AQA As Economics Paper 2 2025 Mark Scheme Pdf

Download the official AQA AS Economics Paper 2 mark scheme for the June 2025 exam (7135/2). This **final version (v1.0)** contains full answers, mark allocations, and examiner guidance used during standardisation.

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### **Section A: Multiple-choice answers (page 3)**
The mark scheme provides the full answer key for all 20 questions. For example:
- Q1: **C** (stable economic growth objective)
- Q3: **D (8%)** nominal GDP increase
- Q7: **D (2.31)** multiplier calculation
- Q9: **D** (conflict between macroeconomic objectives)
- Q10: **B** (exports, government spending, investment = injections)
- Q14: **D** (structural unemployment)
- Q18: **C** (Country C highest tax)
- Q20: **C** (increase in international competitiveness shifts AD right)

The answer distribution is:
- **A = 5, B = 3, C = 6, D = 6** (page 3)

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### **Section B: Context 1 – Population Changes**

- **Q21 (3 marks): Definition**
- *National debt* = total outstanding government borrowing (stock of past deficits)

- **Q22 (4 marks): Calculation**
- National debt per head ≈ **£38,000** (nearest thousand)
- Based on population ≈ 68.1 million and debt £2599bn (page 7)

- **Q23 (4 marks): Data comparison**
Key valid comparisons include:
- Net migration always higher than natural change
- Natural change became **negative in 2020 (-8,000)**
- Net migration peaked at **329,000 (2015)**
- **Q24 (4 marks): Pie chart**
Correct age structure:
- **Under 16: 17%**
- **16–64: 59%**
- **65+: 24%**

- **Q25 (10 marks): Labour shortage → inflation**
Key explanations:
- Labour shortage → higher wages
- Higher wages → increased costs → **cost-push inflation**
- Higher incomes → increased demand → **demand-pull inflation**
- Leftward shift in **SRAS** (page 10 guidance)

- **Q26 (25 marks): Essay (evaluation)**
Key arguments:
- Education & training improve **human capital, productivity, LRAS**
- Improve employment, growth, competitiveness
- Counterarguments:
- Cost, government failure, time lags
- Importance of other policies (tax, investment, incentives)
- Evaluation focuses on whether it is truly **“essential”**
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### **Section B: Context 2 – Business Investment**

- **Q27 (3 marks): Definition**
- *Supply-side shock* = unexpected change affecting aggregate supply

- **Q28 (4 marks): Index calculation**
- Investment index (2022) = **100.4** (page 13)

- **Q29 (4 marks): Data comparison**
Key comparisons:
- Investment and GDP both fell sharply in **2020 (~ -10%)**
- Investment more volatile than GDP
- Investment growth peaked in **2022 (9.6%)**

- **Q30 (4 marks): AD bar chart**
Correct shares:
- **Consumption: 63%**
- **Investment: 17%**
- **Government spending: 18%**
- **Net exports: 2%**
(see diagram guidance on page 15)

- **Q31 (10 marks): Corporation tax → productivity**
Key explanation:
- Higher tax → lower retained profits
- Lower investment in capital & R&D
- Less innovation → slower productivity growth

- **Q32 (25 marks): Essay (evaluation)**
Key arguments:
- Government can boost investment via:
- Fiscal policy (tax cuts, subsidies)
- Monetary policy (interest rates)
- Supply-side policies
- Counterarguments:
- Market forces may be sufficient
- Risk of government failure
- Impact on borrowing and fiscal balance
- Evaluation includes short vs long run and external factors

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### **Examiner Guidance (pages 4–5)**
- Uses **level-of-response marking (Levels 1–5)** for essays
- Key principles:
- “Best fit” approach
- Credit valid alternative answers
- Top-band answers require:
- Strong analysis
- Contextual application
- Supported evaluation and judgement

For example, Level 5 (21–25 marks) requires **well-developed analysis, strong evaluation, and a clear final judgement** (page 5).

This mark scheme is essential for understanding how to gain full marks, structure high-quality data responses, and master evaluation in AS Economics.
Fully updated for the 2025/2026 academic year and optimised for instant download on markscheme.net.

This mark scheme is ideal for Year 12 students preparing for AQA AS Economics exams and Year 13 students refining macroeconomic exam technique.

Teachers and tutors use this resource to standardise marking, provide precise feedback, and model top-level answers. It is also perfect for independent learners aiming to maximise marks and understand examiner expectations.