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APT Initiatives Ltdwww.apt-initiatives.comSpecialists in Business & Economics Education since Sept 19991st Paper of 4Full set of 4 can be purchased from www.apt-initiatives.comor individually from www.tes.com/teaching-resourcesforAQA A-level EconomicsPaper 1Markets and Market FailurePractice (Mock) Exam PaperDetailed Mark SchemeExample Model AnswersMinimising Workloads, Maximising Performance APT Initiatives Ltd, 2017. Registered Office: Millstone Lodge, Eaton Upon Tern, Market Drayton, Shropshire, TF9 2BX.Registered in England no. 5211217. Vat registration no. 815 7506 26.
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market FailureiFOREWORD: Important - Read FirstThis resource contains 1 of 4 Practice (Mock) Examination Papers for AQA’s A-level EconomicsSpecification Paper 1 examination, entitled ‘Markets and Market Failure’, which concernsSection 4.1 of the AQA A-level Economics Specification. The full set of 4 papers can bepurchased from APT’s website: www.apt-initiatives.com, or individually from the TES website:www.tes.com/teaching-resources.The full set of 4 question papers have been written to include questions that test as many areaslisted in the specification subject content relating to Section 4.1 as possible. An overview ofeconomic topics / concepts tested in this particular paper is provided immediately after this‘Foreword’ and before the question paper (on page iii below).Question papers, mark schemes and answers have been written taking into account the specimenassessment material (SAM) for A-level Paper 1 published by AQA for the launch of the new Alevel Economics specification (from 2015). The structure, style and format of question papersand mark schemes are in line with this SAM, with a few minor differences / additions consideredbeneficial for both teachers and their students. These are highlighted in the text that follows.In line with AQA’s SAM for A-level Paper 1, each question paper contains two sections: Section Aand Section B. Time to complete each paper is 2 hours (ie 120 minutes), and there are 80marks available - 40 marks for each section.Within Section A, students are required to choose between two contexts and answer dataresponse questions requiring written answers relating to their chosen context. Section Bcomprises a choice of ‘essay’ questions requiring written answers. The specification states thatstudents select one essay question from three worth 40 marks. The SAM also states that studentsshould select ‘one essay’ from Section B. However, what students are required to do in the SAM isto select a set of 2 questions out a choice of 3 sets of 2 questions. One question in each setis worth 15 marks, and the other is worth 25 marks, (as opposed to one essay worth 40 marks).Each of these questions is marked using a different levels of response marking grid.As per the AQA SAM published at the time of writing, the level of response marking grids to beused when marking 9 mark, 15 mark and 25 mark questions do not contain information specific tothe question; the content of these grids remains the same regardless of the 9, 15 or 25 markquestion posed. This generic AQA material is reproduced by permission of AQA.The questions included in each paper ensure students gain appropriate exam practice acrossAQA's four A-level assessment objectives. Marks have been allocated in line with AQA’sassessment objective grid included at the end of the specimen mark scheme for Paper 1. Anassessment objective grid is provided after each mark scheme / set of answers which shows thetotal marks allocated for each assessment objective for each paper.Unlike the AQA SAM for Paper 1 (published at the time of writing), answers are provided inparagraph form, rather than a list of relevant points anticipated to be raised in the answer.To provide further support to teachers and their students, answers have also been annotated toshow where individual assessment objectives are demonstrated - with ‘Kn’ for knowledge,‘Ap’ for application, ‘An’ for analysis and ‘Ev’ for evaluation. Although it is possible to demonstratemore than one AO in one sentence, points made in answers are generally annotated to highlightthe main AO demonstrated. With regard to these annotations, it should also be appreciated thatthere is always scope for differences in interpretation of answers in relation to mark schemes, evenbetween experienced examiners. APT Initiatives Ltd, 2017
