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OCR A Level EconomicsH460/03 Themes in economics MERGED QUESTION PAPER AND MARK SCHEME FOR JUNE 2024 £8.40   Add to cart

Exam (elaborations)

OCR A Level EconomicsH460/03 Themes in economics MERGED QUESTION PAPER AND MARK SCHEME FOR JUNE 2024

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  • Module
  • Economics
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  • Economics

OCR A Level EconomicsH460/03 Themes in economics MERGED QUESTION PAPER AND MARK SCHEME FOR JUNE 2024

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  • November 8, 2024
  • 57
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Economics
  • Economics
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Friday 7 June 2024 – Morning
A Level Economics
H460/03 Themes in economics
Time allowed: 2 hours




Turn over

, 2
Section A

Write your answer to each question in the box provided.

1 What is the reward to enterprise?

A Interest

B Profit

C Rent

D Wages


Your answer [1]



2 The marginal propensity to withdraw (mpw) in an economy is 0.6.
There is an injection of £150bn into the economy.

What is the final increase in GDP?

A £90 billion

B £100 billion

C £250 billion

D £375 billion


Your answer [1]



3 Which of these is a function of money?

A Divisibility

B Durability

C Limited supply

D Unit of account


Your answer [1]




© OCR 2024

, 3
4 Which of these describes the process of crowding out?

A An increase in government spending leads to a fall in private sector investment

B The process by which government spending and tax revenue vary with the economic cycle

C The transfer of an organisation from public sector ownership and control to private sector
ownership and control

D When monetary policy becomes ineffective as households prefer to save even though
interest rates are very low


Your answer [1]



5 As a result of a 12% reduction in the price of Good A, the quantity demanded of Good B
increased by 3%.

What is the relationship between the two goods?

A Strong complements

B Strong substitutes

C Weak complements

D Weak substitutes


Your answer [1]




© OCR 2024 Turn over

, 4
6 An oligopoly firm faces costs and revenues as shown below.

If marginal cost falls from MC1 to MC2 what is the effect on price, output and profit?

Costs /
revenues
MC1
P1
MC2




AR = D
O Q1 Quantity

MR


Price Output Profit

A Decrease Increase Increase

B Decrease Increase Unchanged

C Increase Decrease Unchanged

D Unchanged Unchanged Increase


Your answer [1]




© OCR 2024

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