A-LEVEL Economics past paper(3)

OCR ALEVEL Economics past paper

Fig.3: US crude oil ($/barrel)

Source: Thomson Datastream

Answer all parts.

(a)De ne real GDP.[2]

one[2](b)Fig.1 shows that the rate of real GDP growth increased between 2003 and 2004. Explain possible cause of this increase.

(c)(i)Explain how the rate of real GDP growth might in uence the current account on theBalance of Payments.[4]

(ii)Explain whether the data in Figs.1 and 2 between 2001 and 2004 supports this expectedrelationship.[2](d)Fig.2 shows the current account on the Balance of Payments and Fig.3 shows the change inoil prices.

(i)To what extent might the rise in the current account de cit on the Balance of Paymentsfrom the second to the third quarter of 2004 (lines 10–11) be caused by factors otherthanoil price changes?[4](ii)Discuss the likely impact of the oil price increase (lines 8–9) on the domesticperformance of the UK economy.[6]

2887 Jun06

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