A-level ECONOMICS Paper 2 National and International Economy

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EITHER Context 1 Total for this context: 40 marks National debt and government spending Study Extracts A, B and C and then answer all parts of Context 1 which follow. Extract A Figure 1: Annual ... average yields on long-term bonds, Greece and the UK, selected years, 2007 to 2019 Figure 2: Selected statistics for Greece and the UK, 2012 Greece UK GDP ($bn) 245.7 2662.1 GDP per capita ($) 22 242 41 791 National debt ($bn) 391 2243 Population (millions) 11.1 63.7 Source: Official statistics, 2020 Source: ONS, Eurostat, World Bank 2020 Extract B: Government debt: a Greek tragedy In 2018, after years of tough government spending cuts (austerity), the Greek government emerged from its third and final international financial rescue package, although economists warned that the country still had a “long way to go”. The European Union (EU), the European Central Bank (ECB) and the Interna [Show More]

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