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Actual 2024 AQA A-level ECONOMICS 7136/3 Paper 3 Merged Question Paper + Mark Scheme + In, Exams of English Language

Actual 2024 AQA A-level ECONOMICS 7136/3 Paper 3 Merged Question Paper + Mark Scheme + Insert Actual 2024 AQA A-level ECONOMICS 7136/3 Paper 3 Economic Principles and Issues Merged Question Paper + Mark Scheme + Insert

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2024/2025

Uploaded on 06/29/2025

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Download Actual 2024 AQA A-level ECONOMICS 7136/3 Paper 3 Merged Question Paper + Mark Scheme + In and more Exams English Language in PDF only on Docsity!

Actual 2024 AQA A-level ECONOMICS 7136/3 Paper 3 Merged Question Paper + Mark Scheme + Insert AQA Please write clearly in block capitals. Centre number Candidate number Surname Forename(s) Candidate signature | declare this is my own work. A-level ECONOMICS Paper 3 Economic Principles and Issues Friday 7 June 2024 Morning Time allowed: 2 hours Materials ; For this paper you must have: Eo Demine suse ¢ the Insert Section Mark « a calculator. A Instructions B e Answer all questions. TOTAL Use black ink or black ball-point pen. Pencil should only be used for drawing. Fill in the boxes at the top of this page. 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. e 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 answer book. Cross through any work that you do not want to be marked. Information ¢ The maximum mark for this paper is 80. « The marks for questions are shown in brackets. e No deductions will be made for wrong answers. WONT gg 2 Section A 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 oe WRONG METHODS | © | © & If you want to change your answer you must cross out your original answer as shown. De If you wish to return to an answer previously crossed out, ring the answer you now wish to select as shown. 02 Which one of the following is a consequence of the basic economic problem of limited resources and unlimited wants? [1 mark] A All goods and services will have a market price [Ss] B Employment of factors of production has an opportunity cost [es] C Markets are unable to allocate resources efficiently D There will not be an excess supply in markets [=] A profit-maximising firm, in the service sector, needs to recruit a new employee. Which one of the following explains why asymmetric information could mean that the most suitable person is not chosen? [1 mark] A Itis difficult to calculate the marginal revenue productivity of workers in the [es] service sector B Occupational immobility of labour means that there is a limited supply of [=] workers with the right skill set C The firm may have to recruit the worker from the local area because labour [=] is often geographically immobile D The firm is unlikely to know everything about job applicant's skills, abilities le] and motivation IB/G/Jun24/7136/3 Do not write outside the box Do not write outside the Table 1 shows the effect of cash benefits and taxes on household incomes in the UK in _ 2020-21. Table 1 Income of . Income of top bottom quintile Ratio of top to quintile (£s) (Es) bottom quintile Original 107 551 8 196 13.1 income plus cash 2581 7 267 04 benefits Gross income 110 132 15 463 7.1 less direct 32.000 2.267 14.1 taxes Disposable 78 131 13 196 59 income less indirect 7133 3.024 24 taxes Post-tax 70 998 10 172 7.0 Income Source: Office for National Statistics Which one of the following can be concluded from the data in Table 1 regarding the distribution of income between the top and bottom quintile of households? [1 mark] A Cash benefits were less effective than direct taxes in redistributing income fe] from the bottom quintile of households to the top quintile B Direct taxes made the distribution of income more unequal [=e] C Indirect taxes made the distribution of income more unequal [=] D Indirect taxes were more effective than cash benefits in redistributing income [=] from the top quintile of households to the bottom quintile 04 IB/GiJun24/7136/3, 4 Do not write outside the Table 2 shows the UK's balance of trade in goods and services in successive quarters. box Table 2 Quarter 2020 Q4 | 2021Q1 | 2021 Q2 | 2021Q3 | 2021Q4 | 2022Q1 | 2022 Q2 Balance of trade -8.5 3.6 0.9 -12.1 47 25.3 -25.0 (£bn) What was the UK's median quarterly balance of trade over the period shown in Table 2? [1 mark] A -£12.1bn B -£10.2bn C -£8.5bn D £11.4bn [o) fo) (a) [ol Which one of the following is an injection into the circular flow of income? [1 mark] A Factor incomes B_ Government borrowing C Investment [o) fo) o) [o) D Savings Turn over for the next question Turn over > 05 IB/G/Jun24/7136/3 5 A government introduces a number of supply-side policies that increase the size of the country's working population and labour productivity. All other things being equal, which one of the following statements identifies the most likely effects of the policies on the country's economy? [1 mark] A An increase in real national income and a reduction in the balance of [Ss] payments deficit B An increase in short-run economic growth and inflation [e] C Anincrease in the trend rate of economic growth and a growing balance [=] of payments deficit D A reduction in unemployment and an increase in inflation [es] Figure 3 shows how the markets for Good X and Good Y are affected by an increase in the demand for Good X. Figure 3 Good X Good Y Price Price Paf------\-----3 1 Pypo--=== 5D x | Py iN Pp f j D2 | Dy | D Q, Q@ Quantity Q, Q@ Quantity It can be concluded that Good X and Good Y are in [1 mark] A competitive demand. B composite demand. C derived demand. [a] o) [o) [ol D joint supply. Turn over > 07 IB/G/Jun24/7136/3 Do not write outside the box Do not write outside the [1[4] Figure 4 shows the short-run average costs (AC), marginal costs (MC), average revenue bax: (AR) and marginal revenue (MR) curves for a typical firm in a monopolistically competitive