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Registered in England and Wales No. 4496750  \nRegistered Office: One90 High Holborn, London WC1V 7BH  \n~~ GCE        ~~   \nEdexcel is one of the leading examining and awarding bodies in the UK and throughout the world. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers.  \nThrough a network of UK and overseas offices, Edexcel’s centres receive the support they need to help them deliver their education and training programmes to learners. For further information, please call our GCE line on 0844 576 0025, our GCSE team on 0844 576 0027, or visit our website [at](at www.edexcel.com)[ www.edexcel.com](at www.edexcel.com).  \nIf you have any subject specific questions about the content of this Mark Scheme that require the help of a subject specialist, you may find our Ask the Expert email service helpful.  \nAsk the Expert can be accessed online at the following link: [http://www.edexcel.com/Aboutus/contact-us/](http://www.edexcel.com/Aboutus/contact-us/)  \nAlternatively, you can speak directly to a subject specialist at Edexcel on our dedicated Economics and Business telephone line:  \n0844 372 2187  \nJanuary 2011  \nPublications Code US026254  \nAll the material in this publication is copyright © Edexcel Ltd 2011  \n\n| Question Number | Answer | Mark |\n| --- | --- | --- |\n| 1(a)(i) | Definition of inflation (2 marks):\u003Cbr>an increase in the cost of living or average/general price level, or a fall in the purchasing power of £1\u003Cbr>Definition of deflation (2 marks): a decrease in the cost of living or average price level, or a rise in the purchasing power of £1.\u003Cbr>Outlining the difference between CPI and RPI methods of measuring inflation, such as the RPI including mortgage payments (2 marks)\u003Cbr>Explain trend with reference to data (2 marks)\u003Cbr>• Inflation peaked Q3 2008 (2 marks)\u003Cbr>• CPI prices rose faster before Q3 2008 and then rose at a slower rate thereafter (2 marks)\u003Cbr>• RPI prices rose slowly up to Q3 2008 an then rose less quickly after that, eventually falling reference to deflation (2 marks).\u003Cbr>Accept comments on the differences between the CPI and RPI rates in Figure 1 in terms of\u003Cbr>• the overall level (2 marks)\u003Cbr>• volatility (2 marks)\u003Cbr>Maximum 4 marks with no reference to the data | (6) |\n\n\n| Question Number | Answer | Mark |\n| --- | --- | --- |\n| 1(a)(ii) | Some criteria that indicates success 2 x 4 marks. Identify each criterion that might indicate success (2 marks) and further explanation or reference to data (2 marks)\u003Cbr>• Named target has been clear 2% inflation (+/ -1%)\u003Cbr>• Transparency and openness maintained (open letters to chancellor in 2007)\u003Cbr>• MPC remains independent with control of interest rates and free of political interference\u003Cbr>• These led to reduced inflationary expectations which is self fulfilling to some extent\u003Cbr>• Looking at Figure 1 generally in tolerance over the decade\u003Cbr>• Looking at Figure 1 technically no deflation in 2009\u003Cbr>• Credit for how monetary policy committee use interest rates\u003Cbr>• Reward discussion of more recent problems\u003Cbr>Give credit for candidates who say why target was missed\u003Cbr>Evaluation (1 x 4 marks or 2 x 2 marks). Factors might include:\u003Cbr>• Fluctuating state of the economy had inevitable effect on inflation\u003Cbr>• Changed target to CPI which was more stable than RPI possibly because of absence of volatile housing market and mortgage interest payments\u003Cbr>• Uncertainty of effect of Quantitative Easing |  |\n\n\n|  | • Looking at Figure 1, out of tolerance in 2007 but not out of control\u003Cbr>• Looking at Figure 1, vicious cycle of deflation seems to have been avoided in 2009 | (12) |\n| --- | --- | --- |\n\n\n| Level | Mark | \u003Cbr>Descriptor |\n| --- | --- | --- |\n| Level 3 | 9-12 | 2 convincing criteria with at least one evaluative point |\n| Level 2 | 5-8 | 2 convincing criteria with no further analysis or explanation","cbCaijemsfBJP4B0","https://ap.wps.com/l/cbCaijemsfBJP4B0","pdf",360232,13,"English","# Question 1(a)(i)\n## Definitions and data-based trend explanation\n# Question 1(a)(ii)\n## Success criteria and evaluation\n# Question 1(b)(i)\n## Output contraction definition and data use\n# Question 1(b)(ii)\n## Problems of comparison and evaluation","[{\"question\":\"What does the mark scheme include for Question 1(a)(i)?\",\"answer\":\"It sets out marks for defining inflation and deflation, explaining differences between CPI and RPI measurement methods, and justifying trends using provided data (including references to specific quarters).\"},{\"question\":\"How does the mark scheme assess success criteria in Question 1(a)(ii)?\",\"answer\":\"It awards marks for identifying relevant criteria that indicate success, requiring named targets and additional explanation or data reference, plus evaluation based on factors such as economic conditions and policy uncertainty.\"},{\"question\":\"What guidance is given for Question 1(b)(i) regarding output?\",\"answer\":\"It specifies marks for defining a contraction/decrease in output (allowing recession) and for applying data examples for the relevant country figures in 2009.\"}]","GCE Economics (6EC02/01) Paper 01 - Mark Scheme (Results) - January 2011 | PDF",1790599010,33]