1) Inflation in the UK is measured by two main indices: the Retail Price Index (RPIX) and the Consumer Price Index (CPI).
2) The Bank of England's Monetary Policy Committee (MPC) attempts to keep inflation within one percentage point of the target by adjusting interest rates.
3) Possible costs for the economy if interest rates are higher than needed include lower economic growth and higher unemployment.
Get the best quality preparations for your class 11 exams with studymate. Our economics sample paper class 11 covers all the topics and helps the students in clearing their concepts and perform well in their exams. Visit https://bit.ly/2mlSjJf
Browse the student workshop booklet for our popular A Level Business Strong Foundations exam-skills & revision workshop. For details on how you can attend A Level Business Strong Foundations, visit http://www.tutor2u.net/events/a-level-business-strong-foundations-workshops
Get the best quality preparations for your class 11 exams with studymate. Our economics sample paper class 11 covers all the topics and helps the students in clearing their concepts and perform well in their exams. Visit https://bit.ly/2mlSjJf
Browse the student workshop booklet for our popular A Level Business Strong Foundations exam-skills & revision workshop. For details on how you can attend A Level Business Strong Foundations, visit http://www.tutor2u.net/events/a-level-business-strong-foundations-workshops
Global Financial Crisis and its impact on economic growthKruti Kamdar
Β
What is Financial Crisis?
Definition: A situation in which the supply of money is outpaced by the demand for money.
This means that liquidity is quickly evaporated because available money is withdrawn from banks, forcing banks either to sell other investments to make up for the shortfall or to collapse. A financial crisis is often associated with a panic or a run on the banks, in which investors sell off assets or withdraw money from savings accounts with the expectation that the value of those assets will drop if they remain at a financial institution...
"GLOBAL FINANCIAL CRISIS AND IT'S IMPACT ON INDIAN ECONOMY"Somnath Pagar
Β
In the subsequent parts of the research report, several issues will be discussed which will provide a detailed account of the origin of the crisis (2008-spiraled mortgage crisis, starting in the United States) and the ripple effect of economic downturn of the worldβs largest economy which engulfed even the fast growing emerging economies into the crisis. The main aim of the study is to find relevant answers to questions like:
ο· Why and how India has been hit by the crisis?
ο· How the Indian economy and the Reserve Bank of India have responded to the crisis?
ο· Which are the opportunities arisen from the crises?
etc.
Global Financial Crisis and its impact on economic growthKruti Kamdar
Β
What is Financial Crisis?
Definition: A situation in which the supply of money is outpaced by the demand for money.
This means that liquidity is quickly evaporated because available money is withdrawn from banks, forcing banks either to sell other investments to make up for the shortfall or to collapse. A financial crisis is often associated with a panic or a run on the banks, in which investors sell off assets or withdraw money from savings accounts with the expectation that the value of those assets will drop if they remain at a financial institution...
"GLOBAL FINANCIAL CRISIS AND IT'S IMPACT ON INDIAN ECONOMY"Somnath Pagar
Β
In the subsequent parts of the research report, several issues will be discussed which will provide a detailed account of the origin of the crisis (2008-spiraled mortgage crisis, starting in the United States) and the ripple effect of economic downturn of the worldβs largest economy which engulfed even the fast growing emerging economies into the crisis. The main aim of the study is to find relevant answers to questions like:
ο· Why and how India has been hit by the crisis?
ο· How the Indian economy and the Reserve Bank of India have responded to the crisis?
ο· Which are the opportunities arisen from the crises?
etc.
AS Macro Economics: Economic Cycle and Objectivestutor2u
Β
In this session we are going to focus on the performance of
the UK economy over recent years and see how economic
growth appears to follow a cyclical pattern
This is a suggested answer to an exam-style question (for AS macro) on whether the Bank of England should start to raise interest rates to help sustain the UK economic recovery.
Final Essay ExamGEOL 108For this final essay exam you are re.docxmydrynan
Β
Final Essay Exam
GEOL 108
For this final essay exam you are required to answer all five (5) of the questions. Although there is no set word limit for these essay questions, you will be greaded on your knowledge of the material and the detail with which you write your answers. You should take care to cite your sources in APA format and provide full references in a Works Cited list.
1. Describe the paths of water through the hydrologic cycle. Explain the processes and the energy gains and losses involved in the changes of water between its 3 states. Operationally, we often most concerned with water does when it reaches the solid earth, both on the surface and in the sub-surface. Explain the relationship between the saturated zone, the water table, a ground water well and the cone of depression, all within the sub-surface.
