Commercial mocks/predictions


1) Using Fig 1.3 and Fig 1.4 (Extract 1) compare the average price of fertilizer and the average price of feed wheat in the UK between October 2006 and October 2007. [6]

2) Analyse, using an appropriate supply and demand diagram, why food prices rose in the EU during 2007/08. [9] (Extract 2 and 3)

3) Comment upon the potential effectiveness of the price controls put forward by the EU and Russia governments to control food price inflation. [10] (Extract 3)

4) Discuss the economic consequences of the EU and US biofuels policy for the global economy [15] (Extract 4a and 4b)

5) Is EU intervention to reduce C02 emissions through the Emissions trading scheme always for the best? Discuss [20] (Extract 5)

APT Initiatives

1 (a) Using the data in Extract 1, compare the trend in the world wholesale price of butter

with that of the EU for the years 2006 and 2007.

(6 marks)

(b) Analyse the likely impact on butter prices of both the change in the price of

agricultural inputs and the end of the CAP intervention scheme for butter.

(9 marks)

2. Comment on the economic consequences of the different approaches to combating

food inflation described in Extract 3.

(10 marks)

3. Comment on the economic consequences of the production of energy crops to

produce biofuel.

(15 marks)

4. Discuss the benefits and drawbacks of tradable pollution permits to tackle the

problem of negative externalities.

(20 marks)

Our predictions:

1. Compare trends - world wholesale price for butter and the EU prices (3 mks)

Compare fig 1.3 and 1.4 (3 mks)

2. Russia: comment on the maximum price used by Russia when seeking to reduce the food price rises (9 mks)

3. Argue the case for subsidising the energy crops (15 mks)

4. Compare pollution permits with one other method, for tackling market failure. (20 mks)

Maybe none of the above are correct BUT if any of them come up you MUST make sure you know the answers in depth - as thousands of other students will....!

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