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Macroeconomics
Unit 3.1(1): Measuring the level of economic activity
National income is the money value of a country's output of final goods and services produced in one year. Economic activity is where scarce resources are allocated to produce goods and services to satisfy human wants. Macroeconomics is the...
Paper two
Unit 3: Macroeconomics model answers
This page is the landing page for the model answers in unit 3, Macroeconomics. Answer each of the questions in this section, before checking your response against my (annotated) answer to score your own response.
Macroeconomics
Unit 3.2(2): Variations in economic activity - aggregate supply
This page covers the nature of aggregate supply, short-run and long-run aggregate supply, the relationship between aggregate supply and the average level and the impact of costs and tax on aggregate supply. The page also covers equilibrium...
Macroeconomics
Unit 3.2(1) Variations in economic activity - aggregate demand
This page covers the components of aggregate demand: consumption, investment, government expenditure and net exports. The level of economic activity in a country is measured by its real GDP which is determined by the interaction of aggregate...
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