Examiners’ Report/
Principal Examiner Feedback January 2015
Pearson Edexcel
针插International Advanced Level (IAL) Economics (WEC02) Unit 2
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January 2015
Publications Code IA040506
All the material in this publication is copyright
© Pearson Education Ltd 2015
Introduction
Around 70% of candidates attempted Q10 rather than Q9. This was surprising as we thought that the context for Q9 would appear attractive to candidates and, with a focus upon the construction industry, provide a clear opportunity to achieve application marks for the u of ca study reference
s.
As in the January and June 2014 reports, more work is required on the interpetation of charts, graphs and numerical data.
如何快速学好英语Distinguishing between GDP and GDP gowth showed some very common misunderstandings. Again, as in the January and June 2014 reports, candidates need to learn peci definitions and have more experience interpreting macroeconomic data.
For supported multiple choice questions, simply repeating the stem of the question or simply rejecting by saying cannot be A becau it is B is not going to achieve a mark. A rejection mark must be explained.
The u of data and context is very important in Section B. In some cas candidates were completing purelygeneric respons, making no rerefence to the data and therefore not really anring the question. Their knowledge, application and analysis marks were often limited as a result.
to是什么意思Diagrams must be drawn correctly for full credit. There were numerous examples of either partiallydr
awn AD/AS diagams or incorrectly labelled dagrams. It is important that candidates practice drawing diagrams and labelling them correctly.
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Candidates must understand the difference between SRAS and LRAS and this is reprented in their diagrams. There were some excellent respons where candidates referrred to the effects of investment upon AD and LRAS. This demonstrated good engagement with the issues surrounding high and low levels of investment in bith Q9 and Q10.
Question 1
faultlessThis question was generally not well answered with a very low mean mark and a mode of 0.
It was surprising how many candidates failed to notice that the question was about GDP growth and not GDP (there are no total GDP figures in the stem of the question or the data table). Many candidates lected Option B for the Part A. This showed that either the candidate did not understand the difference between DP and GDP growth or el had misread the question.
Candidates were rewarded for defining GDP growth or economic growth, although many defined GDP and failed to achieve marks.
Remember that candidates can achieve 3 marks for the explanation even if they get Part A incorrect; rejection marks are available even if part A is wrong so candidates shold be encouraged to explain why at least one of the distractors is not correct.
Question 2
There were some very good respons to this question with a mean of 3 and mode of 4 marks. Accurate diagrams were awarded 2 marks along with preci definitions to achieve 3 marks for Part B. Many candidates accurately defined inflation for which they were awarded a mark.
The rejection points had to be explained/developed to some extent to be rewarded with a mark. There were many examples of candidates simply offering the unsupported asrtion that currency depreciation will increa AD without explaining why or that lower interest rates will create inflationary pressures with no explanation.
Question 3
Many candidates performed well on this question with a mean of 2 and a mode of 3, most achieving full marks for Part A and then going on to define macroeconomic policy objectives, with relevant exaelegance
mples (including economic growth and environmental sustainability). They then went on to analy the clash, or trade off, between economic growth and environmental damage. Some tried to explain the clash in terms of the local farmers losing their jobs (increasing unemployment). This was not in the mark scheme as the mine would create employment. The focus of the question was upon economic growth versus environmental degradation.
This question was not answered as well, wth a mean and mode of 2 marks. Many
candidates are getting Part A correct and clearly understood the nature of capital investment and the relationship to productivity, AD and LRAS. However, many
failed to note that investment as a % of GDP in Greece was falling. They talked about investment as a component of AD but did not refer to the impact of falling investment. They were not therefore awarded analysis marks for their respon.
There were a few examples where candidates provided a diagram – this was acceptable and was rewarded for showing inward shift of AD or of LRAS. Some candidates provide diagrams but showed increasing investment which was not the ca in this question.
Question 5
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This was generally well answered with a mean of 3 and a mode of 4. A large number of candidates got part A correct. Many annotated the diagram correctly (a few created their own diagram) and then showed an understanding of commodities and the likely impact upon production costs (and impact upon SRAS). Some candidates who got Part A incorrect were still able to achieve a mark for Part B by associating commodities with (falling) production costs. Not many candidates emed to attempt to cover the rejection marks which is always a risky strategy in terms of examination tecnique.It was pleasing to e that centres had apparently taken the advice from the January and June 2014 reports and learned about the impact of commodity prices upon the macroeconomy.
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Question 6
There were many reasonable respons to this question, with a mean of 2 and a mode of 3 marks. Many candidates were able to either define the multiplier (using the correct formula) and/or complete the calculation, achieving 2 marks for Part B. They were less successful in explaining the multiplier, with some vague and confusing explanations. In order to achieve explanation marks it had to be clear that the candidate understand the process and did not just asrt that “investment increas AD”.
Question 7
cherylcoleThis was quite well answered with a mean of 2 and a mode of 3 marks. There were some attempts to introduce micro analysis, increasing labour supply reducing costs for firms. Many candidates mentioned an increa in the size of labour force and were rewarded but very few linked this to potential output. Even fewer qualified the impact upon LRAS in terms of labour productivity, skills etc and so analysis marks were quite rarely awarded.
Question 8
This was generally well done with a mean of 3 and a mode of 4 marks. Candidates who provided a correct diagram achieved full marks. We were looking for a movement along the SRAS curve; many candidates simply labelled the curve as AS. If the diagram was not fully labelled then relatively easy marks were lost. Where there was no explanation of the mechanism (and no diagram) no application or analysis marks were awarded.
