Economics: Macroeconomics Topical Past Paper Questions

Table 1 shows the gross domestic product (GDP) of the United States of America (USA) economy from 2020 to 2023. The USA is not the fastest growing economy in the world, but it is the largest. It also has the largest budget deficit and the largest current account deficit in the wo…

Economists agree that travel by train, instead of by plane or car, should be promoted in Europe because of environmental issues. However, the growth of passenger rail travel in Spain has slowed down. During 2013, millions of passenger-kilometres $ ^{*} $ travelled on railways in…

(a) (i) Define the term common pool resources (common access resources). (ii) The phrase “tragedy of the commons” is associated with examples of common pool resources (common access resources). Using a production externalities diagram, explain the meaning of this phrase. 10000000…