Overall Exam Verdict

The October/November 2025 AS Level Economics (9708/14 and 9708/24) papers presented a balanced but challenging test of both microeconomic and macroeconomic principles. While Paper 14 assessed rapid decision-making across the breadth of the syllabus, Paper 24 demanded robust analytical and evaluative skills, particularly in the context-driven data response and structured essays.

Where the Marks Are Won and Lost

In Paper 24, high-scoring scripts were distinguished by their ability to apply theoretical models directly to the prompt. In Section A (Question 1), candidates who accurately translated productivity gains into a rightward shift of the short-run aggregate supply curve secured full marks on the diagrammatic application. Conversely, many candidates struggled with evaluation (AO3) on the macroeconomic questions. The highest marks in Section B and C essays were awarded to candidates who didn't just explain mechanisms (like subsidies or comparative advantage) but weighed their limitations—such as government failure, administrative costs, or unrealistic assumptions—and arrived at a justified conclusion.

Key Examiner Pitfalls

Examiners highlighted several recurring mistakes:

  • Confusing Growth Rates with Levels: In the data response, many students incorrectly stated that the US GDP was falling between 2023 and 2024 because the growth rate forecast declined. A falling growth rate still means positive growth, just at a slower pace!
  • Neglecting Context in YED/XED: In essay Question 3(b), candidates frequently defined YED and XED meticulously but failed to apply them directly to a firm's strategy for increasing sales revenue.
  • Under-explained Tax Incidence: In Question 2(a) and Paper 1, a weak grasp of how Price Elasticity of Demand (PED) dictates tax burden distribution cost candidates crucial marks.

Strategic Revision Strategy

To master future papers, students must:

  • Practice drawing and explaining standard AS diagrams, ensuring that all axes, curves, and equilibrium shifts are clearly labeled and referred to in the text.
  • Incorporate "critical evaluation triggers" into essay prep. Whenever discussing a policy (e.g., supply-side policies or protectionist tariffs), immediately brainstorm three limitations (e.g., opportunity cost, time lags, risk of retaliation).
  • Refine data interpretation skills to avoid misidentifying trends in percentage changes versus absolute values.

Syllabus Predictions

Looking ahead, policies addressing income inequality and market failure (specifically negative externalities and public goods) remain highly probable essay topics, as they were only lightly touched upon in this series' multiple-choice section. Additionally, the mechanics of floating exchange rates and their impact on the balance of payments are ripe for a deep-dive essay in future sittings.