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market FailureiiAnswers to questions worth 15 or more marks typically contain a range of examples ofcomments which attract a mark. As a result, some of the answers presented may seem a littlelong, given the time available. However, the total answer may attract multiple annotations whichgo beyond the maximum mark available for that particular question. Hence, there is scope tocut such answers down and still secure the maximum marks.Finally, it should be appreciated that, with the exception of answers to calculation questions,answers should not be seen as exhaustive - any valid response should be given duecredit. Mark schemes and answers should, ultimately, be seen as a set of guidelines, not rigidperformance criteria.To conclude, whilst every effort has been made to provide appropriate question papers, as well asmark schemes and answers for the questions posed, these question papers, mark schemes andanswers are intended as an aid to the teacher who must retain full responsibility for checkingspecification requirements and the exam board assessment material, and the final delivery ofsubject matter to students. In this context, APT is always available to discuss any aspect of thequestion papers, mark schemes and answers, should the teacher wish to discuss APT’sinterpretation.These Practice (Mock) Exam Papers for AQA A-level Economics Paper 1 (on Section 4.1 of the Alevel Specification) are one of several resources produced by APT Initiatives Ltd to supportteachers and students taking AQA AS and A-level Economics examinations. Multiple Choicequestions (interactive and printable tests) have been produced for AS Paper 1 and AS Paper 2, aswell as for the entire AQA A-level specification, and Practice (Mock) Exam Papers have also beenproduced for Paper 2 (on Section 4.2 of the A-level Specification) and Paper 3 (on the entire Alevel specification). Further information on each of these resources, as well as other resources forBusiness and Economics qualifications, is available on APT’s website: www.apt-initiatives.com.APT Initiatives Ltd can be contacted directly with any orders, queries or feedback via thewebsite: www.apt-initiatives.com, via email: support@apt-initiatives.com or by phone: 01952540877. APT Initiatives Ltd, 2017
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market FailureiiiOverview of Economics Topics / Concepts TestedThe grid below shows the Economics topics / concepts tested in the practice paper contained inthis resource, by which question in the paper. Note: This grid should not be used as a source ofreference of all the subject content that candidates are required to study for AQA A-level Economics, as itcontains information relating to only part of this subject content, and this subject content is also liable tofrequent review. Such information should be obtained directly from the AQA website, where the most currentversions of AQA specifications are placed.Subject ContentEconomic methodology and the economic problemQ No.Economic methodologyEconomics as a social science.10Scarcity, choice and the allocation of resourcesThe fundamental economic problem is scarcity and that it results from limited resources andeconomic wants.Scarcity means that choices have to be made about how scarce resources are allocated betweendifferent uses.Choices have an opportunity cost.090909Production possibility diagramsProduction possibility diagrams illustrate different features of the fundamental economic problem,such as: resource allocation, opportunity cost and trade-offs, unemployment of economicresources, economic growth.10Individual economic decision makingConsumer behaviourRational economic decision making and economic incentives.10 13Imperfect informationThe importance of information for decision making.10Behavioural economics and economic policyChoice architecture and framing.Nudges.1010Price determination in a competitive marketPrice, income and cross elasticities of demandThe factors that influence these elasticities of demand.10The determinants of the supply of goods and servicesA supply curve shows the relationship between price and quantity supplied.Understand that higher prices imply higher profits and that this will provide the incentive to expandproduction.The causes of shifts in the supply curve.111111The determination of equilibrium market pricesHow the interaction of demand and supply determines equilibrium prices in a market economy.08 14Production, costs and revenueProduction and productivityThe meaning of productivity, including labour productivity.10The law of diminishing returns and returns to scaleReturns to scale.11Costs of productionThe difference between fixed and variable costs.The difference between short-run and long-run costs.0707Economies and diseconomies of scaleThe relationship between returns to scale and economies or diseconomies of scale.The relationship between economies of scale, diseconomies of scale and the shape of the long-runaverage cost curve.The concept of the minimum efficient scale of production. APT Initiatives Ltd, 201711071107
