Cambridge IAL · Analysis & Prediction

2025 Cambridge IAL Economics (9708) Past Paper Analysis

The October/November 2025 Economics (9708) series presents a balanced but rigorous test of candidate skills across both AS and A Level components. A heavy emphasis on macroeconomic policy evaluation, inequality metrics, and microeconomic market structures means that success depends on precise definitions, accurately constructed diagrams, and deeply justified evaluative conclusions.

Updated: 12 Jun 2026

Analysis Sample paper

Difficulty 3.8/5

Total marks

180

Duration

375 mins

Most tested

Government microeconomic intervention, macroeconomic policy instruments, and market structures.

Paper breakdown

9708/13 AS Level Multiple Choice: 30 marks · 60 mins9708/23 AS Level Data Response and Essays: 60 marks · 120 mins9708/33 A Level Multiple Choice: 30 marks · 75 mins9708/43 A Level Data Response and Essays: 60 marks · 120 mins

Top chapters

Methods and effects of government intervention in markets · 23 marksDifferent market structures · 22 marksMonetary policy · 22 marks

October/November 2025 Economics (9708) Exam Analysis

The 2025 series of the Cambridge International AS & A Level Economics syllabus continues to test both theoretical accuracy and high-level evaluation. Overall, the papers represent a standard yet highly selective challenge, earning a solid 4-star difficulty rating. While Paper 1 and Paper 3 multiple-choice components test quick recall and precise mathematical or graphical relationships, the data-response and essay papers (Paper 2 and Paper 4) demand synoptic thinking and structural academic writing.

Where the Marks are Won or Lost

In the written components, the highest proportion of marks is allocated to analytical development (AO2) and evaluation (AO3). Many candidates lose valuable marks on the 12-mark (AS) and 20-mark (A2) essay questions by offering purely descriptive explanations of policies (such as monetary or protectionist measures) rather than actively assessing their relative effectiveness. Strong candidates successfully secure high marks by using the PEEL (Point, Explanation, Evidence, Link) structure, supporting every assertion with a beautifully labelled and relevant diagram (e.g., the Lorenz curve, perfectly competitive vs. monopsony labour markets, or macroeconomic AD/AS adjustments).

Examiner Pitfalls to Avoid

Diagrammatic Deficiencies: Examiners continuously report candidates drawing inaccurate diagrams. Common mistakes include omitting labels on axes or equilibrium points, or using microeconomic demand/supply curves when a macroeconomic AD/AS diagram is required to discuss inflation or monetary policy.
Confusing Core Terminology: Misunderstandings between equity (fairness/justice) and equality (uniformity) remain a persistent issue, as does confusing the Gini coefficient values \( 0 \) (perfect equality) and \( 1 \) (perfect inequality).
Ignoring Question Parameters: In Paper 2, Question 1(e), candidates were explicitly instructed to assess population impact on aggregate demand excluding net exports. Those who wasted time discussing balance of payments or trade deficits failed to score within the top levels.

Strategic Preparation & Prediction

For future series, candidates must prioritize mastering the Marshall-Lerner condition and the J-curve effect when dealing with balance of payments interventions. Additionally, with global shifts toward green energy and aging demographics, questions intersecting economic development, labour supply elasticity, and government structural policies are highly anticipated to remain prominent features of upcoming papers.

Charts

Marks by chapter

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Question type mix

Compare the mark share of each paper section and question type.

Multiple Choice60 marks · 60 questions
Data Response Sub-questions40 marks · 8 questions
Structured Essay80 marks · 4 questions

Mark accessibility

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72%within easy or medium reach

easy: 55 marksmedium: 75 markshard: 50 marks

Difficulty trend

Compare difficulty across recent years.

Command word frequency

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Skill weighting

Shows the skill mix this paper tested most heavily.

Study ROI

Bigger bubbles recur more often; higher bubbles carry more marks, helping you rank revision priorities.

Government Intervention and Market Failure (AS)

23 marks · Difficulty 2.5 · recurrence 95%

Price Stability and Inflation

22 marks · Difficulty 3 · recurrence 90%

Monetary Policy Evaluation

22 marks · Difficulty 3.5 · recurrence 85%

Different Market Structures (Monopoly & Contestability)

22 marks · Difficulty 4 · recurrence 80%

Time vs marks

Compare marks with suggested time allocation to plan exam pacing.

marksmins

Next-year prediction

Topics worth watching next year, with the reason shown directly below each bar.

Exchange Rate Determination and Intervention85%

Exchange rates were lightly covered in 2025 except in short MCQs. A comprehensive essay on floating vs. fixed regimes or foreign exchange reserves is highly overdue for Paper 4.

Externalities, Social Costs, and Cost-Benefit Analysis80%

With global attention shifting rapidly to carbon pricing, structural questions focusing on externalities and CBA are likely to reappear in the next Micro sessions.

Keynesian vs. Classical Macroeconomic Perspectives75%

Theoretical debate questions comparing AD/AS modeling paradigms have not been heavily featured in recent essay sections.

Cumulative marks ladder

The line is your running mark total question by question; dashed lines are the estimated grade cut-offs. See which question the line crosses your target grade at, so you know how far you must answer cleanly and which questions decide a band.

Topic-year heatmap

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Jun 2023 (V1)

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Nov 2023 (V1)

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Nov 2023 (V3)

Jun 2024 (V1)

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Nov 2024 (V2)

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Jun 2025 (V1)

Jun 2025 (V2)

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Jun 2025 (V4)

Nov 2025 (V1)

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Nov 2025 (V3)

Different market structures

Government policies to achieve efficient resource allocation and correct market failure (Government microeconomy intervention (A Level))

Effectiveness of policy options to meet all macroeconomic objectives (Government macroeconomic intervention (A Level))

Economic development (International economic issues (A Level))

Private costs and benefits, externalities and social costs and benefits (The price system and the microeconomy (A Level))

Unemployment (The Macroeconomy (AS Level))

Government macroeconomic policy objectives (Government macroeconomic intervention (AS Level))

Production possibility curves (Basic economic ideas and resource allocation (AS Level))

Classification of goods and services (Basic economic ideas and resource allocation (AS Level))

Price elasticity, income elasticity and cross elasticity of demand (The price system and the microeconomy (AS Level))

Examiner insights

Official report

Common pitfalls

Incorrect Lorenz Curve diagrams with inverted axes or mislabeled 'Line of Absolute Equality'.
Failing to trace the specific steps of transmission mechanisms (e.g. how a drop in interest rates translates through investment and consumption to increase real GDP).
Presenting answers to data response questions without utilizing any numerical data or trends from the provided figures.

Misconceptions

Treating equity and equality as identical concepts instead of distinguishing them as fairness vs. uniformity.
Believing that currency devaluation automatically corrects a balance of payments current account deficit, ignoring the Marshall-Lerner condition.
Assuming a minimum price must always be set below the market equilibrium to have an effect.

Where marks are lost

Failing to write a dedicated, balanced conclusion that synthesizes arguments to form a final judgment for the high-mark essays (AO3).
Failing to follow direct limitations in questions, such as the instruction 'excluding net exports' in the aggregate demand assessment.
Leaving diagrams unlabelled or failing to refer to them directly in the accompanying written text.

Estimated grade cut-off

Updated: 12 Jun 2026

Source: Cambridge International grade thresholds (official)

Level	Mark	Percentage
A*	126/180	70%
A	110/180	61%
B	94/180	52%
C	81/180	45%
D	68/180	38%
E	55/180	31%

Official grade boundaries published by Cambridge International grade thresholds (official).

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