iGCSE Paper 2, June 2024

Q1(a) Multiple choice on the upside of multinationals operating in a country.

Q1(b) Multiple choice picking a valid measurement of GDP.

Q1(c) Define what the balance of payments current account records.

Q1(d) Set out one route by which business activity harms the environment.

Q1(e) Work out total direct tax revenue in GBPbn for February 2023 from the receipts table.

Q1(f) Diagram question: an import quota on Chinese crude oil - show the effect on equilibrium price and quantity.

Q1(g) Give one reason growth and inflation tend to move together in an economy.

Q1(h) Data response: the downsides for South African firms of AfCFTA membership.

Q2(a) Multiple choice on what cheaper transport and communications do to an economy.

Q2(b) Multiple choice on which kind of unemployment tracks the business cycle.

Q2(c) Name one consequence of running a current account deficit.

Q2(d) Give the meaning of fines as a policy tool.

Q2(e) Give one route by which progressive taxation cuts poverty - the US case.

Q2(f) Diagram question: fill in the three stages of the economic cycle missing from the diagram.

Q2(g) Data response: what the US stands to gain from subsidising green technology (context: a $369bn programme).

Q3(a) Multiple choice picking the example of foreign direct investment.

Q3(b) Multiple choice converting GBP150 into US dollars at the rate given.

Q3(c) Diagram question: show what scrapping a tariff does to the price and quantity of Malaysian palm oil imported into the UK.

Q3(d) Data response: how consumers gain from globalisation (context: $29 trillion of world trade).

Q3(e) Data response: recession and German inflation.

Q4(a) From Canada's 2021-22 revenue and spending, calculate the budget balance in CAD$bn.

Q4(b) Data response: how inflation and interest rates relate - Canada case (context: 5.2% inflation against a 4.5% rate).

Q4(c) Data response: weigh up education and training as a cure for structural unemployment - Canada case.