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OCR AS LEVEL ECONOMICSH060/02 MACROECONOMICS MERGED QUESTION PAPER AND MARK SCHEME FOR MAY 2024
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OCR AS LEVEL ECONOMICSH060/02 MACROECONOMICS MERGED QUESTION PAPER AND MARK SCHEME FOR MAY 2024
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Monday 20 May 2024 – MorningAS Level Economics
H060/02 Macroeconomics
Time allowed: 1 hour 30 minutes
Turn over
, 2
SECTION A
Write your answer to each question in the box provided.
1 A government budget deficit occurs when:
A imports exceed exports
B its expenditure is less than its revenue
C its expenditure is more than its revenue
D the national debt is decreasing
Your answer [1]
2 What is not an example of a supply side policy?
A Increasing expenditure on education
B Increasing the rate of income tax
C Investing in road infrastructure
D Providing subsidies for research and development
Your answer [1]
3 What would be the least effective way to increase long run economic growth?
A Increase government expenditure on welfare payments
B Increase labour productivity
C Increase the level of technology
D Increase the number of women joining the workforce
Your answer [1]
© OCR 2024
, 3
4 What is the difference between real and nominal values of economic variables?
A The exchange rate
B The inflation rate
C The interest rate
D The tax rate
Your answer [1]
5 Which stage of the economic cycle occurs when actual GDP is above its trend value?
A Boom
B Recession
C Recovery
D Trough
Your answer [1]
6 In 2022, a basket of goods and services cost £1350.
In 2023, the same basket cost £1674.
What is the value of the price index for 2023 based on 2022 being the base year?
A 48
B 81
C 124
D 193
Your answer [1]
© OCR 2024 Turn over
, 4
7 What is an example of a contractionary monetary policy?
A Increasing government expenditure by £1bn
B Increasing interest rates by 1%
C Increasing quantitative easing by £100m
D Increasing VAT by 2%
Your answer [1]
8 Which of these is most likely to cause an increase in the rate of inflation?
A An increase in labour productivity and a higher price of oil
B An increase in technological advancements and falling employment
C An increase in the budget deficit and falling consumer confidence
D An increase in the minimum wage and a depreciation of the exchange rate
Your answer [1]
9 The table shows the tax paid by an individual at different levels of income.
Annual income (£) Tax paid (£)
15 000 1200
25 000 1700
35 000 2500
50 000 4000
What is the marginal tax rate for an individual whose annual income increases from £25 000 to
£35 000?
A 2%
B 5%
C 7%
D 8%
Your answer [1]
© OCR 2024
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