A Level Paper 3, June 2024

Q1(a) Using Figure 1 and Extract A, set out the meaning of price inelastic demand for UK wholesale gas in 2021.

Q1(b) Examine an externality created where gas is burned to make electricity, supporting the answer with an external costs of production diagram.

Q1(c) Discuss what might limit business growth among UK household energy suppliers, drawing on Figure 2 and Extract B.

Q1(d) Evaluate micro and macro explanations for the gender pay gap across the UK's oil and gas sector.

Q1(e) Evaluate, on both micro and macro grounds, the gains a nation might get from specialising in gas-based energy production.

Q2(a) Give one explanation for a managed exchange rate being adopted, using Extract D on Ghana's cocoa and chocolate industry.

Q2(b) Using Extract E's second paragraph, examine two difficulties that could hold back Ghana's chocolate industry as it expands.

Q2(c) Discuss what determines Ghana's aggregate demand, with an AD/AS diagram required to support the answer.

Q2(d) Evaluate how high interest rates affect Ghana, or a developing economy of your own choosing, at micro and macro level.

Q2(e) Evaluate at micro and macro level (Extract F) what Ghana's entry into the African Continental Free Trade Agreement would bring.