AQA Economics Paper 2: Macroeconomic Calculation Questions (2020–2023)
2020 – Q01 (Labour Market)
- Question: Calculate the mean unemployment rate for the UK from 2007–08 to 2017–18.
- Data Reference: Rates: 5.5%, 7.8%, 8.0%, 6.9%, 5.1%, 4.2%
- Calculation: Mean = (5.5 + 7.8 + 8.0 + 6.9 + 5.1 + 4.2) / 6 = 6.3%
Interpretation: This indicates a historically elevated unemployment rate across the period, reflecting the aftermath of the 2008 financial crisis and subsequent recovery.
2020 – Q05 (Trade and Protectionism)
- Question: Calculate how much was spent by the US on imports from China for every $1 it received from exports to China in 2018.
- Data Reference: Imports: $539.5bn, Exports: $120.4bn
- Calculation: $539.5 / $120.4 = $4.48
Interpretation: The US spent 4.48 times more on imports from China than it earned in exports, highlighting a significant bilateral trade imbalance.
2021 – Q01 (National Debt)
- Question: Calculate the mean annual yield on long-term bonds in Greece over the years shown.
- Data Reference: Yields: 4.5%, 22.5%, 1.3%
- Calculation: (4.5 + 22.5 + 1.3) / 3 = 9.4%
Interpretation: A 9.4% mean yield suggests investors demanded high returns for holding Greek debt, reflecting perceived fiscal risk, especially in 2012.
2021 – Q05 (South Korea)
- Question: Calculate South Korea’s rate of inflation for 2019.
- Data Reference: CPI: 105.12 (2019), 104.35 (2018)
- Calculation: ((105.12 - 104.35) / 104.35) × 100 = 0.74%
Interpretation: The low inflation rate of 0.74% in 2019 points to subdued price pressures in South Korea, potentially justifying expansionary monetary policy.
2022 – Q01 (Investment in Africa)
- Question: If 2015 is the base year, calculate the index of Egypt’s real GDP in 2018.
- Data Reference: 2015 GDP = 250.0, 2018 GDP = 286.3
- Calculation: (286.3 / 250.0) × 100 = 114.5
Interpretation: An index of 114.5 shows that Egypt’s real GDP grew by 14.5% between 2015 and 2018, indicating solid economic expansion.
2022 – Q05 (Inflation)
- Question: Calculate the difference between the UK’s and Argentina’s mean unemployment rates over 2015–2018.
- Data Reference: Argentina = 8.15%, UK = 4.70%
- Calculation: 8.15% − 4.70% = 3.45 percentage points
Interpretation: Argentina’s unemployment was 3.45 percentage points higher than the UK’s, signalling weaker labour market conditions.
2023 – Q01 (Corporation Tax in Ireland)
- Question: Calculate the difference between Ireland’s corporation tax rate and the mean rate of five other European countries.
- Data Reference: Ireland = 12.5%, Mean of others = 25.62%
- Calculation: 25.62 − 12.5 = 13.1 percentage points
Interpretation: Ireland's corporation tax rate was significantly lower than the average of its peers, suggesting it had a competitive edge for attracting FDI.
2023 – Q05 (Quantitative Easing)
- Question: Calculate the value of bonds purchased by November 2020 for every £1 purchased by November 2009.
- Data Reference: £895bn (2020), £200bn (2009)
- Calculation: £895 / £200 = £4.48
Interpretation: For every £1 of QE conducted in 2009, the Bank of England had increased asset purchases 4.48-fold by 2020, indicating a large expansion of monetary stimulus.