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IFYEC002 Economics

2018-19

MARK SCHEME

Section A

Answer ALL questions. This section carries 40 marks.

Questions A1 – A20

Answer Grid

A1.	D
A2.	A
A3.	A
A4.	C
A5.	B
A6.	D
A7.	B
A8.	C
A9.	B
A10.	D
A11.	D
A12.	B
A13.	A
A14.	A
A15.	C
A16.	A
A17.	D
A18.	C
A19.	B
A20.	B

Question A21

a) 1 mark for full understanding only

Price elasticity of supply – the responsiveness/sensitivity of supply to a

change in price [1]

b) 2 marks for correct diagram including labelling, 1 mark for supporting explanation

Anticipated diagram

Q2 Q1

Quantity

The explanation should identify that, given the hints in the article, output of wheat and maize had fallen in 2018 and/or that weather effects have caused a fall in supply. As such there will be a shift in the supply curve to left, leading to a contraction of the demand curve, and a rise in equilibrium price and fall in quantity as a consequence.

c) 1 mark for identification + 2 for development.

Reasons why higher cereal prices might be considered to be a significant problem may include

- Impact on inflation

- Impact on low income families

- Impact on living standards

d) 1 mark for identification + 2 for development.

Ways in which the government might intervene to stabilise food and cereal prices may include

- Price controls

- Maximum / minimum prices

- Buffer stock policy

Question A22

a) 1 mark for full understanding only

Unemployment - those people able, available and willing to work at the going wage but cannot find a job despite an active search for work

b) 2 marks for correct diagram including labelling, 1 mark for supporting explanation

Anticipated diagram

Price Level P2

Q1 Q2 Real National Output

The explanation should identify that a continued fall in the rate of unemployment is likely to raise disposable incomes, which feeds through to higher consumption and therefore a shift in the AD curve to the right. As a consequence, there will be an extension along the SRAS curve and a rise in RNO and inflationary pressure.

Credit may also be given for appropriate LRAS analysis

c) 1 mark for identification + 2 for development.

Possible reasons for unemployment may include

- Cyclical/demand deficient factors

- Technological

- Regional

- Structural

- Seasonal

d) 1 mark for identification + 2 for development.

Possible effects on the UK economy of average earnings rising faster than inflation may include

- Inflationary pressure

- Increased positive output gap

- Rising AD

- Rising employment

- Increase demand for imports

- Wider trade deficit

Section B

Use the following grid as guidance

Section B – Part a)

Marks	Quality of response
0	Candidate demonstrates no understanding of terms or question.
1-4	Candidate shows some understanding of the term or question. Points have been weakly developed and there is likely to be some inaccuracy in their use of economic terminology.
5-7	Candidate demonstrates good understanding of the term or question. They develop most of their points coherently and their answer will be generally fluent and predominantly show an accurate use of economic terminology.
8-10	Candidate displays a sound and accurate understanding of the term or question. Their answer is fluent, logical, concise and precise. The candidate’s use of economic terminology will be consistently accurate and confidently applied.

Section B – Part b)

Marks	Quality of response
0	Candidate demonstrates no understanding of terms or question.
1-7	Candidate makes some valid points, but they have been weakly analysed and are not confident in their use of economic theory or application to the question. The answer is likely to be poorly structured and show poor fluency and a basic level of written communication. Evaluative comment is likely to be minimal or missing.
8-14	Candidate demonstrates good understanding of the question, making valid points which are generally analysed coherently. Written communication will be sound, although the answer maybe unbalanced. The candidate will show a broadly confident use of economic terminology and their answer will address the fundamentals of the question leading to a conclusion or judgement, which may be weakly supported or based on limited evidence.
15-20	Candidate displays a sound and accurate understanding of the question. The answer is well structured and the quality of written communication is accurate and fluid throughout, with a strong and confident use of economic terminology. Arguments are expressed clearly and supported with relevant theory or examples. The best candidates will provide fully supported judgements and evaluative comment that critically analyses the question and may explore issues beyond the immediate nature of the question (where relevant).

Question B1

subsidy of $2,500 to $7,500 on the first 200,000 electric vehicles

sales. With the aid of a diagram, describe the likely economic

effects of such a subsidy on the market for electric vehicles AND

explain the concept of market failure. [ ]10

The question clearly requires candidates to address two different elements. Both parts must be addressed for candidates to access the full mark range. If candidates only address one part, a maximum of 6 marks may be awarded.

Candidates are expected to produce the following diagram, correctly labelled. Explanations should be clear and indicate the impact on price and output

Price of

Electric

Vehicles

Quantity of Electric Vehicles

Market failure – the inefficient allocation of goods and services in a free market. Candidates should be rewarded for the provision of relevant examples or diagrams which help to illustrate their understanding of the term.