Economics A2
Evaluate the likely economic effects of such a rise in commodity prices on the global economy? (20)
This is an inflation question/monetary policy for A2
but how do I answer it? I'm so confused and don't know how to actually answer it.
All I know is that there is a shift in the AD/AS with cost push inflation shifting to the < left.
This is an inflation question/monetary policy for A2
but how do I answer it? I'm so confused and don't know how to actually answer it.
All I know is that there is a shift in the AD/AS with cost push inflation shifting to the < left.
Hi there,
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While you're waiting for an answer, did you know we have 300,000 study resources that could answer your question in TSR's Learn together section?
We have everything from Teacher Marked Essays to Mindmaps and Quizzes to help you with your work. Take a look around.
If you're stuck on how to get started, try creating some resources. It's free to do and can help breakdown tough topics into manageable chunks. Get creating now.
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Original post by GeorgeAndLennie
Evaluate the likely economic effects of such a rise in commodity prices on the global economy? (20)
This is an inflation question/monetary policy for A2
but how do I answer it? I'm so confused and don't know how to actually answer it.
All I know is that there is a shift in the AD/AS with cost push inflation shifting to the < left.
This is an inflation question/monetary policy for A2
but how do I answer it? I'm so confused and don't know how to actually answer it.
All I know is that there is a shift in the AD/AS with cost push inflation shifting to the < left.
Think logically.
Take it one step at a time.. depending on commodity > Higher food prices > higher inflation figure (as it takes up a huge part of CPI) > Lower standard of living > less spending on other goods > AD in economy shifts in, potentially > government attempts to subsidise (downside is government debt constraint).
You can come up with a whole host of potential consequences. Take a step back and really just think about what could happen.
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