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The mutliplier effect is how much does an intial injection affect GDP. So for example if the Government spent £1bn on transport projects and it increased GDP by £2bn then the mutliplier effect would be 2....
A positive statement is a statement that can be supported or refuted by evidence. For example, 'VAT is rising' is a statement that can be proved by comparing the tax rate from previous ye...
Government spending is the total spending by government on all goods and services in a given period of time. Inflation is the sustained increase in the general price level over a given period of time. Hig...
Government vs market failure, when evaluating a paragraph you can simply fall back onto stating that the action brings the risk of government or market failure ( whichever is applicable)...
For any question the you should first consult the mark schemes and ensure that you are understanding exactly what they are saying. For a definition question repition is key, making sure that you understan...
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