market. Figure 4 Costs and revenue MC AC AR MR 0 Output In the long run, market forces are most likely to cause the firm's revenue curves to [1 mark] A shift left and become flatter. B shift left and become steeper. C shift right and become flatter. [0] fo) {o) [ol D shift right and become steeper. IMA IB/GiJun24/7136/3 8 10 In 2015, the UK government introduced a tax on firms using landfill sites to dispose of waste. After the tax was introduced, there was a significant rise in illegal dumping of waste. This is most likely to be an example of A anegative externality in consumption. B government failure due to unintended consequences. C market failure resulting from imperfect information. D the tragedy of the commons. [=] [=] [=] Le] [1 mark] {1[5] Which one of the following functions of money is likely to be most effective during a period of deflation? A Measure of value B Standard of deferred payment C Store of value D Unit of account 10 [oJ {0} fo) [ol [1 mark] IB/G/Jun24/7136/3 Do not write outside the box 10 11 An economy's long-run trend rate of economic growth in real gross domestic product (GDP) is 2.8% per annum. In 2018, the economy's actual real GDP was equal to its trend level of real GDP. Table 4 shows the economy's actual rate of growth in real GDP over a five-year period. Table 4 Year Change in real GDP 2019 2.0% 2020 2.8% 2021 3.5% 2022 3.4% 2023 1.8% All other things being equal, in which year was the economy likely to experience the most inflationary pressure? A 2020 B 2021 Cc 2022 D 2023 [a] [a] (o) [ol Turn over for the next question 11 [1 mark] Turn over > IB/G/Jun24/7136/3 Do not write outside the box 11 13 Do not write outside the Figure 5 shows the short-run average cost curve (SRAC) for a firm producing electrical bax: components. Figure 5 Cost SRAC £100 £80 10 Output (units) Which one of the following is most likely to explain the change in short-run average cost when output rises from 5 units to 10 units? [1 mark] A Falling total costs of production B Increasing marginal returns to labour C Increasing returns to scale D Technical economies of scale Turn over for the next question Turn over > IM IB/GiJun24/7136/3 13 14 Do not write outside the Table 6 shows the national debt and gross domestic product (GDP) for the UK in the box second quarters of 2020 and 2022. Table 6 Year National debt GDP (£bn) (£bn) 2020 2069 2190 2022 2437 2391 All other things being equal, which one of the following is most likely to help the government manage the impact of the changes shown in Table 6? A Contractionary monetary policy by the Bank of England B Falling demand for government bonds from foreign investors C Rising interest rates in global financial markets D Sustained rises in nominal national income in future years [o] 2) Lo) [ol [1 mark] A firm has a downward-sloping average revenue curve and a U-shaped average total cost curve. Which one of the following meets the condition required for the firm to be productively efficient? The firm is producing the quantity at which A average revenue equals average total cost. B average revenue equals marginal cost. C marginal cost equals average total cost. D marginal revenue equals marginal cost. 14 [a] a) fo) [ol [1 mark] IB/GiJun24/7136/3, 14 16 Do not write outside the {2[2] Figure 6 shows a perfectly competitive labour market. The left-hand diagram shows the box supply of labour (S,,) and demand for labour (D,,) for the industry. The right-hand diagram shows the demand for labour (D,,) for one firm in the industry. Figure 6 Industry One firm Wage Wage rate Sy rate W,}---------S&------------ W, Dy Die 0 Hours of 0 Hours of labour labour All other things being equal, which one of the following is most likely to cause an increase in the wage rate paid by the firm? [1 mark] A Adecrease in the price of a substitute for the industry's product [=] B Aprice increase for a good jointly demanded with the industry's product [eo] C Anincrease in the number of workers qualified to work in the industry [es] D An increase in the price of the industry's product caused by changing tastes [e] 16 IB/GiJun24/7136/3, 16 17 Do not write outside the [2[3] Figure 7 shows two long-run aggregate supply curves (LRAS) for an economy. bax: Figure 7 Price LRAS2 LRAS; level 0 Yo Y; Real National Output Which one of the following is most likely to explain the shift of the long-run aggregate supply curve from LRAS, to LRAS,? [1 mark] A Areduction in the basic and higher rates of income tax B Areduction in the geographical mobility of labour C An increase in immigration [0] 0] fo) [ol D An increase in imports of goods and services Turn over for the next question Turn over > IMI IB/GiJun24/7136/3 17 19 Do not write outside the [2|7| Table 8 shows an index of copper exports for a country during the years 2020 to 2023. box Table 8 Index of copper exports Year (2020 = 100) 2020 100.0 2021 106.0 2022 112.1 2023 118.0 Which one of the following statements is correct? [1 mark] A Between 2020 and 2023, the mean annual rate of growth in the country's exports of copper was 6% B In 2022, the country's exports of copper grew by 6.1% C The highest rate of growth in the country's exports of copper was in 2023 bff) () D The rate of growth in the country's exports of copper was higher in 2021 than in 2022 Turn over for the next question Turn over > 19 IB/G/Jun24/7136/3 19 20 Table 9 shows the price index for an economy at the end of each of the years from 2019 to 2023. Table 9 Year Price index 2019 110 2020 108 2021 117 2022 123 2023 135 In which year did the economy experience disinflation? A 2020 B 2021 Cc 2022 D 2023 lo] fo) fo) [ol [1 mark] Which one of the following might be part of a market-based strategy for promoting economic growth and development in a less-developed economy? A Adopting a fixed exchange rate B Encouraging overseas aid C Privatising key industries D Subsidising exports 20 fo] fo) a) [ol [1 mark] IB/G/Jun24/7136/3 Do not write outside the box 20