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market FailureivProfitProfit is the difference between total revenue and total costs.The difference between normal and abnormal (supernormal) profit.0708Technological changeTechnological change can influence the structure of markets.11Perfect competition, imperfectly competitive markets and monopolyMarket structuresFactors such as the number of firms, the degree of product differentiation and ease of entry areused to distinguish between different market structures.11The objectives of firmsThe models that comprise the traditional theory of the firm are based upon the assumption thatfirms aim to maximise profits.The profit-maximising rule (MC MR).The reasons for and the consequences of a divorce of ownership from control.Firms have a variety of other possible objectives.The satisficing principle.1212121212Monopolistic competitionThe formal diagrammatic analysis of the monopolistically competitive model in the short and longrun.The main characteristics of monopolistically competitive markets.Monopolistically competitive markets will be subject to non-price competition.080808OligopolyThe main characteristics of oligopolistic markets.Oligopoly can be defined in terms of market structure or in terms of market conduct (behaviour).Concentration ratios and how to calculate a concentration ratio060606The dynamics of competition and competitive market processesBoth the short-run and long-run benefits which are likely to result from competition.That firms do not just compete on the basis of price but that competition will, for example, also leadfirms to strive to improve products, reduce costs, improve the quality of the service provided.0808Contestable and non-contestable marketsConcepts such as sunk costs and hit-and-run competition.11Market structure, static efficiency, dynamic efficiency and resource allocationThe conditions required for productive efficiency (minimising average total costs) and allocativeefficiency (price marginal cost).11The labour marketThe demand for labour, marginal productivity theoryInfluences upon the supply of labour to different marketsThe supply of labour to a particular occupation is influenced by monetary and non-monetaryconsiderations.The supply curve for labour shows the relationship between the wage rate and number of workerswilling to work in an occupation.The causes of shifts in the market supply curve for labour.03040303The determination of relative wage rates and levels of employment in perfectlycompetitive labour marketsRole of market forces in determining relative wage rates.02The market mechanism, market failure and government interventionHow markets and prices allocate resourcesThe rationing, incentive and signalling functions of prices in allocating resources and coordinatingthe decisions of buyers and sellers in a market economy.1014The meaning of market failureMarket failure occurs whenever a market leads to a misallocation of resources.The difference between complete market failure (resulting in a missing market) and partial marketfailure (where a market exists but contributes to resource misallocation).How public goods, positive and negative externalities, merit and demerit goods, monopoly andother market imperfections, and inequalities in the distribution of income and wealth can lead tomarket failure. APT Initiatives Ltd, 201710 1410141013 14
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market FailurevPublic goods, private goods and quasi-public goodsPure public goods are non-rival and non-excludable and recognition of the significance of thesecharacteristics.The difference between a public good and a private good.The free-rider problem.131313Positive and negative externalities in consumption and productionExternalities exist when there is a divergence between private and social costs and benefits.Why negative externalities are likely to result in over-production and positive externalities are likelyto result in underproduction.0910 140910 14Merit and demerit goodsThe classification of merit and demerit goods depends upon a value judgement.Such products may be subject to positive and negative externalities in consumption.How under-provision of merit goods and over-provision of demerit goods may also result fromimperfect information.10 1210 1210 12Market imperfectionsWhy imperfect and asymmetric information can lead to market failure.Why the immobility of factors of production can lead to market failure.1004Government intervention in marketsThe existence of market failure, in its various forms, provides an argument for governmentintervention in markets.Governments influence the allocation of resources in a variety of ways, including through publicexpenditure, taxation and regulation.Governments have a range of objectives and these affect how they intervene in a mixed economyto influence the allocation of resources.The use of indirect taxation, subsidies, price controls, state provision and regulation, the extensionof property rights and pollution permits to correct