9708 · Cambridge International AS Level
9708/21
Paper 2
Economics · June 2025 · Variant 1
Relative difficulty
Analysis source: Cambridge Assessment International Education
Analysis aligned to the official syllabus and assessment design.
3.4 / 5
90
180 min
Production Possibility Curves and Monetary & Fiscal Policy Transmission Mechanisms
Cohort performance
Session statistics from official examination reports
Total marks
90
Duration
180 min
Session difficulty
3.4 / 5
Key examiner messages
Top priorities from the principal examiner before you revise
The May/June 2025 AS Level Economics papers (9708/11 and 9708/21) present a balanced yet challenging test of core economic principles.
Paper 11 (Multiple Choice) demands strong mathematical reasoning and precise graphical analysis, particularly in elasticities and macroeconomic indicators.
Paper 21 (Data Response and Essays) contains highly topical data on US monetary policy and inflation targeting, pushing students to demonstrate deep evaluative skills rather than rote-learned definitions.
Question difficulty map
How candidates performed on each question in this series
No data available in official reports
Assessment objectives
Skill and AO weighting from official examiner commentary
Skill weighting
Shows the skill mix this paper tested most heavily.
Knowledge andAO2
Weight: 3100%AnalysisAO3
Weight: 267%Evaluation
Weight: 133%
Method marks watchlist
Where working, steps, or method marks were commonly lost
No data available in official reports
Recurring mistakes across years
Themes examiners flag in multiple recent sessions for this subject
No data available in official reports
Question choice intelligence
Mean scores and popularity for optional questions (HKDSE electives)
No data available in official reports
Level exemplars
What candidate scripts at each grade level looked like
No data available in official reports
Grade & admission context
How marks relate to grade thresholds and entry standards
Report type
Cambridge Principal Examiner Report — component performance and international standards
Level A
Approx. 53% of maximum mark
Level B
Approx. 46% of maximum mark
Level C
Approx. 38% of maximum mark
Level D
Approx. 30% of maximum mark
Level E
Approx. 23% of maximum mark
Deep insights
What top candidates did
Techniques and approaches examiners rewarded in this series
No data available in official reports
Command word playbook
How to match each command word to the expected response style
Give reasons and link mechanism to outcome; each point needs a because/so chain.
Match the expected response style for “Assess” questions.
Match the expected response style for “Consider” questions.
Identify similarities and differences explicitly — paired sentences or a table helps.
Time traps
Sections where candidates spent disproportionate time relative to marks
Min per mark: 2
Min per mark: 2
Min per mark: 2
Syllabus traceability
Topics linked to questions and mark weighting in this session
Production possibility curves
21 marks this session
Fiscal policy
21 marks this session
Monetary policy
14 marks this session
MCQ trap analytics
Commonly chosen wrong options from examiner commentary
No data available in official reports
Topic heatmap across years
Mark concentration by topic and exam year for this subject
Mark intensity
Production possibility curves
Fiscal policy
Unemployment (The Macroeconomy (AS Level))
Monetary policy
Fiscal policy (Government macroeconomic intervention (AS Level))
Government macroeconomic policy objectives (Government macroeconomic intervention (AS Level))
Supply-side policy (Government macroeconomic intervention (AS Level))
Resource allocation in different economic systems (Basic economic ideas and resource allocation (AS Level))
Difficulty trend
How session difficulty has shifted across recent years
Paper comparison
Marks and duration breakdown across papers in this session
Paper 11: AS Level Multiple Choice:
Paper 21: AS Level Data Response and Essays:
Marks you can still earn
Where valid approaches outside the mark scheme may still gain credit
No data available in official reports
Practise what examiners flagged
Target weak topics from this report inside the Revui app
Production possibility curves
21 marks this session
Practise in RevuiFiscal policy
21 marks this session
Practise in RevuiMonetary policy
14 marks this session
Practise in RevuiSelf-diagnostic checklist
Key actions before you sit this paper — copy and tick off as you revise
- 1Message
The May/June 2025 AS Level Economics papers (9708/11 and 9708/21) present a balanced yet challenging test of core economic principles.
- 2Message
Paper 11 (Multiple Choice) demands strong mathematical reasoning and precise graphical analysis, particularly in elasticities and macroeconomic indicators.
