 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 37

38 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 39

40 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 41

42 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 43

44 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 45

46 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 47

48 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 49

50 © Pearson Education Ltd 2014. This material is not copyright free.

© Pearson Education Ltd 2014. This material is not copyright free. 51