Specification point 2.3.2 · Theme 2
Aggregate supply (AS) · The UK economy – performance and policies
Questions tagged to this specification point
6 questions
Long-form evaluation and discussion
Evaluate the likely macroeconomic consequences of a significant fall in global oil prices.
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Questions built around exam extracts
Case study · The German economy
With reference to Extract A, examine two factors influencing the short-run aggregate supply of the German economy.
Case study · UK monetary policy since the Global Financial Crisis of 2008
Assess the likely impact of an increase in real wages on the UK economy. Use an aggregate demand and aggregate supply diagram in your answer.
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Focused calculations, explanations and diagrams
Annotate the aggregate demand (AD) and short-run aggregate supply (SRAS) diagram below to show the likely impact of a reduction in indirect tax on the equilibrium level of real output and the price level.
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Annotate the diagram above to show the likely impact of a rise in the cost of raw materials on the UK’s equilibrium level of real output and price level.
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Quick checks of economic understanding
Which one of the following is most likely to cause a rightward shift in the aggregate supply curve?