Theme 1: Innovative transport policy in Oslo, Norway

Thank you to Abigail for finding this article on Norway's solution to traffic issues in Oslo. Excellent application for any question on transport policy.

Click here for a short video on the policy.

Paper 3 - MCQ's on all topics

Click here to access the link to several multi choice questions on all topics. Useful for revision

Theme 4 / Paper 2: Revision Videos for this weeks exam

Click here to access a long list of revision videos for the upcoming Paper 2.

Theme 4: Fixed Vs Floating exchange rates

All themes: Excellent you tube page

Click here to access an excellent you tube site dedicated to all things economics. I will also put it on the revision websites section of my blog (right hand side), so it will always be there for you.

Paper 2: Multiple choice questions

Theme 2 & 4: Keynesian Economics

The new spec is keen to develop students knowledge of economic thinkers such as Keynes, Smith, Hayek etc. I suggest you spend some time this week looking at what their key ideas are (basically free market Vs intervention approach.

Here is a summary of Keynesian economics....please watch and come to school to discuss (I'm not in on Monday!)


Really useful when looking at questions such as: An understanding of Keynesian ideas can be helpful in evaluating macroeconomic stability in terms of prices, jobs and incomes. Keynesians believe that free markets are volatile and not always self-correcting in the event of an external shock The free-market system is prone to lengthy periods of recession & depression Economies can remain stuck in an “underemployment” equilibrium In a world of stagnation or depression, direct state intervention may be essential to restore confidence and lift demand. Keynes was one of the first economists to criticise the profession for adhering to unrealistic assumptions “In terms of economic policy Keynesian economics has only one proposition: that governments should make sure that aggregate demand is sufficient to maintain a full-employment level of activity.”

Paper 1: Amusing yet informative look at Economies of scale

and the explanation......

Paper 1: Tariffs & quotas - a contextual example

A good contextual example here of import quotas and import tariffs in tandem! Think carefully about the impact of the tariffs not just on the consumer, but also the companies that use sugar as a raw material. 

According to reports, China, the world’s biggest sugar importer, will levy an extra 45% import duty in addition to its current 50% tax on out-of-quota sugar imports, from May 22 to May 21 next year. 

The country allows just under 2 million metric tons of sugar imports at a duty of 15% every year, as part of its commitments to the World Trade Organization. But for out-of-quota sugar imports, China imposes a 50% duty currently. The tax rate will be reduced to 40% for the following year, and then 35% in the year after that, according to the Commerce Ministry statement.

The aim of the quotas and the import tariff is designed to provide protection for domestic sugar producers - but keen economists will be able to both analyse and evaluate the extent to which trade barriers do protect producers in the long run and the spillover effects for Chinese consumers and other industries that use sugar as a raw material.

Paper 2: Infrastructure spending in the UK.

Students always talk about infrastrucure spending, without really knowing why it is so important. Here is a short revision video on the importance of infrastructure spending for both aggregate demand and long run aggregate supply. Economic growth places rising demand on a country's infrastructure assets and the UK is ranked only 28th out of 138 countries globally for the perceived quality of our transport, telecoms, power and other critical infrastructure. 

Paper 3: Another possible 25 marker: Net migration into UK

This could also be a good question which looks at micro and macro effects of the fall in net migration into the UK post BREXIT.

Paper 2: 25 mark essay on monetary & supply side policies

Useful to help you answer an essay on economic policy - paper 2