Lras Study guides, Revision notes & Summaries

Supply-side economic policies are mainly micro- economic policies designed to improve the supply-side potential of an economy, make markets and industries operate more efficiently and thereby contribute to a faster rate of growth of real national output The “supply side” refers to factors affecting the quantity or quality of goods and services produced by an economy such as the level of productivity or investment in research and development. Supply-side policies focus on the productio...

When will the deadweight loss be created?  When surplus is shifted from consumer to producer  When a binding price constraint is implemented  When the market is clearing  When consumer and producer surplus are maximized CONCEPT Deadweight Loss 16 If a certain brand of furry boots are suddenly all the rage and the market price increases to $500 a pair, but very few people buy them because they are too expensive, which of the following will happen next?  The pric...

Sophia (Macroeconomics) - Unit 2 Milestone questions well solvedWhich statement below regarding aggregate demand is true? It expresses an inverse relationship between price level and RGDP. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? The incidence of the subsidy on the consumer will decrease. 00:48 01:16 Select the statement below that is true of long run aggregate supply curves. There is no relationship bet...

Hi guys I'm a previous IB student that received a level 7 in the HL Economics course and 44 points overall. This doc has a summary of all of my class notes for the new 2020 Economics syllabus in the Macroeconomics AD/AS topic This includes: - Aggregate demand - Aggregate supply - LRAS curve Hope this helps!

Edexcel A Level Microeconomics 2022|2023 latest updated Factors influencing demand for labour Demand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour Cost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age fro...

Economics Paper 2, 15/15 essay on the differences between economic growth and economic development

AQA A-level ECONOMICS 7136/2 Paper 2 National and International Economy Question Paper + Mark scheme [MERGED] June 2022 IB/M/Jun22/E5 7136/2 Time allowed: 2 hours Materials For this paper you must have: • an AQA 12-page answer book • a calculator. Instructions • Use black ink or black ball-point pen. Pencil should only be used for drawing. • Write the information required on the front cover of your answer book. The Paper Reference is 7136/2. • In Section A, answer EI...

A-Level Economics Paper 3-Economic Principles and Issues. Latest Update June 2023 Section A Answer all questions in this section. box A monopolistically competitive firm’s demand curve is A also the market demand curve. B inelastic throughout its length. C the firm’s average revenue curve. D the same as its marginal revenue curve. [1 mark] The table below contains selected data on a country’s macroeconomic performance over a 20 year period. box ...

Edexcel A-Level Economics Terms in this set (1993) Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) The total...

What economic rule is generally used in the decision of a regulator to impose a binding price constraint? When the benefit to a specific group of people is greater than deadweight loss If the short run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the LRAS curve, which statement below is true? Producers are using inventory faster than it can be replaced. If a company was forced to adhere to minimum wage laws, the wage that would represent ...