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A Level EDEXCEL经济QP 202410 Economics U2 A Level

The document outlines the examination details for the Pearson Edexcel International Advanced Level Economics paper scheduled for October 16, 2024. It includes instructions for candidates, information about the total marks, and a series of questions related to macroeconomic performance and policy. The paper consists of multiple sections, including multiple-choice questions and written responses.

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0% found this document useful (0 votes)

314 views32 pages

A Level EDEXCEL经济QP 202410 Economics U2 A Level

Uploaded by

vincychen9

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

You are on page 1/ 32

Please check the examination details below before entering your candidate information

Candidate surname Other names

Centre Number Candidate Number

Pearson Edexcel International Advanced Level

Wednesday 16 October 2024
Afternoon (Time: 1 hour 45 minutes) Paper
reference WEC12/01
Economics  

International Advanced Subsidiary

UNIT 2: Macroeconomic performance and policy

You must have: Total Marks

Source Booklet (enclosed)

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.
•• Answer ALL questions in Sections A, B and C.
Answer ONE question in Section D.
• Answer the questions in the spaces provided
– there may be more space than you need.

Information
•• The total mark for this paper is 80.
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.

Turn over

P78381A
©2024 Pearson Education Ltd.
V:1/1/1/1/
*P78381A0128*
SECTION A
Answer ALL questions in this section.

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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 .

1 Which one of the following represents net investment?

A Gross investment minus corporation tax

B Gross investment minus capital depreciation

C Gross investment minus the rate of inflation

D Gross investment minus money supply

(Total for Question 1 = 1 mark)

2 In Chad unemployment is higher in the winter months than in the summer months.
This is because the demand for agricultural labour is lower in the winter months.
Which one of the following best describes the cause of this unemployment in Chad?

A Frictional unemployment

B Real wage inflexibility

C Seasonal unemployment

D Structural unemployment
(Total for Question 2 = 1 mark)

3 Between 2020 and 2022 Qatar’s GNI increased from $141.37 billion to $229.01 billion.
Which one of the following is the ratio of Qatar’s GNI in 2022 to its GNI in 2020?

A 1 : 0.62

B 1 : 1.62

C 1 : 61.99

D 1 : 87.64
(Total for Question 3 = 1 mark)

2
*P78381A0228* 
4 Which one of the following would cause a leftward shift in a country’s short‑run
aggregate supply (SRAS) curve?
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A A decrease in bank lending to consumers

B A decrease in the rate of indirect tax

C An increase in the price of natural gas

D An increase in investment in healthcare

(Total for Question 4 = 1 mark)

5 In 2022 the Czech Republic’s economy was operating below its productive potential
as a result of a fall in its manufacturing production.
Which one of the following is most likely to be associated with a negative
output gap?

A An increase in house prices

B An increase in the rate of inflation

C An increase in business confidence

D An increase in unemployment
(Total for Question 5 = 1 mark)

3
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6 The table shows Mexico’s consumer confidence index (CCI), April 2021 to April 2023.

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Year CCI

April 2021 101.5

April 2022 102.8

April 2023 103.4

The CCI is a measure of consumers’ willingness to spend.

With reference to the above table, which one of the following is most likely to result
from this change in consumer confidence between April 2021 and April 2023?

Price level Real output

A Fall Fall

B Fall Rise

C Rise Fall

D Rise Rise

(Total for Question 6 = 1 mark)

TOTAL FOR SECTION A = 6 MARKS

4
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5
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SECTION B
Answer ALL questions in this section in the space provided.

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7 Between quarter 2 2022 and quarter 2 2023 average house prices in Canada
decreased by 8.5%.
With reference to the information above, explain one likely macroeconomic impact of
this decrease in house prices on existing homeowners.

................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Total for Question 7 = 4 marks)

6
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8 Croatia experienced a positive output gap in 2022.
Draw an AD/AS diagram to illustrate a positive output gap.
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(Total for Question 8 = 4 marks)

7
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9 The table shows selected macroeconomic data for an economy in 2023.

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Macroeconomic data $ billion

Aggregate demand 32.91

Investment 4.57

Government spending 9.22

Imports 5.89

Exports 7.64

Calculate the value of consumption for this economy in 2023.

Show your workings.