market failure.04090409 100409 100409 1012 14Government failureGovernment failure occurs when government intervention in the economy leads to a misallocationof resources.Governments may create, rather than remove, market distortions.Government intervention can lead to unintended consequences.10 1410 1410 14Note: The Economics subject content listed in the above grid is based on the AQA A-level Economicsspecification published at the time of writing. As stated in the introduction to this grid, it should not be usedas a source of reference of all the subject content that candidates are required to study for AQA A-levelEconomics, as it contains information relating to only part of this subject content, and this subject content isalso liable to frequent review. Such information should be obtained directly from the AQA website, where themost current versions of AQA specifications are placed. APT Initiatives Ltd, 2017
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market FailureAPT Initiatives Ltd: Practice1Exam Paper (1) forAQAA-levelECONOMICS7136/1Paper 1 Markets and market failureTime allowed: 2 hoursMaterialsTo complete this practice exam paper you should have: lined paper (in the actual exam you will be given a 12-page answer book). a pen, pencil and a calculator.Instructions Use black ink or black ball-point pen. Pencil should only be used for drawing.Write your name at the top of your lined paper and the relevant question number next to eachof your answers. (In the actual exam you will be required to complete key information on thefront of your answer book). The Paper Reference is 7136/1.In Section A, answer EITHER Context 1 OR Context 2.In Section B, answer ONE essay (set of 2 questions).Information The marks for questions are shown in brackets.The maximum mark for this paper is 80.There are 40 marks for Section A and 40 marks for Section B.Advice You are advised to spend 1 hour on Section A and 1 hour on Section B. APT Initiatives Ltd, 2017
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market Failure2SECTION AAnswer EITHER Context 1 OR Context 2.EITHERContext 1Total for this Context: 40 marksThe labour marketStudy Extracts A, B and C and then answer all parts of Context 1 which follow.Extract A: UK annual average pay settlements: Year to January 2016% RSECTORAverage and sectorPUBLIC SECTORSource: ‘Pay settlements and average earnings’, Page 1, UNISON August 2016, (accessed March 2017)Extract B: UK income tax thresholds to rise and the graduate premium under threatAs a result of the UK 2016 Autumn Statement, increases in income tax thresholds will goahead as planned. For the 2017-18 tax year, the higher-rate 40 percent income taxthreshold will rise to 45,000. Philip Hammond, the Chancellor, has pledged that thehigher-rate threshold will rise again to 50,000 by the end of the 2020 parliament.In a market economy with wage rates determined by the demand and supply of labour,predicting how income tax rates affect labour supply has long been an important concernfor economic policy analysis.There have been concerns that a dramatic increase in the number of young people going touniversity in the UK, would lead to a decline in graduate wages relative to those of nongraduates. Despite this, the Institute for Fiscal Studies (IFS) says the graduate premiumhas remained the same for two decades. APT Initiatives Ltd, 2017510
APT’s Practice (Mock) Exam Paper (1) for AQA A-level Economics: Paper 1 - Markets and Market Failure3It says, however, that further increases in graduate numbers could start to erode thepremium. “It’s just that the gain might be smaller in the future than it is now,” the reportnotes, adding that going to university will probably remain worthwhile.According to the IFS, median wages for both graduates and non-graduates fell by 15%between 2008 and 2015, but the wage difference between graduates and non-graduateshas stayed at about 35% for the past two decades.15Adapted from: ‘Autumn Statement: what does it mean for income tax?’, Brodbeck, S., The Telegraph, November 23 00-2020/ (accessed November2016); ‘Gap between graduate and non-graduate wages 'shows signs of waning'’, Weale, S., Adams, R., August 18 2016, theGuardian, signs-ofwaning (accessed December 2016)Extract C: UK labour market mobilityIn an attempt to reduce unemployment caused by occupational immobility, and as part ofthe new Fuller Working Lives strategy, ministers and business leaders in the UK have setout the need for firms to retrain older workers. The strategy outlines how a coalition ofjobcentres and businesses can combine to support workers to take a new direction.The government has stated its aim of reducing the UK economy's reliance on the servicessector, and increasing employment opportunities through vocational retraining. This was akey driver in leading to t
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