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2023 AQA A-level ECONOMICS 7136/3 Paper 3 Economic Principles and Issues Question
Paper & Mark scheme (Merged) June 2023 [VERIFIED]
A-level
ECONOMICS
Paper 3 Economic Principles and Issues
Monday 5 June 2023 Morning Time allowed: 2 hours
Materials
For this paper you must have: For Examiner’s Use
• the Insert Section Mark
• a calculator. A
Instructions B
• 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.
• 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.
• No deductions will be made for wrong answers.
, 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 Figure 1 shows the demand for lemons.
Figure 1
The fall in price and increase in the quantity demanded of lemons could
have been caused by
[1 mark]
A a fall in the price of a substitute for lemons, oranges.
B a rise in the price of lemonade.
C a reduction in the price of a complement for lemons, fish.
D favourable weather leading to a record harvest.
*02*
IB/G/Jun23/7136/3
, 3
Do not write
outside the
0 2 The environment is a scarce resource. A consequence of this is that box
[1 mark]
A all natural resources have a market price.
B all natural resources will eventually be used up.
C the environment has an opportunity cost.
D the environment is a pure public good.
0 3 Table 1 shows the price of a packet of peanuts and the number of packets of cashew
nuts sold in a shop in one month. The price of a packet of cashew nuts is unchanged.
Table 1
Number of packets of
Price of a packet of
cashew nuts
peanuts
purchased per month
£0.80 20 000
£0.84 32 500
When the price of a packet of peanuts rises from £0.80 to £0.84, the cross elasticity
of demand for cashew nuts with respect to the price of peanuts is
[1 mark]
A –12.5
B –0.08
C +0.08
D +12.5
0 4 The change in nominal national income per head is an unsatisfactory indicator of the
change in the living standards of a country’s citizens over a period of time.
The main reason is that nominal national income per head does not take into account
[1 mark]
A consumer expenditure at market prices.
B the output produced by different sectors of the economy.
C the rate of inflation.
D the size of the population.
Turn over ►
*03*
IB/G/Jun23/7136/3
, 4
Do not write
outside the
0 5Figure 2 shows the injections into and withdrawals from the circular flow of income of an box
economy which is in macroeconomic equilibrium.
Figure 2
In the economy, net exports are –$50bn. Which one of the combinations, A, B, C or
D, shows the levels of savings, taxation and imports?
[1 mark]
Savings ($bn) Taxation ($bn) Imports ($bn)
A 300 350 350
B 350 400 250
C 350 250 350
D 450 300 250
0 6 A central bank has raised interest rates as part of monetary policy.
Which one of the following policy objectives is this most likely to assist the government
in achieving?
[1 mark]
A A more equitable distribution of income
B Bringing down the rate of inflation
C Increasing the rate of economic growth
D Minimising the rate of unemployment
*04*
IB/G/Jun23/7136/3
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