What % of GDP is UK national debt (2023)?
Define Interventionist Supply Side Policies
Policies designed to make the economy more efficient through government intervention.
What are some examples of income types that will be included in GNP but not GDP?
→ Profit to residents of the country from income earned in other countries.
→ Remittances sent from family members working abroad.
How does higher income (GDP growth) affect Consumer Spending?
Higher income means that consumers have more disposable income.
They will therefore increase their consumer spending.
How do you rationalise the denominator for something of the form (a+√b)/(c+√d)?
Multiply the numerator and denominator by c-√d
Draw a Supply curve with Inelastic PES
List two reasons why Commodities are likely to be price inelastic in Supply.
-They take time to produce
-They may only be available in certain countries
What happens at a destructive margin where two continental plates meet?
The plates smash into each other and the ground is folded and forced upwards to create mountain ranges.
What is the structure of the Balance of Payments?
Current Account = Financial and Capital Accounts