👑Macroeconomics  Essays

In many economies, the use of cash is declining as people use contactless payments that transfer funds directly between bank deposits.

Explain what represents money in a modern economy and how the use
of contactless payments without the use of cash will affect the functions
of money.

Explain the economic problem and why it is always likely to exist.

Discuss whether or not advances in technology will benefit a country’s population.

Explain what economists mean by an increase in real GDP per capita and discuss the extent to which an increase in real GDP per capita will have a positive impact on economic development.

Discuss whether the transition from a planned economy to a market
economy will always be better for consumers.

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

(8 marks)

Analyse how a rise in the interest rate could cause a recession.

Discuss whether the transition of an economy from one that is centrally planned to one in which resources are allocated through the free market is likely to be of overall benefit to the citizens of that economy.

[12 marks]

UK students often take jobs during their holidays and some save part of their income to pay their tuition fees. UK graduates earn, on average, £8500 a year more than non-graduates. Economics graduates had the second highest average earnings of all UK graduates in 2016. The top 10% of economics graduates earned £115 000 a year.

Discuss whether or not people in developed countries are likely to save more than people in developing countries.[8]

Discuss the effectiveness of supply-side policies in increasing the supply of enterprise to the economy.

Nauru is one of the smallest countries in the world with a population of only 10 000. Fifty years ago the population was one of the richest per head in the world, largely the result of exporting the phosphate created over many centuries by sea-bird droppings. This labour-intensive industry has declined significantly. Now incomes are much lower and one third of workers are jobless.

Discuss whether having a relatively small population is an advantage or a disadvantage for an economy. [8]

Discuss whether supply side policy is more likely to be successful than fiscal policy when an economy is faced with inflation