(Total for Question 9 = 4 marks)

8
*P78381A0828* 
10 In the USA 11.2% of graduates were working in low‑skilled jobs in June 2023. At the
same time, 25.7 million people were working part‑time. Many of these part‑time
employees wanted to work more hours.
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With reference to the information above, explain the term ‘underemployment’.

(Total for Question 10 = 4 marks)

9
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11 The chart shows Colombia’s net balance of trade in goods and services, 2010–2022.

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–8
–10
–12
$ billion
–14
–16
–18
–20
–22
2010 2012 2014 2016 2018 2020 2022

With reference to the chart, explain one likely cause of the deficit in Colombia’s
balance of trade in goods and services.

(Total for Question 11 = 4 marks)

TOTAL FOR SECTION B = 20 MARKS

10
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11
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SECTION C
Study Figure 1, Figure 2, Figure 3 and Extract A in the Source Booklet before

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answering Question 12.
Write your answers in the space provided on the following pages.

12 (a) Define the term ‘living standards’.

(2)
(b) With reference to Figure 2, explain the difference between disinflation
and inflation.
(4)
(c) With reference to Figure 2 and Extract A, examine two ways by which the increase
in the base interest rate could reduce the rate of inflation.
(8)
(d) With reference to Extract A, examine the impact of a deflationary fiscal policy on
Brazil’s circular flow of income.
(6)
(e) With reference to the information provided, discuss the likely effects on living
standards of the supply‑side policies proposed by President Lula.
(14)

12
*P78381A01228* 
12 (a) Define the term ‘living standards’.
(2)
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(b) With reference to Figure 2, explain the difference between disinflation

and inflation.
(4)

13
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(c) With reference to Figure 2 and Extract A, examine two ways by which the increase
in the base interest rate could reduce the rate of inflation.
(8)

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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14
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15
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(d) With reference to Extract A, examine the impact of a deflationary fiscal policy on
Brazil’s circular flow of income.
(6)

16
*P78381A01628* 
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17
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(e) With reference to the information provided, discuss the likely effects on living
standards of the supply‑side policies proposed by President Lula.
(14)

18
*P78381A01828* 
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19
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(Total for Question 12 = 34 marks)

TOTAL FOR SECTION C = 34 MARKS

20
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21
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SECTION D
Answer ONE question from this section.

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Write your answer in the space provided.

EITHER
13 India’s unemployment rate increased from 7.1% in January 2023 to 8.5% in June 2023.
Evaluate the likely effects of an increase in the unemployment rate on workers and
public finances. Refer to a country of your choice in your answer.
(Total for Question 13 = 20 marks)

OR
14 Germany experienced a recession in the first six months of 2023. The country’s rate of
economic growth was –0.4% in quarter 1 2023 and was –0.1% in quarter 2 2023.
Evaluate the likely effects of a recession. Refer to a country of your choice in
your answer.
(Total for Question 14 = 20 marks)

22
*P78381A02228* 
Indicate which question you are answering by marking a cross in the box . If you change your
mind, put a line through the box and then indicate your new question with a cross .
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Chosen question number: Question 13 Question 14

Write your answer here:

23
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24
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25
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TOTAL FOR SECTION D = 20 MARKS

TOTAL FOR PAPER = 80 MARKS

26
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28
Pearson Edexcel International Advanced Level
Wednesday 16 October 2024
Afternoon (Time: 1 hour 45 minutes)
Paper
reference WEC12/01
Economics
 

International Advanced Subsidiary

UNIT 2: Macroeconomic performance and policy

Source Booklet
Do not return this Booklet with the question paper.

Turn over

P78381A
©2024 Pearson Education Ltd.
V:1/1/1/1/
*P78381A*
Sources for use with Section C
The economy of Brazil
Figure 1 Real GDP growth rate, 2018 to 2023

6
% 4.99%

4
2.90% 3.08%

2 1.78%
1.22%

–2

–3.28%
–4
2018 2019 2020 2021 2022 2023

Figure 2 Annual rate of inflation*, as measured by the consumer price index (CPI),
January 2021 to January 2023

14
%
12

0
Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023

*This is the year-on-year inflation rate calculated monthly.

2 P78381A

Figure 3 Government monthly budget balance, real* billion, January 2021 to
December 2022

100

0
R$ billion

–50

–100

–150
Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023

*real is the currency of Brazil and is denoted as R$.

