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AS Level Economics – Unit 2 Worksho p

AS Level Economics – Unit 2 Worksho p. Mr. Spicer. Structure of revision workshop. Unit 2 format Work through June 2010 paper short answer questions: Question 1 Main themes introduced/recapped using videos Q uestions discussed/answered. Question 2

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AS Level Economics – Unit 2 Worksho p

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  1. AS Level Economics – Unit 2 Workshop Mr. Spicer

  2. Structure of revision workshop • Unit 2 format • Work through June 2010 paper short answer questions: • Question 1 • Main themes introduced/recapped using videos • Questions discussed/answered. • Question 2 • Main themes introduced/recapped using videos • Questions discussed/answered. • Work through June 2010 essay questions • Examples of other essay questions

  3. Unit 2 format • Unit 2 (6EC02): Managing the Economy – Friday 27th May (am) • 50% of AS grade • Time: 1 hour 30 minutes • Answer EITHER Question 1 OR Question 2 - Indicate which question you are answering (1 or 2). • The total mark for the paper is 80. • The marks for each question are shown in brackets - use this as a guide as to how much time to spend on each question. Basics: • Use black ink or ball-point pen. • Fill in the boxes at the top of this page with your name, centre number and candidate number. • Write answers in the spaces provided. Multi-choice would be nice!

  4. June 2010 – Short answer questions: Question 1 • Themes: • Fiscal policy • Fiscal policy and the multiplier effect. Video (9.10) • Fiscal policy. Video (4.35) • Monetary policy • Monetary policy. Video (7.19) • Unemployment • Unemployment. Video (2.20) • Types of unemployment. Video (4.20)

  5. June 2010 – Short answer questions: Question 2 • Themes: • Inflation • What is inflation? Video (5.15) • Inflation explained (and how linked to unemployment). Video (5.05) • Inflation rates – How are they calculated? Video (9.52) • Macro economic goals • Macro economic goals of government. Video (7.20) • Aggregate demand and supply • AD & AS. Video (5.33)

  6. The essay plan - a suggested model

  7. June 2010 – essay questions Evaluate the likely effects of a recession (negative economic growth) on the UK Economy Evaluate three ways in which economic policy can be used to ‘stimulate UK economic growth’ (Extract 1, lines 4 to 5).

  8. Examples of other essay questions • Compare the effectiveness of supply side and fiscal policies to correct deficits on a country’s current account of the balance of payments. • Assess the economic effects of a significant increase in taxation on the UK economy.  • Both the UK and US balance of payments accounts are recording large deficits on their trade in goods balance. Do such deficits matter? Justify your answer.  • Discuss the factors that determine the trade competitiveness of the UK economy  • A government is faced with an unacceptably high level of unemployment, but does not wish to increase its overall expenditure. Discuss alternative policies for reducing unemployment.  • Explain the possible causes of economic growth.  • Explain how a fall in the rate of inflation might be achieved by both demand-side and supply-side Policies.  • Discuss the impact of an increase in interest rates 

  9. Examples of other essay questions • Discuss how the government might improve the UK’s long term Economic growth • Explain how a decrease in government spending can result in a greater change in the equilibrium level of national income. • Discuss Factors that may limit growth rates in different countries. • Discuss the problems an economy might face in recovering from a period of recession? • Assess the impact on UK macroeconomic performance of a prolonged period of deflation. • Evaluate Government Policies which might improve the UK Balance of trade in goods and services • Discuss the role of supply side policies in improving rates of economic growth. • Discuss the impact of a rise in the savings ratio on the UK economy.

  10. Examples of other essay questions • Evaluate the importance of managing aggregate demand to bring about a sustained reduction in the rate of unemployment in the UK economy. • Discuss whether Government policies can overcome a recession • Discuss the economic effects of an increase in the inflation rate. • Discuss the impact of an increase in government expenditure on the UK economic performance • Discuss the relative merits of interest rates and tax increases as a means to control inflation in the UK • Discuss the effects of a rise in Exports on UK aggregate Demand • Discuss the extent to which shifting resources into the public sector will help the government achieve its macro economic objectives. • Discuss effectiveness of a cut in the rate of interest in influencing consumption and investment

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