Component 2: Exploring Economic Issues · B520U20-1

Eduqas AS Component 2, June 2022

All 11 written questions from Eduqas AS Component 2 (June 2022), Component 2: Exploring Economic Issues. Case studies: Global oil prices plunge and A plastic world. Each question shows its marks and topic, and opens the question paper and mark scheme at the right page.

Question paper Mark scheme Examiner report

The 2022 question paper carries the Z22 reference, from the adapted summer 2022 series. Its mark scheme is the summer 2022 one.

Case study

GLOBAL OIL PRICES PLUNGE

In the extracts: Nigerian, GDP, OIL, Nigerian Central Bank, Nigerian President, African, Chevron

Q1(a)Explain4 marks

Explain one advantage of an economy specialising at a national level.

Mark splitKnowledge 2Analysis 2

TopicInternational trade and exchange ratesAggregate demandThe financial sector

Question paper p.3 Mark scheme p.4 Examiner report p.7 Open in the tool

Q1(b)6 marks

Using diagrams, analyse reasons why oil prices are volatile.

Mark splitKnowledge 4Analysis 2

TopicInternational trade and exchange ratesAggregate demandThe financial sector

Question paper p.3 Mark scheme p.5 Examiner report p.7 Open in the tool Draw it: PED and PES diagram Or: supply and demand diagram

Q1(c)8 marks

Using AD/AS diagrams, discuss the effects of higher global oil prices on a country's inflation rate.

Mark splitKnowledge 4Analysis 2Evaluation 2

TopicMeasuring economic performance

Question paper p.3 Mark scheme p.8 Examiner report p.7 Open in the tool Draw it: AD/AS diagram

Q1(d)8 marks

Consider whether the Nigerian Government is right to keep its exchange rate artificially above its equilibrium level.

Mark splitApplication 2Analysis 3Evaluation 3

TopicInternational trade and exchange ratesDemand, supply and elasticity

Question paper p.3 Mark scheme p.11 Examiner report p.8 Open in the tool

Q1(e)4 marks

Outline possible reasons for a country's GDP being greater than GNP.

Mark splitKnowledge 4

TopicMeasuring economic performance

Question paper p.3 Mark scheme p.13 Examiner report p.8 Open in the tool

Q1(f)10 marks

Using the data, discuss whether the fiscal and monetary policies being implemented by Nigeria in 2018 (lines 18–23) could improve its economic performance.

Mark splitApplication 4Analysis 3Evaluation 3

TopicInternational trade and exchange ratesAggregate demandThe financial sector

Question paper p.3 Mark scheme p.14 Examiner report p.8 Open in the tool Practise the AD/AS diagram

Case study

A PLASTIC WORLD

In the extracts: Building and Construction, United Nations

Q2(a)4 marks

Outline how an absence of property rights is a type of market failure.

Mark splitKnowledge 4

TopicMarket failure

Question paper p.6 Mark scheme p.17 Examiner report p.9 Open in the tool

Q2(b)8 marks

Using a diagram, discuss whether Government subsidies for new environmentally friendly businesses and technology will be beneficial for the UK economy.

Mark splitKnowledge 2Analysis 4Evaluation 2

TopicGovernment intervention in markets

Question paper p.6 Mark scheme p.18 Examiner report p.9 Open in the tool Draw it: subsidy diagram Or: positive externality diagram

Q2(c)6 marks

Using the data, consider the extent to which information asymmetry existed between producers and consumers of personal care products containing microbeads before the 2018 ban.

Mark splitKnowledge 2Application 2Evaluation 2

TopicMarket failure

Question paper p.6 Mark scheme p.21 Examiner report p.9 Open in the tool

Q2(d)8 marks

(i) Using the data, calculate the percentage change in plastic bag usage between 2014 and 2019. (ii) Using the data and your answer to (d)(i), discuss the nature and strength of the relationship between shopping and the demand for plastic bags.

TopicDemand, supply and elasticity

Question paper p.6 Mark scheme p.23 Examiner report p.9 Open in the tool

Q2(e)14 marks

(i) Using the data, outline how the use of plastic can create external costs. (ii) To what extent are the steps taken by the UK Government to reduce plastic pollution likely to solve the market failure?

TopicMarket failure

Question paper p.6 Mark scheme p.25 Examiner report p.10 Open in the tool Practise the negative externality diagram

Question text is quoted from the question papers, © WJEC CBAC Ltd (Eduqas), for students’ private study. Open the official papers and mark schemes from the links on each question. Examiner insights are written with AI assistance and moderated by Finn.

GLOBAL OIL PRICES PLUNGE

A PLASTIC WORLD

Other years of Eduqas AS Component 2

Topics on this paper