Exam-style question
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Using a chain of analysis, explain the economic effect of Paper 1 Markets and market failure, including the transmission mechanism and a supported judgement. (2).
Model answer
What a good answer should say
- Paper 1 as a 2 Hour Written Exam Worth 80 Marks EXAM-STYLE 2: a strong response defines the relevant economic concept, applies it to the stated context, develops a cause-and-effect chain, and reaches a judgement about AO1 accuracy, AO2 application, AO3 analysis and AO4 evaluation.
Explanation
Why this works
Paper 1 as a 2 Hour Written Exam Worth 80 Marks is assessed through the prompt: "Using a chain of analysis, explain the economic effect of Paper 1 Markets and market failure, including the". Begin with a precise definition of Paper 1 as a 2 Hour Written Exam Worth 80 Marks, then apply it to Paper structure using the context rather than a memorised paragraph.
The analysis should move through at least three steps: the initial cause, the transmission mechanism, and the economic consequence for AO1 accuracy, AO2 application, AO3 analysis and AO4 evaluation. Evaluation should consider whether the result depends on elasticities, confidence, spare capacity, market power, data quality, the size of the intervention, or the time period.
A high-quality AQA answer finishes with a judgement that weighs the strongest argument against the most important limitation, not a generic "it depends" sentence.
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