👑Economics Essays

Discuss whether the domestic effects of inflation are more serious than the external effects for an economy.

[12 marks]

Analyse why the children of the rich tend to become rich adults. 6 marks

Explain how frictional unemployment differs from cyclical unemployment. [4 marks]

An economy is facing the shutdown of its steel making industry as a result of cheap imports.

Explain what is meant by ‘protectionism’ and describe two ways in which this steel industry could be protected. [8]

‘Both the take-up rate and number of journeys per bus pass have been falling in recent years.’

Explain two factors which could lead to an increase in the demand for bus travel in the future.

(10 marks)

Discuss whether or not an economy would benefit from allocating more of its resources to agriculture.

(8 marks)

Discuss why whether or not supply-side policy measures can reduce inflation.

(8 marks)

Discuss whether a government should use monetary policy or fiscal policy to solve the problem of deflation in an economy

(12 marks)

With the aid of a diagram, explain the consequences for consumers and producers of introducing a minimum price in the market for a product. [8]

Consumers in Uruguay are eating more processed foods. Factors of production, including enterprise, have responded to this change. Firms in the processed food industry have become more capital-intensive. All of Uruguay’s industries were affected by the rise in its inflation rate, from 6.2% in 2017 to 7.7% in 2018

Analyse why a firm may become more capital-intensive (6 Marks)