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Syllabus IGCSE Economics Code 0455
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As you know, there are two major policy instruments available to control the economy: The government uses these to try to alter level of national income GDP , from where we think it currently is, to where the government would prefer it.

Because of time lags in the data, we are never really sure exactly where we currently are! G is not easy to turn on and off for fine-tuning purposes. The government is unable to reduce pensions by fifty percent in order to reduce its total expenditure! In other words, much of government expenditure is not really discretionary at all.

Some textbooks may call it that or use a similar phrase like it. If the government wishes to increase the level of GDP is means reducing some tax rates, or perhaps abolishing some tax completely, in an effort to increase C or I. Fiscal policy can also have a strong affect on income distribution. The main aim of any government here is to redistribute income towards those who are felt to be deserving.

These are often the poorer, but groups like farmers in all developed countries and, under President Bush the oil producers in the United States, seem quite adept at getting income to move their way. This is purely descriptive stuff! I suggest you read it up for yourself in the latest textbook and keep you eyes on what is in decent newspapers. Each country is very different and changes its tax system quite regularly.

Few books can be up to date. In principle they should be impossible to avoid, but in practice the rich and the powerful trans-national corporations can often minimise the tax they pay and that to a rather surprising extent. To increase the level of aggregate demand the government could reduce the rate of any or all taxes, like VAT, income tax, corporation tax etc.

But such a change is normally only done in the annual budget, or sometimes in a mini-budget around October, half way through the fiscal year. So if we are considering the timing, fiscal policy is not very flexible! Monetary policy can be altered at any time, although if interest rates are altered it will normally be on the first Thursday of the month. This means that we can tax the rich proportionately more than the poor. On paper, income tax may look progressive but in practice it is often not so.

Income tax is easily and legally avoided by the really rich, but the poorer and those in the middle are forced to pay. For really rich people, income tax appears to be rather regressive.

The poor also tend to smoke more than the rich, so the tobacco tax seems particularly regressive. Fiscal changes can strongly affect the distribution of income; monetary policy changes affect the distribution of income less, because they are as more general in impact.

The government might choose to reduce, say, the level of corporation tax, in an effort to encourage business optimism. Packed with the information that students need for their course, it presents the key areas of knowledge in an accessible, uncomplicated and concise fashion.

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You can find all OCR Economics Unit 1 past papers and mark schemes below: January MS - Unit 1 OCR Economics A-level; January QP - Unit 1 OCR Economics A-level.

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OCR A-Level Economics exam past papers and marking schemes (AS and A2).

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OCR AS/A Level GCE Economics qualification information including specification, exam materials, teaching resources, learning resources. Skip to main content. OCR homepage. OCR sites; Past paper materials' availability dates for all series; Question paper - Unit F/01 - Markets in action (PDF, KB). OCR provides Economics qualifications for learners of all ages at school, college and work.

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Past papers archive search results for ocr economics gcse. Please note, all these 9 pdf files are located of other websites, not on This section includes recent A-Level Economics past papers from AQA, Edexcel, OCR, WJEC and CIE. If you are not sure which exam board you are studying ask your teacher. Past papers are a fantastic way to prepare for an exam as you can practise the questions in your own time.