Theme 4 Economics Past Paper Qs
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Last updated 11:21 AM on 2/1/23
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1
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Explain the process of calculating the rate of inflation in the UK using the CPI
* Inflation rate measures change in average prices in economy over a year
* Representative basket of goods and services used by average households recorded
* Average prices is recorded through survey
* **items are weighted according to proportion of spending on each product**
* Representative basket of goods and services used by average households recorded
* Average prices is recorded through survey
* **items are weighted according to proportion of spending on each product**
2
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Explain one likely reason for a change in UK income inequality since 2007
* Gini coefficient fell
* Global financial crisis began in 2008
* changes in taxation / gvmt policies
* inequality fell due to increases in benefits at bottom quintile
* Global financial crisis began in 2008
* changes in taxation / gvmt policies
* inequality fell due to increases in benefits at bottom quintile
3
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Give two limitations of the HDI to compare levels of development between countries over time
* ignores qualitative factors such as democracy, quality of education or human rights
* ignores income distribution
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* ignores income distribution
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4
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What happened in 2008
global economic crisis
