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

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 ...

Macroeconomics Questions and Answers Rated A+ 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 m...

Section A Answer EITHER Context 1 OR Context 2. EITHER Context 1 Total for this context: 40 marks National debt and government spending Study Extracts A, B and C and then answer all parts of Context 1 which follow. Extract A Figure 1: Annual average yields on long-term Figure 2: Selected statistics for Greece bonds, Greece and the UK, selected and the UK, 2012 years, 2007 to 2019 Greece UK GDP ($bn) 245.7 2662.1 GD...

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 ...

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...

These notes are for Unit 3 of AP Macroeconomics but can be used by anyone looking to understand the AD-AS model, fiscal policy, and how the economy fixes itself from a recession/inflation. Aggregate demand (AD), Short-run aggregate supply (SRAS), and long-run aggregate supply (LRAS) are all defined, explained, and demonstrated with a graph. I also include multiple factors for an increase and decrease in all 3 of these things, and the 3 effects of why AD is downward sloping. The short run and...

The Phillips curve in the short run and long run In the year 2020, aggregate demand and aggregate supply in the fictional country of Marjan are represented by the curves and AS on the following graph. Suppose the natural rate of output in this economy is $6 trillion. On the following graph, use the green line (triangle symbol) to plot the long-run aggregate supply (LRAS) curve for this economy. Economists have forecast that if the government does nothing and the economy continues to grow at ...

ECO 372 FINAL EXAM / ECO372 FINAL EXAM: LATEST-UNIVERSITY OF PHOENIX1 The Marions purchased a Persian rug worth $5,000 from an Iranian textile mill. Everything else remaining unchanged, this will: decrease the net imports of the domestic country by $5,000. decrease the consumption expenditure in the domestic country by $5,000. reduce the net exports of the domestic country by $5,000. increase the gross domestic product of the domestic country by $5,000. 2 The table given ...

Production Possibilities Frontier (PPF) A graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good. Growth of actual production: shift of AD (GDP) Growth of potential production: shift of the LRAS Economic growth. Source of economic growth (5) 1. The natural resource base 2. physical capital 3. appropriate technologies 4. Human capital 5. Institutional factors ------------------------- Natural resource base...