Cambridge IAS-Level · Analysis & Prediction

2023 Cambridge IAS-Level Economics (9708) Past Paper Analysis

The October/November 2023 Economics (9708) AS Level exam series showcases a balanced distribution of microeconomic and macroeconomic concepts, featuring typical high-frequency topics like price and income elasticity, government microeconomic interventions, fiscal policy, and international trade models. Candidate performance highlights persistent difficulties in distinguishing public goods from merit goods, and terms of trade from the balance of trade.

Updated: 12 Jun 2026

Analysis Sample paper

Difficulty 3.2/5

Total marks

Duration

180 mins

Most tested

Government intervention in microeconomic markets and macroeconomic fiscal policy instruments

Paper breakdown

Paper 11 AS Level Multiple Choice: 30 marks · 60 minsPaper 21 AS Level Data Response and Essays: 60 marks · 120 mins

Top chapters

Fiscal policy (Government macroeconomic intervention (AS Level)) · 22 marksGovernment policies to achieve efficient resource allocation and correct market failure (Government microeconomic intervention (A Level)) · 21 marksPrice elasticity, income elasticity and cross elasticity of demand (The price system and the microeconomy (AS Level)) · 15 marks

Exam Difficulty Verdict

The October/November 2023 Cambridge International AS Level Economics (9708) papers presented a moderate challenge (Difficulty Index: 3.2/5). While Paper 1 tested robust application of core microeconomic concepts, candidates struggled with the macroeconomic questions. In Paper 2, Section A's data response on Taiwan's economic growth rewarded precise calculations and direct application of macroeconomic terms. However, the essay sections (Sections B and C) highlighted the critical importance of structured, balanced arguments to secure high marks in evaluation (AO3).

Where the Marks are Found

High scoring was achieved by students who mastered the quantitative and definitions-based elements of the syllabus. For example, calculating Taiwan's real GDP growth rate using the latest forecast required a straightforward application of the formula: \( \text{Real GDP Growth} = \text{Nominal GDP Growth} - \text{Inflation (CPI)} \). In the essay section, candidates who clearly distinguished between direct and indirect taxes, or tariffs and quotas, immediately secured baseline knowledge and analysis marks. Furthermore, the newly updated 3-3-2 mark breakdown for part (a) essays and the 8-4 breakdown for part (b) meant that explicit, justified evaluative conclusions were crucial for achieving top-tier grades.

Examiner Pitfalls & Misconceptions

Confusing Public and Private Goods: A major examiner report highlight was the massive pitfall in Question 3 of Paper 11, where an overwhelming 81% of candidates incorrectly identified government-funded healthcare free at the point of use as a public good. Candidates must remember that healthcare is rivalrous and excludable, making it a private/merit good, not a public good.
Terms of Trade vs. Balance of Trade: In Paper 21, Question 4 was the least popular due to widespread confusion between terms of trade \( (\text{ToT} = \frac{P_x}{P_m} \times 100) \) and the balance of trade (the net value of export revenue minus import expenditure on goods). This misunderstanding severely limited candidate ability to analyze macroeconomic impacts.
One-Sided Evaluation: In essay questions requiring an assessment, such as whether a maximum price is always advantageous, many students merely summarized points rather than forming a comparative, balanced judgement.

Preparation Strategy & Next-Step Advice

To maximize potential in future series, candidates must focus heavily on the following techniques:

Rigorous Diagram Labelling: Ensure that supply/demand and AD/AS diagrams are perfectly drawn with correctly labelled axes (e.g., Price Level and Real National Income for macro, Price and Quantity for micro) and distinct shift indicators.
Command Word Alignment: Pay close attention to terms like 'Calculate' (requires showing clear mathematical steps), 'Explain' (requires analytical linkages), and 'Assess' (requires a balanced discussion with a final, justified conclusion).

Predictions & Highly Probable Topics

Given the relative neglect and low popularity of the terms of trade in this series, it is highly likely that future exams will re-test trade balance dynamics and exchange rate adjustments. Additionally, supply-side policies in the context of persistent structural unemployment are ripe for testing, especially given recent global structural shifts.

Charts

Marks by chapter

See where the marks were concentrated so revision time goes to the highest-value topics.

Question type mix

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

Multiple Choice30 marks · 30 questions
Data Response20 marks · 5 questions
Structured Essay40 marks · 4 questions

Mark accessibility

Estimate which marks were basic, mid-level, or high-difficulty.

78%within easy or medium reach

easy: 25 marksmedium: 45 markshard: 20 marks

Difficulty trend

Compare difficulty across recent years.

Command word frequency

Spot common command words so answers match the expected response style.

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.

Price elasticity, income elasticity and cross elasticity of demand

15 marks · Difficulty 2.2 · recurrence 90%

Methods and effects of government intervention in markets

21 marks · Difficulty 2.5 · recurrence 85%

Fiscal policy

22 marks · Difficulty 3.1 · 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.

Policies to correct imbalances in the current account of the balance of payments (AS Level)85%

Rarely tested in detailed essay structures in recent series; highly likely to appear as a major evaluative part (b) essay in the next series.

Unemployment (AS Level)80%

The distinction between types of unemployment and the effectiveness of fiscal versus supply-side measures remains a core focus.

Topic-year heatmap

Compare topic weight by year to spot recurring and returning areas.

Jun 2023 (V1)

Jun 2023 (V2)

Jun 2023 (V3)

Nov 2023 (V1)

Unemployment

Supply-side policy

Classification of goods and services

Production possibility curves

Price stability

Government macroeconomic policy objectives

Exchange rates

Methods and effects of government intervention in markets

Aggregate Demand and Aggregate Supply analysis

Factors of production

Examiner insights

Official report

Common pitfalls

Confusing public goods with merit goods (e.g., misclassifying government-funded healthcare or state-built roads as public goods when they are private/merit goods).
Drawing movements along a demand curve instead of a shift to the right when analyzing demand increases.
Failing to explain the step-by-step mechanism of currency appreciation (omitting the demand for exports and the necessity to possess local currency).

Misconceptions

Believing that any product with inelastic demand can be used by a producer to practice effective price discrimination, without considering other conditions like market separation.
Confusing terms of trade indices with the balance of payments current account balance.

Where marks are lost

Vague or missing labels on price and quantity axes on demand and supply or AD/AS diagrams.
Writing purely descriptive summaries for evaluative questions instead of offering a balanced, justified conclusion.
Providing generic, pre-learned answers that do not address the specific context of the question (e.g., car manufacturing or Taiwan's trade balance).

Estimated grade cut-off

Updated: 12 Jun 2026

Source: Cambridge International component thresholds (AS aggregate, derived)

Level	Mark	Percentage
A	51/90	57%
B	44/90	49%
C	37/90	41%
D	30/90	33%
E	24/90	27%

Estimated cut-offs from Cambridge International component thresholds (AS aggregate, derived); may differ from the official boundaries.

Know what the examiners want — now go get those marks

Thinka is an AI practice app used by 100,000+ DSE students to drill questions and get instant feedback on every answer. You already know the high-frequency topics and where marks are lost — now practice those specifically on Thinka and turn this analysis into actual marks.

Start Practising Free See pricing

Know what's tested? Drill those topics on Thinka — AI questions, instant marking.

Start Practising Free