Economics (AS & A Level) · May / June 2021 · Paper 23 · Question 3
9708
As printed in the paper
Show the answer and mark scheme
3(a)(i)
the short run, and
3(a)(ii)[8]
the long run. For explanation of aggregate supply e.g. total output in an economy (1 mark) that distinguishes between short run and long run (1 mark) (up to 2 marks) Identify a reason (1 mark) plus up to 2 marks for an explanation of why this causes the SRAS to move outwards. (up to 3 marks) Identify a reason (1 mark) plus up to 2 marks for an explanation of why this causes the LRAS to move (up to 3 marks) 8 A shift outwards of the AS curve can be due to – an increase in the supply of labour – net investment – other factor inputs – devaluation of the exchange rate – government regulations – discovery of new resources – better education and training – advances in technology
3(b)[12]
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