2. The food chain is a valuable concept in biogeography. Give an example of a specific food chain, labeling the various levels of the food chain. After looking at characteristics of food chains, explain how a geographerβs approach to the study of organisms might be different than biologistβs study of organisms; what would each try to emphasize more than the other? What exactly is a biome? Compare/contrast the concept of the biome with that of the zoogeographic region. Compare/contrast the floral characteristics of 2 of the following biomes: Desert, Tundra, Midlatitude Grassland and Boreal Forest.
3. Theorize the difference in soil development in adjoining soils developed on forested, sloped area versus a grassed flat area. What are the soil-forming factors? Explain the importance of the nature of the parent material to soil formation and type. Then, cite at least 2 examples in which the influence of parent materials might be outweighed by other soil-forming factors. Explain the βstruggleβ between the internal and external processes in shaping the Earthβs surface. What are the different ways that the surface of the Earth is changed over time?
4. Describe the general sequence of events in continental drift since the time of 5 separate continents 450 million years ago. What is the difference between the older continental drift theory by Wegener and the more recent plate tectonic theory? Plate tectonics theory explains many seemingly unrelated phenomena. Explain how the patterns of volcanoes and earthquakes related to plate tectonics. Explain several pieces of evidence that combine to make the theory of plate tectonics the one that is generally accepted.
5. Provide a reason why some scientists believe the Pleistocene is over and a reason why other scientists believe we are now in an interglacial stage. Some believe, for example, that since areas of pack ice and glacial ice still exist we are still in an ice age. Others, on the other hand, seeing the rapid retreat of ice and snow pack in many areas, believes that this period of glaciation has ended. So, using some other justifications, why do we see some differences in int ...
AS Macro Question - Falling UnemploymentEton College
Β
This is a revision resource for students taking the EdExcel unit 2 economics paper - suggesting a way of approaching the 30 mark question and scoring high marks for evaluation.
Elo Mutual Pension Insurance Company - Interim report 1 Januari - 31 March 2021TyΓΆelΓ€keyhtiΓΆ Elo
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In JanuaryβMarch, the return on Eloβs investments was 3.9 (-9.5) per cent, or EUR 996.4 million. The market value of Eloβs investments at the end of March was EUR 26.8 billion. The solvency ratio was 125.0 per cent and solvency capital was 1.5 times the solvency limit.
How to Make a Field invisible in Odoo 17Celine George
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It is possible to hide or invisible some fields in odoo. Commonly using βinvisibleβ attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
A Strategic Approach: GenAI in EducationPeter Windle
Β
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Model Attribute Check Company Auto PropertyCeline George
Β
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
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Francesca Gottschalk from the OECDβs Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Operation βBlue Starβ is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
Β
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasnβt one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
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In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Palestine last event orientationfvgnh .pptxRaedMohamed3
Β
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
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*M25113A020*
Answer EITHER Question 1 OR Question 2.
If you answer Question 1 put a cross in this box . .
Question 1.....................The Inflation Target
Extract 1. ............... ...........................Praise for the Bankβs control of inflation
Yesterday, at its hundredth meeting, the Bank of Englandβs Monetary Policy Committee
(MPC) decided to cut interest rates for the first time in two years. The move, which took
the Bankβs interest rate (base rate) down from 4.75% to 4.5%, had been widely expected.
The only debate was about the timing of the next interest rate cut.
βThe fact that the MPC has stayed within one percentage point of the inflation target over
the past eight years is extraordinary. We never thought it would be achieved,β said Alan
Budd, who served on the MPC in its first two years. βIn the past you often had a stable
world and an unstable Britain. Now it is the other way around.β The system, with its
clearly defined target, industrial expertise, transparency and accountability, is a powerful
combination.
Jonathan Loynes, of Capital Economics, says the inflation target has helped reduce
swings in the economy but did not stop the significant increases in share and house prices
in recent years. βThere is some concern that the MPC has been too pessimistic about
inflation and kept interest rates higher than they needed to beβ he said. He noted that the
current rate of inflation, as measured by the Consumer Price Index, had only just risen to
its target after seven years below it. This was an indication that monetary policy has been
too restrictive.
Source: adapted from The Guardian, 5 August 2005
Figure 1................ ... ..........The history of UK inflation
Note: Target changed in 2003 from retail price index excluding mortgage interest payments (RPIX) at 2.5%
to consumer price index (CPI) at 2%.
5
10
15
%
20
15
10
5
0
1976 1979 1982 1985 1988 1991 1994 1997 2000 2003
Percentage change on previous year
Sir Edward George
Governor of the Bank
of England
1993-2003
Mervyn King
Governor of the Bank
of England
2003-present
RPIX
CPI
ο‘ ο‘
Econ153291_M25113A_AS_GCE_Econom2 2 02/01/2007 07:55:36
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Turn over*M25113A020*
Figure 2 UK base interest rate
(a) (i) With reference to Figure 1, explain how inflation is measured in the UK.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(3)
(ii) Outline how the Bank of Englandβs Monetary Policy Committee (MPC) attempts
to keep inflation βwithin one percentage point of the inflation targetβ (Extract 1,
line 5).
