Question 1
Using the information in Extract D, calculate, to the nearest whole number, the index for UK bread prices in 2023. You are advised to show your working.
(4)
Sales data shows that demand for 800 g white sliced bread increased by 0.6% between 2022 and 2023.
Using this data and Extract D, calculate, to 2 decimal places, the price elasticity of demand (PED) for 800 g white sliced bread between 2022 and 2023. You are advised to show your working.
(4)
With reference to Extract A, explain one impact trade unions could have on wage rates.
(4)
Analyse two ways in which high inflation affects individuals.
(6)
With reference to Extract C, discuss the likely impact of falling attendance in schools on the UK economy.
(8)
In Extract B, Lee Anderson claims that “there is no poverty in Britain”.
Assess the extent to which poverty exists in Britain.
(10)
With reference to Extract A, assess the impact of high imported energy and commodity prices on the circular flow of income in the UK.
(12)
With reference to Extract E, assess the possible impact of income inequality on the UK economy.
(12)