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  • Demand and supply, price elasticity of supply, fiscal policy, aggregate demand, aggregate supply

Click to read the article below and then answer the questions:

The hard economic reality for anyone wanting to govern Britain

  • According to the Office for National Statistics (ONS), what was the UK employment rate in May-July 2023?

  • Identify two reasons why an older population makes rapid economic expansion more difficult

  • Identify the price elasticity of supply for NHS services

  • Using a demand and supply diagram, analyse the causes of NHS waiting lists.

  • Distinguish between i) a budget deficit; and ii) the national debt

  • Explain why public debt pushing 100 per cent of national income makes it difficult for the Labour party to pursue its recently announced four-stage plan for the economy

  • Draw and explain the Keynesian aggregate supply curve

  • Identify the aggregate demand (AD) equation

  • Using an AD/AS diagram, analyse Chris Giles’ assertion that “Increased capital spending at a time of near full employment will need to be accompanied by more imports to prevent the economy overheating, higher taxes to lower consumption, and a rise in domestic saving or higher interest rates”

Gavin Clarke, Emmanuel College

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