Tuesday, January 17, 2012

Additional Tips for Unit 2: Managing the Economy

Since UK economy is in a period of stagflation since 2010, watch out for questions like:

a) define stagflation

b) how CPI is calculated e.g. 650 goods and services etc

c) Using AD/AS diagram, discuss the impact of rising oil prices towards the UK economy

d) Economic policies to deal with stagflation e.g. supply side measures

e) Definition of HDI and advantages and disadvantages of using HDI to compare standards of living between countries. It is a vital part of the curriculum and yet it has not been tested for quite a while. Last appearance was in June 2009

Questions are usually based on the events that took place 1 1/2 to 2 years in history

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