A-LEVEL Economics past paper

OCR ALEVEL Economics past paper

OXFORD CAMBRIDGE AND RSA EXAMINATIONS

Advanced GCE

ECONOMICS

THE UK ECONOMY

Wednesday 288714JUNE2006Morning 1hour30minutes

Additional materials:

8 page Answer Booklet

TIME1 hour 30 minutes

INSTRUCTIONS TO CANDIDATES

Write your name,Centre number and candidate number in the spaces provided on the answer booklet.Answer Question 1 and one question from Section B.

Write all your answers on the separate answer booklet provided.

If you need to use additional answer sheets, fasten these sheets securely to the answer RMATION FOR CANDIDATES

The number of marks is given in brackets [ ] at the end of each question or part question.

The quality of your written communication will be taken into account in the marking of your answer toSection B.

This question paper consists of 4 printed pages.

SPA (MML 11016 5/05) T08152/4©OCR2006[A/100/3487]Registered Charity Number: 1066969[Turn over

OCR ALEVEL Economics past paper

Section A

Answerthis question.

1Oil prices and the UK Economy

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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]

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OCR ALEVEL Economics past paper

4

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