OCR A-level Paper 3, June 2022

1. AAn increase in quantity demanded
2. BAn increase in quantity supplied
3. CA shift to the right of the demand curve
4. DA shift to the right of the supply curve

TopicDemand, supply and elasticity

1. A–1.26%
2. B–1.24%
3. C1.24%
4. D1.26%

TopicMeasuring economic performanceEconomic growth and the economic cycle

1. ANew firms enter the market, causing a shift in the average and marginal cost curves
2. BNew firms enter the market, causing a shift in the average and marginal revenue curve
3. CSome firms leave the market, causing a shift in the average and marginal cost curves
4. DSome firms leave the market, causing a shift in the average and marginal revenue curve

TopicCosts, revenues and profit

1. AAccounting profit will be equal to economic profit
2. BAccounting profit will be larger than economic profit
3. CEconomic profit will be larger than accounting profit
4. DThere is no relationship between accounting profit and economic profit

1. AIt has an absolute advantage in the production of corn and golf clubs
2. BIt has an absolute advantage in the production of golf clubs
3. CIt has a comparative advantage in the production of corn
4. DIt has a comparative advantage in the production of golf clubs

TopicInternational trade and exchange rates

1. AAn increase in corporation tax
2. BAn increase in government spending on welfare benefits
3. CAn increase in government spending on education and training
4. DAn increase in the price level

TopicAggregate demandMeasuring economic performanceMacroeconomic objectives and policy

1. APositive externalities of consumption
2. BPositive externalities of production
3. CThe basic economic problem
4. DThe free rider problem

TopicMarket failureAggregate demandThe economic problem and resource allocation

1. AA decrease in the marginal propensity to import
2. BContractionary monetary policy
3. CExpansionary monetary policy
4. DSupply side policy designed to increase labour productivity

TopicMacroeconomic objectives and policyInternational trade and exchange ratesAggregate demand

1. AFree good
2. BPrivate good
3. CPublic good
4. DQuasi-public good

TopicMarket failureThe economic problem and resource allocation

1. A0.18
2. B0.30
3. C0.48
4. D0.90

TopicAggregate demandInternational trade and exchange rates

1. AFacilitate investment by firms
2. BIncrease interdependence between countries
3. CPromote free trade
4. DReduce income inequality

TopicInternational trade and exchange ratesPoverty and inequalityAggregate demand

1. AA fall in the production of good A
2. BA fall in the production of goods A and B
3. CAn increase in the opportunity cost of producing good A
4. DAn increase in the opportunity cost of producing good B

TopicThe economic problem and resource allocationDemand, supply and elasticity

1. AGoods and services are weighted according to the level of utility they bring society
2. BPrices of goods and services are compared to prices in other countries
3. CSurvey data is used to establish the most commonly consumed goods and services
4. DThe amount of quantitative easing introduced by the Bank of England is recorded

TopicMacroeconomic objectives and policyMeasuring economic performance

1. ADemand for good X is more cross elastic than the demand for good Y
2. BDemand for good X is more income elastic than demand for good Y
3. CDemand for good X is more price elastic than the demand for good Y
4. DSupply of good X is more price elastic than supply of good Y

TopicDemand, supply and elasticity

1. AAn increase in the minimum wage
2. BAn increase in the price of complementary factors of production
3. CAn increase in the price of the product the labour produces
4. DAn increase in unit labour costs

TopicThe labour marketThe economic problem and resource allocationDemand, supply and elasticity

1. A£34.92
2. B£38.60
3. C£44.00
4. D£50.16

TopicInternational trade and exchange rates

1. ACross elasticity of demand
2. BIncome elasticity of demand
3. CPrice elasticity of demand
4. DPrice elasticity of supply

TopicDemand, supply and elasticity

1. ALong run Aggregate Supply
2. BLong run Phillips Curve
3. CShort run Aggregate Supply
4. DShort run Phillips Curve

TopicAggregate supplyMacroeconomic objectives and policyMeasuring economic performance

1. APublic limited company
2. BPublic sector company
3. CSmall business
4. DVoluntary organisation

TopicBusiness growth and objectivesCosts, revenues and profit

1. ADurable to use
2. BPortable to carry
3. CScarce in supply
4. DVolatile in value

TopicThe economic problem and resource allocation

1. A19 year old full time student.
2. B38 year old father who chooses to stay at home to be a home-maker.
3. C42 year old former bank worker who is economically active.
4. D68 year old who worked in the steel industry and who is now claiming the state pension.

TopicMeasuring economic performance

1. Afirm is considering increasing its output from 239 to 240 units of a good. What is the marginal cost of doing this? Quantity Average Cost 238 £360 239 £356 240 £362 241 £371 242 £382 A £1.51
2. B£6
3. C£1796
4. D£86 880

TopicCosts, revenues and profit

1. AExchange rate depreciates
2. BMinimum wage decreases
3. CProductivity increases
4. DTrade union power increases

TopicInternational trade and exchange ratesThe labour market

1. AInformation failure
2. BMoral hazard
3. CNegative externalities of consumption
4. DOpportunity cost

TopicMarket failureThe economic problem and resource allocationAggregate demand

1. ADeflation
2. BInflation
3. CNegative output gap
4. DPositive output gap

TopicMeasuring economic performanceAggregate supplyNational income and the circular flow

1. Agroup of firms reaches an agreement on prices and output. What sort of collusion is this? A A cartel
2. BPrice leadership
3. CStrategic alliances
4. DTacit collusion

TopicMarket structures

1. AA decrease in the corporation tax rate
2. BAn increase in expenditure on education and training
3. CAn increase in expenditure on unemployment benefits
4. DAn increase in the income tax-free personal allowance

TopicGovernment intervention in marketsEconomic growth and the economic cyclePublic finances and the role of the state

1. AConsumption decreasing when the interest rate increases
2. BConsumers demanding more of an inferior good when their income falls
3. CFirms engaging in predatory pricing to increase their market share
4. DFirms increasing the price of a product with price elastic demand

TopicDemand, supply and elasticityMacroeconomic objectives and policyAggregate demand

1. AAllocative inefficiency
2. BConsumer surplus
3. CDeadweight loss
4. DProducer surplus

TopicMarket failureDemand, supply and elasticityGovernment intervention in markets

1. ADomestic firms face higher tariffs on their exports
2. BSunset industries experience a decrease in the demand for their products
3. CThe rate of inflation increases
4. DThe volume of international trade decreases

TopicInternational trade and exchange ratesMeasuring economic performanceDemand, supply and elasticity

TopicThe labour market

TopicThe labour market

TopicPoverty and inequality

TopicGovernment intervention in markets

TopicMacroeconomic objectives and policyGovernment intervention in markets

TopicEconomic growth and the economic cycle

TopicEconomic growth and the economic cycleMacroeconomic objectives and policy