There are several misconceptions about 15 mark questions.
As students have requested this, here is an example 15 mark answer.
There are also tips and common mistakes to avoid.
For more model answers and practice questions, check out the links below:
Contents
How to structure a 15 mark answer
To my students, I usually recommend three points (but you can also do two points if each point is more detailed). You can also start with a few key definitions.
For each point, complete a chain of analysis. Add some data to show real-world application.
You do not need evaluation in a 15 mark question for AQA.
Example question
Here is a practice question I have created in the style of AQA Economics A-level. I have kept the question simple, to focus on exam technique:
Explain how an increase in interest rates by the Bank of England affects the UK economy. (15 marks)
Example answer
Point 1
The interest rate is the reward for saving and the cost of borrowing. Aggregate demand is the total demand in the economy.
A higher interest rate means greater incentive to save. So consumers save more and spend less.
Consumers also spend less because borrowing is more expensive, so they are less willing to buy goods by borrowing, which could include houses (through mortgages) or cars.
This means consumption falls. Consumption is the largest component, at 65%, of aggregate demand in the UK.
As consumption is a component of aggregate demand (AD=C+I+G+X-M), aggregate demand shifts left from AD to AD1. This means a reduction in the price level from PL to PL1 and a fall in real GDP from Y to Y1.
Point 2
A higher interest increases borrowing costs for firms. This makes firms less willing to borrow. So firms borrow less, so they invest less.
As investment is a component of AD, AD shifts further to the left from AD1 to AD2. Gross investment is about 17% of aggregate demand for the UK.
This reduces real output further from Y1 to Y2. There may also be a multiplier effect, when a one-off change in a component of AD leads to an even greater change in real national income.
Reduced investment means some companies that would receive these investment flows no longer receive them. So these companies have reduced profits and may cut wages. This further reduces consumer demand, which further reduces real incomes and hence again demand, so AD falls further.
Final point 3
In 2022 the Bank of England’s interest rate, “Bank Rate”, increased from 0.25% to 3%. A higher interest rate relative to other economies means a relatively higher rate of return on savings in the UK. So there are hot money inflows into the UK.
This increases demand for the pound, so the pound appreciates. A stronger pound makes imports cheaper and exports dearer.
This increases demand for imports and reduces demand for exports. Assume the Marshall Lerner condition holds, that is export and import demand are sufficiently responsive to price changes (specifically the absolute values of the PED of exports plus the PED of imports sum to at least 1).
Then the appreciation will lead to a fall in the total value of net exports. As net exports are a component of AD, AD further decreases, shifting further left. So real GDP and the price level fall further.
Commentary
This answer would likely score full marks or close to it.
The answer starts with two relevant definitions.
Then there are three points, each with well explained chains of analysis.
For more guidance on AQA Economics exam technique, click the link below:
Each point has a relevant fact / piece of data. This satisfies the application requirement.
There is also a graph that is explained in the text. I recommend at least one graph, if not two, per 15 mark question.
If you draw a graph, make sure to explain it in the text too.
For some statistics on the components of real GDP / aggregate demand, see the link here.
Most common mistakes
1) Not knowing where to start. Think about relevant graphs or ideas you have learnt. Graphs can provide a really good starting point in a lot of answers. For macro, you could think about how you could use AS-AD graphs to answer the question. For micro, think about cost-revenue diagrams or supply-demand diagrams.
2) Forgetting definitions. If you start with two definitions, then this won’t be a problem.
3) Forgetting application. Try to remember to get three pieces of data into your answer from the real economy. Think about what’s going on in the UK economy when you write your answer.
4) Errors in explanation. This is the hardest to fix. You just need to learn the course content well here.
For how to answer a 9 mark question, check out the link here:
Other questions
Two or three points in a 15 mark question?
I recommend three points. But two can also work, provided they are more detailed than the points above.
How long should you spend on a 15 mark question?
15-20 minutes. Saving more time for the 25 mark questions will help score well in the 25 mark questions.
Do you need to evaluate in 15 mark questions?
No. But may be credited as analysis in this question.
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