Economics- Macro- 2 and 4 Mark Questions and Model Answers

MODEL ANSWERS
Questions:

• Using Extract A, calculate the total number of non-EU migrant workers employed in the UK in 2016. (2 marks)
• Explain how the data in Extract A shows that the number of EU migrant workers in the UK has increased faster than the number of non-EU migrant workers in the UK. (4 marks)
• Using the data in Extract D, calculate the percentage change in the price of oil from the lowest point in 2016 to the point at the end of the period. (2 marks)
• Using the data in Extract A, calculate to one decimal place, the percentage change in the total net trade balance in goods with the UK’s top five trade partners from February-April 2012 to February-April 2013. (2 marks)
• Explain how the data in Extract A shows that the UK is having more success in trading goods with the rest of the world than with Europe. (4 marks)
• If UK GDP in 2012 was $2375 billion, use the data in Extract D to calculate, to the nearest $billion, the difference in forecast UK GDP between IMF’s initial and revised growth forecasts (2 marks)
• Explain how the data in Extract D shows that the IMF has become less confident about growth rates (4 marks)