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Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel Level 3 GCE
Monday 22 May 2023
Afternoon (Time: 2 hours) Paper
reference 9EC0/02
Economics A ⬟ ⬟
Advanced
PAPER 2: The National and Global Economy
You do not need any other materials. Total Marks
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your name,
• There
centre number and candidate number.
are three sections in this question paper. Answer all questions from
Section A and Section B. Answer one question from Section C.
• Answer the questions in the spaces provided
– there may be more space than you need.
Information
•• The total mark for this paper is 100.
The marks for each question are shown in brackets
• Calculators may be used.
– use this as a guide as to how much time to spend on each question.
Advice
•• Read each question carefully before you start to answer it.
Check your answers if you have time at the end.
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA
Some 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 .
You are advised to spend 30 minutes on this section.
Use the data to support your answers where relevant. You may annotate and
include diagrams in your answers.
1 In September 2022 the Bank of England increased the base interest rate from
1.75% to 2.25%.
(Source: adapted from https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp)
(a) Draw an aggregate demand and aggregate supply diagram to illustrate the likely
impact of an increase in the UK base interest rate on the average price level and
real output.
(4)
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(b) Which one of the following is the most likely impact of an increase in the base
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interest rate?
(1)
A decrease in the:
A level of demand pull inflation
B marginal propensity to save
C rate of cyclical unemployment
D value of the pound against the dollar
(Total for Question 1 = 5 marks)
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BLANK PAGE
QUESTION 2 BEGINS ON THE NEXT PAGE.
, 2 UK unemployment rate (%), December 2020 – June 2022
6
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5.2 5.1
5.0 5.0 4.9 4.9 4.7
5
4.6 4.4
4.3 4.2
4.1 4.0 4.0
4 3.8 3.7 3.8 3.8 3.8
%
3
2
1
0
Dec 20
Feb 21
Jun 21
Sep 21
Dec 21
Feb 22
Jun 22
Jan 21
Mar 21
Apr 21
May 21
Oct 21
Nov 21
Jan 22
Mar 22
Apr 22
May 22
Aug 21
Jul 21
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(Source: adapted from https://www.ons.gov.uk/employmentandlabourmarket/
peopleinwork/employmentandemployeetypes/bulletins/employmentintheuk/august2022)
(a) With reference to the chart, which one of the following is true?
(1)
The unemployment rate:
A fell by 1.4% between December 2020 and April 2022
B fell by one percentage point between February 2021 and
December 2021
C was highest in March 2022 and lowest in December 2020
D will continue to rise but at a slower rate
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