context

Question 1

CPI

Answer 1

increased by 2.6% in year

Question 2

eco growtreal GDP per head

Answer 2

In Q4 2024, the UK’s real GDP per head declined by 0.1%, suggesting that economic growth did not translate into improved living standard

Question 3

national insurance

Answer 3

£25 billion increase- withdrawal

Question 4

AD

Answer 4

The UK’s 0.7% GDP growth in Q1 2025 was driven by increased business investment and export

Question 5

exports

Answer 5

In Q1 2025, UK exports rose by 3.5%, contributing to GDP growth.

Question 6

SRAS

Answer 6

Rising oil prices in early 2025 increased production costs for UK firms, potentially shifting the SRAS curve to the left

Question 7

LRAS

Answer 7

increase in school funding 2.3 million
£300 million dedicated to dfurther education

£625 million over 4 years construction related skills and training

Question 8

disinflation

Answer 8

he UK’s CPI inflation rate decreased to 2.6% in March 2025, down from 2.8% in February, indicating a slowing inflation trend

Question 9

MP

Answer 9

The Bank of England maintained the base interest rate at 4.25% in early 2025, aiming to balance economic growth with inflation control

Question 10

FP

Answer 10

The UK government’s £25 billion increase in employer National Insurance contributions in April 2025 represents a fiscal policy aimed at increasing revenue.

Question 11

SSP’S

Answer 11

The UK government’s investment in education and training programs in 2025 aims to enhance labor productivity and economic growth.

Question 12

toursim development

Answer 12

Sri Lanka is trying to develop its tourism industry by building more hotels. It is
expected that $1 billion of revenue could be made. It requires very good
infrastructure, such as roads and electricity.

Question 13

trade

Answer 13

Vietnam joined the WTO in 2007, significantly liberalised trade, and saw exports rise from 60% of GDP in 2005 to over 100% by 2020, contributing to rapid poverty reduction and industrialisation.

AFCFTA free trade area for African nations 90% of tariffs on goods are eliminated

(BRI): building infrastructure across Asia and Africa to boost trade and growth.

Botswana is often cited as a success in Africa due to good governance, strong institutions, and effective use of diamond revenues.
Nigeria struggles with corruption and weak institutions, undermining its oil revenues and growth potential.