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OCR A Level EconomicsH460/03 Themes in economics MERGED QUESTION PAPER AND MARK SCHEME FOR JUNE 2024
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OCR A Level EconomicsH460/03 Themes in economics MERGED QUESTION PAPER AND MARK SCHEME FOR JUNE 2024
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Friday 7 June 2024 – MorningA 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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