2024 aqa as economic 7135/2
paper 2 the national economy in a
global context question paper|
newest June 2024| 100 questions
and correct detailed
answers(verified answers)||
graded a+
Economic growth-ANSWER-Economic growth measures how
much the value of output produced in an economy (known as
national income) has grown over a period of time, usually
over one year. It is calculated as the percentage change in
national income over a period of time.
Price stability-ANSWER-This is concerned with how fast the
average level of prices of a range of goods and services rises
over a period of one year.
Balance of payments-ANSWER-The balance of payments
measures the difference between the value of goods and services
sold abroad and the value of goods and services bought from
abroad.
Balancing the budget-ANSWER-The government would like the
value of government expenditure and the value of taxation to be
the same as each other so that the government's budget is
balanced.
Achieving an equitable distribution of income-ANSWERIncomes
are not shared out equally across households in the
economy. Achieving an equitable distribution of income means
the government would like to
ensure that the gap between the richest and poorest does not
become excessively wide.
Policy conflict-ANSWER-A policy conflict that has occurred
frequently concerns the conflict between minimising
unemployment and achieving price stability. Success in reducing
the level of unemployment has often come at the expense of
prices rising at a faster rate, and vice versa.
The conflicts that exist are often said to exist only in the short
term. It is suggested that in the long term, it is possible to
achieve all the objectives at the same time, with no policy
conflict. Some would argue that there is no conflict even in the
short term. This is open to debate.
Importance of economic objectives-ANSWER-The following
are generally seen as the main priorities among the government's
economic objectives:
• economic growth
• price stability
• minimising unemploymen
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