P78381A 3
 Turn over
Extract A Economic growth
Brazil’s rate of economic growth fell between 2021 and 2022. This weaker economic
performance was as a direct result of a significant decrease in industrial output and a
slowdown in the services sector in 2022.
Many economists indicated that this slower rate of economic growth resulted from the 5
Central Bank of Brazil’s deflationary monetary policy to control the rising rate of inflation.
Between January 2021 and June 2022 the Central Bank raised the country’s base interest
rate from an all-time low of 2% to 13.25%. This significantly affected consumer spending
and business investment, both of which are major contributors to economic growth. As a
result, economists predicted that Brazil’s annual increase in real GDP would be below 10
1% in 2023.
The slowdown in economic growth will limit the Government’s ability to improve living
standards. In mid-2022 President Lula had promised to raise the real incomes of the
country’s population and create new jobs. He suggested that he was going to achieve his
objective by increasing: 15

• the level of welfare payments

• investment in healthcare provision
• investment in infrastructure development
• investment in education, training and skills.
President Lula aimed to introduce these supply-side policies in 2023. These policies 20
would cost R$371 billion over four years. However, the Government has insufficient
tax revenues to finance its spending and investment. Previously, many large-scale
investments in similar projects were not successful and represented a waste of resources.
Consequently, the Government proposed tax increases and cuts in government
expenditure to achieve a balanced budget. This deflationary fiscal policy aims to increase 25
tax revenues by R$190 billion and reduce government expenditure by R$50 billion.

Acknowledgements

Figure 1 adapted from https://www.statista.com/statistics/263615/gross-domestic-product-gdp-growth-rate-in-brazil/

Figure 2 adapted from https://tradingeconomics.com/brazil/inflation-cpi

Figure 3 adapted from https://tradingeconomics.com/brazil/government-budget-value

Extract A adapted from FT, https://www.ft.com/content/2b1cbe31-a2da-4841-a418-8c10c8cc267d and

https://www.ft.com/content/1b297b16-5b19-4cb5-b0fd-de77f6f1f1a5

4 P78381A


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A Level EDEXCEL经济QP 202410 Economics U2 A Level

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A Level EDEXCEL经济QP 202410 Economics U2 A Level

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Please check the examination details below before entering your candidate information

Candidate surname Other names

Centre Number Candidate Number

Pearson Edexcel International Advanced Level

International Advanced Subsidiary

You must have: Total Marks

1 Which one of the following represents net investment?

A Gross investment minus corporation tax

B Gross investment minus capital depreciation

C Gross investment minus the rate of inflation

D Gross investment minus money supply

B Real wage inflexibility

A A decrease in bank lending to consumers

B A decrease in the rate of indirect tax

C An increase in the price of natural gas

D An increase in investment in healthcare

A An increase in house prices

C An increase in business confidence

April 2021 101.5

April 2022 102.8

April 2023 103.4

The CCI is a measure of consumers’ willingness to spend.

Price level Real output

(Total for Question 6 = 1 mark)

TOTAL FOR SECTION A = 6 MARKS

(Total for Question 7 = 4 marks)

(Total for Question 8 = 4 marks)

Aggregate demand 32.91

Government spending 9.22

Calculate the value of consumption for this economy in 2023.

(Total for Question 9 = 4 marks)

With reference to the information above, explain the term ‘underemployment’.

(Total for Question 10 = 4 marks)

(Total for Question 11 = 4 marks)

TOTAL FOR SECTION B = 20 MARKS

12 (a) Define the term ‘living standards’.

(b) With reference to Figure 2, explain the difference between disinflation

(Total for Question 12 = 34 marks)

TOTAL FOR SECTION C = 34 MARKS

Chosen question number: Question 13 Question 14

Write your answer here:

TOTAL FOR SECTION D = 20 MARKS

International Advanced Subsidiary

*This is the year-on-year inflation rate calculated monthly.

*real is the currency of Brazil and is denoted as R$.

• the level of welfare payments

Figure 1 adapted from https://www.statista.com/statistics/263615/gross-domestic-product-gdp-growth-rate-in-brazil/

Figure 2 adapted from https://tradingeconomics.com/brazil/inflation-cpi

Figure 3 adapted from https://tradingeconomics.com/brazil/government-budget-value

Extract A adapted from FT, https://www.ft.com/content/2b1cbe31-a2da-4841-a418-8c10c8cc267d and

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