- 3Message
Paper 21 (Data Response and Essays) contains highly topical data on US monetary policy and inflation targeting, pushing students to demonstrate deep evaluative skills rather than rote-learned definitions.
Teacher briefing pack
One-page session summary for tutors and classroom review
June 2025 2025
Economics
The May/June 2025 AS Level Economics papers (9708/11 and 9708/21) present a balanced yet challenging test of core economic principles. Paper 11 (Multiple Choice) demands strong mathematical reasoning and precise graphical analysis, particularly in elasticities and macroeconomic i
The May/June 2025 AS Level Economics papers (9708/11 and 9708/21) present a balanced yet challenging test of core economic principles.
Paper 11 (Multiple Choice) demands strong mathematical reasoning and precise graphical analysis, particularly in elasticities and macroeconomic indicators.
Paper 21 (Data Response and Essays) contains highly topical data on US monetary policy and inflation targeting, pushing students to demonstrate deep evaluative skills rather than rote-learned definitions.
- Total marks
- 90
- Duration
- 180 min
- Session difficulty
- 3.4 / 5
Session analysis
The May/June 2025 AS Level Economics papers (9708/11 and 9708/21) present a balanced yet challenging test of core economic principles. Paper 11 (Multiple Choice) demands strong mathematical reasoning and precise graphical analysis, particularly in elasticities and macroeconomic indicators. Paper 21 (Data Response and Essays) contains highly topical data on US monetary policy and inflation targeting, pushing students to demonstrate deep evaluative skills rather than rote-learned definitions.
Updated Jun 12, 2026
Paper breakdown
Paper 11: AS Level Multiple Choice:
Paper 21: AS Level Data Response and Essays:
Top chapters
Exam structure insights
Marks by chapter
See where the marks were concentrated so revision time goes to the highest-value topics.
Mark accessibility
Estimate which marks were basic, mid-level, or high-difficulty.
78% within easy or medium reach
Command word frequency
Spot common command words so answers match the expected response style.
Question type mix
Compare the mark share of each paper section and question type.
Essay
40·4·44%
Multiple Choice
30·30·33%
Data Response
20·5·22%
Study ROI
Bigger bubbles recur more often; higher bubbles carry more marks, helping you rank revision priorities.
Time vs marks
Compare marks with suggested time allocation to plan exam pacing.
Paper 11 (Multiple …
0.50 m/minPaper 21 Section A …
0.50 m/minPaper 21 Section B …
0.50 m/minTotal marks
60
Total time
120 min
Avg pace
0.50
Next-year prediction
Topics worth watching next year, with the reason shown directly below each bar.
Protectionism & Tariffs
85%85%
Exchange Rates
80%80%
Unemployment & Inflation Interrelation
75%75%
Difficulty Verdict: A Fair but Rigorous Assessment
The May/June 2025 AS Level Economics papers (9708/11 and 9708/21) present a balanced yet challenging test of core economic principles. Paper 11 (Multiple Choice) demands strong mathematical reasoning and precise graphical analysis, particularly in elasticities and macroeconomic indicators. Paper 21 (Data Response and Essays) contains highly topical data on US monetary policy and inflation targeting, pushing students to demonstrate deep evaluative skills rather than rote-learned definitions.
Examiner notes & key calculations
- Confusing Disinflation and Deflation: This remains a classic trap. In Question 1(c), several candidates incorrectly analyzed disinflation as falling prices, failing to realize that prices are still rising, just at a slower rate (i.e., a positive but declining first derivative of the price level).
- Sequential Data Description: In Question 1(a), examiners noted that weaker responses merely listed monthly interest and inflation rates. To earn full marks, candidates must provide an explicit comparison of the overall trends.
- Weak Policy Transmission Mechanisms: When explaining expansionary fiscal policy in Question 5(b), students frequently jumped from 'lower taxes' straight to 'economic growth' without detailing the intermediary steps: lower personal income tax → \rightarrow → higher disposable income → \rightarrow → increased consumption → \rightarrow → shift in AD → \rightarrow → real GDP growth.
Exam tips
Paper format
- Duration
- 2h
- Total marks
- 60
Analysis is paraphrased for study purposes. Always verify against the official examiner report and mark scheme.