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(4)
1997 1998 1999 2000 2001 2002 2003 2004 2005
%
6
4
2
0
Econ153291_M25113A_AS_GCE_Econom3 3 02/01/2007 07:55:36
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*M25113A020*
(iii) Outline two possible costs for the economy experiencing βinterest rates higher
than they needed to beβ (Extract 1, line 14).
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
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οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½
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βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
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(6)
Econ153291_M25113A_AS_GCE_Econom4 4 02/01/2007 07:55:36
5. Leave
blank
Turn over*M25113A020*
(b) (i) Using an appropriate diagram, evaluate how βsignificant increases in share and
house pricesβ(Extract 1, line 12) are likely to affect the price level and equilibrium
real output level in the UK.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(8)
Please turn over
Econ153291_M25113A_AS_GCE_Econom5 5 02/01/2007 07:55:36
6. Leave
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*M25113A020*
(ii) Outline two sources of information, apart from share and house prices, used
by the MPC when it makes its interest rate decision.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(4)
(c) Assess the implications for the UK economy of the cut in the interest rate, βdown from
4.75% to 4.5%β (Extract 1 line 3).
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
β ββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
Econ153291_M25113A_AS_GCE_Econom6 6 02/01/2007 07:55:36
10. Leave
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*M25113A01020*
If you answer Question 2 put a cross in this box . .
Question 2 Fiscal and Supply Side Policies in the UK
Extract 1 Gordon Brownβs Pre-Budget Report, December 2005
This Government is the first of any party to achieve eight years of uninterrupted growth
since 1805. For the fifth successive year running, British growth is higher than in France,
higher than in Germany, and higher than in Italy. Real GDP growth is expected to be 1.75
per cent in 2005 [revised downwards from the March 2005 estimate of 3.5 per cent].
There are several sources of growth: British business investment is rising this year
by 3 per cent, and is expected to increase again next year by up to 3.5 per cent and
then in 2007 by more than 4.5 per cent. As production grows, we expect exports to
rise by more than 5 per cent next year and the year after. In addition, the Government
is committed to providing new investment in Britainβs public services. Spending
on public services will be Β£63 billion a year higher by 2007-08 compared with
2004-05. About 75 per cent of this increase will be spent on the GovernmentοΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½βοΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½s priorities
of education, health, social services, transport, housing and the fight against crime. The
budget deficit is forecast to be Β£37 billion in 2005-06.
Figure 1 UK government spending on health and education
Β£ billions (rounded to nearest billion), current prices
Health Education
2004β2005 83 65
2005β2006 90 68
2006β2007 98 72
2007β2008 109 75
5
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Econ153291_M25113A_AS_GCE_Econom10 10 03/01/2007 14:51:49
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Turn over*M25113A01120*
Extract 2 The Chancellor has overspent and miscalculated
For the seventh forecast running, Gordon Brown had to admit that the current budget
deficit was overshooting his targets for this year. His Pre-Budget report suggests that he
is going to bridge the gap by increasing government spending more slowly than projected
rises in tax revenues. Spending as a percentage of national income would peak at 38% in
2006 and then fall by 0.7 per cent of GDP over the following four years. Tax revenues are
expected to rise by almost Β£16 billion (current prices), of which Β£2 billion will be raised
by taxes on North Sea oil. This will produce a Β£20 billion improvement in the budget
balance over the next five years.
Source: adapted from news report on the Pre-Budget News Report December 2005, Financial Times
(a) (i) What is meant by a budget deficit (Extract 1, line 13)?
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(2)
(ii) From Figure 1, calculate the percentage change in total spending on health and
education from 2004-05 to 2007-08.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(2)
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Econ153291_M25113A_AS_GCE_Econom11 11 02/01/2007 07:55:37
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(iii) Using aggregate demand and supply analysis, assess the likely long-run impact
on the UK economy of the planned increase in health and education spending.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(8)
Econ153291_M25113A_AS_GCE_Econom12 12 02/01/2007 07:55:37
13. Leave
blank
13
Turn over*M25113A01320*
(b) (οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½οΏ½i) Outline one reason why it might be necessary to revise the estimates for changes
in GDP (Extract 1, lines 3 and 4).
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(2)
(ii) Analyse one possible implication for government policy of the inaccuracy of
growth figures.
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
βββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββββ
(4)
Econ153291_M25113A_AS_GCE_Econom13 13 02/01/2007 07:55:37