Economics 7135 Paper 1 June 2020, AQA AS-Level Past Papers with Mark Schemes

AQA AS Level Economics (7135) Jun 2020

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The exam evaluates microeconomic principles, market efficiency, and government interventions. Topics include price elasticity, externalities, economies of scale, and production possibility frontiers. Analytical tasks address market equilibrium, the impact of subsidies, and tax implications. Section B examines contextual applications, such as free bus travel for the elderly and the regulation of e-cigarettes, focusing on social costs, demand changes, and subsidy effects. Quantitative reasoning involves elasticity calculations, median comparisons, and supply-demand diagrams. The exam emphasizes evaluating market failures, public policy impacts, and the balance between economic efficiency and equity in real-world scenarios.