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A-Level Economics

Question: Explain why unanticipated inflation is considered more of a problem than anticipated inflation. (18 Marks)

Answer: Inflation is a rise in the general level of prices of goods...

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Question: Discuss whether inflation is more likely to be caused by domestic or international influences. (12 marks)

Answer: Among the causes of inflation are monetarist theory of inflation ,cost-push inflation...

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Question: Explain the different ways that economist classify profits and consider whether it is possible to make profit from a newspaper that is distributed free. (12 Marks)

Answer: There are several types of profit consisting normal profit, abnormal profit and...

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Question: Explain the theory of comparative advantage. 20/20

Answer: Comparative advantage occurs when one country can produce a good or service...

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Question: To what extent is primary product dependency a constraint on economic growth and development in developing countries? 19/20

Answer: Developing countries or less developed countries are nations with a low living...

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Question: The balance of payments of a country. 18/20

Answer: The current account of the balance of payments of a country records...

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Question: Q1) Discuss whether inflation is necessarily harmful. (12)

Q2) Explain the functions of price in a market economy. (10)

Q3) Explain what influences the price elasticity of supply of a product. (8)

Q4) Explain the difficulties of measuring inflation accurately. (8)

Q5) Discuss the advantages and disadvantages of using indirect taxes to deal with the negative externalities associated with some products. (12)

Q6) Explain, with the aid of a diagram, how consumer surplus will be affected by the introduction of an indirect tax. (8)

Q7) How is inflation measured? (8)

Q8) Explain the market failure which arises from the characteristics of public goods (8)

Q9) Explain the effects of externalities on the allocation of resources. (8)

Q10) Explain how inflation affects the functions of money. (8)

Q11) Explain the effect of the removal of an indirect tax upon the market for a product.[8]

Q12) Explain the difference between expenditure-switching and expenditure-dampening policies as a means of correcting a balance of payments disequilibrium. [8]

Q13) Explain the difference between cost-push inflation and demand-pull inflation. [8]

Answer: Cost push inflation occurs when increasing costs of production are passed on...

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Question: Show what would happen in a market if the government placed a tax on a normal good. Who would bear the burden of the tax, and how would the burden be reflected in supply and demand conditions? Explain why there is a tendency for taxes to have social costs, and why, even so, they may still be justifiable.

Answer: Tax revenue is the biggest source of income for any government. Higher...

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Question: (1a) What is meant by fiscal policy. What are the main sources or revenue for the government? (1b) Analyse and explain how the main areas of government expenditure have changed over the years. (2a) Describe the main areas of the government\'s monetary policy. (2b) Analyse the factors which the Monetary Policy Committee takes into account when changing interest rates. (3a) Using examples explain the main features of a competitive market. (3b) What are the advantages and disadvantages of oligopoly for the consumer.

Answer: Fiscal policy refers to the level of government expenditure and taxation. The...

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Question: What are the advantages and disadvantages of free trade?

Answer: Trade is the exchange of goods and services between countries. Domestic goods,...

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