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Specification:
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Demand and supply, price elasticity of supply, fiscal policy, aggregate demand, aggregate supply
Click to read the article below and then answer the questions:
The hard economic reality for anyone wanting to govern Britain
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According to the Office for National Statistics (ONS), what was the UK employment rate in May-July 2023?
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Identify two reasons why an older population makes rapid economic expansion more difficult
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Identify the price elasticity of supply for NHS services
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Using a demand and supply diagram, analyse the causes of NHS waiting lists.
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Distinguish between i) a budget deficit; and ii) the national debt
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Explain why public debt pushing 100 per cent of national income makes it difficult for the Labour party to pursue its recently announced four-stage plan for the economy
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Draw and explain the Keynesian aggregate supply curve
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Identify the aggregate demand (AD) equation
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Using an AD/AS diagram, analyse Chris Giles’ assertion that “Increased capital spending at a time of near full employment will need to be accompanied by more imports to prevent the economy overheating, higher taxes to lower consumption, and a rise in domestic saving or higher interest rates”
Gavin Clarke, Emmanuel College
