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Exam Technique Tutoring : https://forms.gle/owj1pwyGHyqTSjFZ9 Economics Group Chat : https://beacons.ai/udoecon About this video : This video is a full exam technique + walkthrough for the Edexcel A Level Economics Paper 2 (Macro) 2020 exam, where we go through the paper step-by-step and explain how to approach each question, how to use the extracts and data properly, build clear chains of analysis and evaluation, and structure answers across the paper. The questions below are taken directly from the 2020 Paper 2 question paper. Questions in the video: Section A 1(a) Total real UK GDP in 2016 was £200000 million. With reference to the chart above, calculate the total real UK GDP for 2017. You are advised to show your working. (2) 1(b) Explain the term ‘real gross domestic product’. (2) 1(c) With reference to the chart on page 2, which one of the following is correct over the period shown? (1) 2(a) If the value of the multiplier is 1.8, which one of the following will be the total increase in GDP from the redevelopment, assuming other things are equal? (1) 2(b) Using the example above, explain how the multiplier process leads to an increase in aggregate demand. (4) 3(a) Explain the role of the IMF in providing financial assistance to countries such as Argentina. (4) 3(b) Which one of the following is most likely to happen to Argentina’s currency value as a result of capital flight, assuming it is operating with a floating exchange rate system? (1) 4(a) Calculate the percentage change in the number of UK unemployed persons between April and July 2018. You are advised to show your working. (2) 4(b) Explain one likely reason for the increase in the number of people unemployed in the UK over the time period shown. (2) 4(c) Which one of the following types of unemployment is most likely to be caused by a technological change in an industry? (1) 5(a) Draw an aggregate demand and aggregate supply diagram to show the likely impact of this new bridge on the price level and real output in the region. (4) 5(b) Which one of the following would be most likely to solve a negative output gap problem in a domestic economy? (1) Section B 6(a) With reference to Figure 1 and Extract A, explain the likely impact of a Fairtrade scheme on agricultural communities. (5) 6(b) Examine two ways, apart from Fairtrade schemes, in which cocoa farmers could boost their incomes despite the falling price of cocoa. (8) 6(c) Discuss the problems for the Ivory Coast of dependency on cocoa for a large proportion of their exports. Refer to Figure 2 in your answer. (12) 6(d) Nigeria is considering joining the African Continental Free Trade Agreement. Assess policies the Nigerian government could use in response to the concerns of the country’s ‘manufacturers and trade unions’ (Extract B paragraph 3) if they join this trading bloc. (10) 6(e) Discuss the likely benefits of increased economic integration for sub-Saharan African countries. (15) Section C 7. Evaluate the likely impact of cutting tax rates as a policy to increase economic growth. (25) 8. Evaluate possible economic causes of income and wealth inequalities within a country such as Brazil. (25) Timestamps: 00:00 - Section A 18:17 - Section B 1:04:59 - Section C Topics covered: Real GDP, economic growth, multiplier, aggregate demand, IMF, capital flight, exchange rates, unemployment, structural unemployment, AD/AS, output gaps, Fair trade, cocoa prices, export dependency, trade blocs, AfCFTA, economic integration, tax cuts, income inequality, wealth inequality, Brazil, and exam technique.
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