| Main stories | |||||||||||||||||||
| UK growth - UK avoids triple-dip recession | |||||||||||||||||||
| Benefit cap - kicks in at £500 per week | |||||||||||||||||||
| UK Budget 2013 - analysis and comment | |||||||||||||||||||
| EU Budget - historic reduction agreed | |||||||||||||||||||
| UK economy - GDP falls by 0.3% | |||||||||||||||||||
| Quantitative Easing - put on hold | |||||||||||||||||||
| Poverty - recession and relative poverty | |||||||||||||||||||
| Welfare reform - the end of universal benefits | |||||||||||||||||||
| Underemployment - over 3 million | |||||||||||||||||||
| CPI inflation - at 2.7% | |||||||||||||||||||
| Autumn statement - austerity to continue | |||||||||||||||||||
| Energy prices - set to rise | |||||||||||||||||||
| Libor - rate fixing scandal | |||||||||||||||||||
| Greek exit - a little nearer | |||||||||||||||||||
| Competition policy - new regulator planned | |||||||||||||||||||
| Fiscal union - rejected by UK | |||||||||||||||||||
| Europe - a Tobin tax? | |||||||||||||||||||
| Credit ratings - US credit rating | |||||||||||||||||||
| Greek bailout - Euro problems | |||||||||||||||||||
| Top international universities for Economics | |||||||||||||||||||
| Top UK universities for Economics | |||||||||||||||||||
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Question 1
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Aggregate supply Assuming the economy is in an initial equilibrium at X, identify where the new equilibrium will be, if: |
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There is an increase in the number of
labour strikes which raises average wages but does not improve
productivity.
The exchange rate of Sterling depreciates.
There is an oil shock which raises oil
prices.
Labour markets are deregulated to enable
greater competition from non-EU workers.
