Explain why expenditure on education and training is a supply-side policy and consider why its impact on the general price level may differ between the short run and the long run.

Economics

IGCSE&ALevel

CAIE

Exam No：9708_s25_qp_24 Year：2025 Question No：4(a)

Answer:

4.3.12 effects of shifts in the AD curve and the AS curve on the level of real output, the price level and employment

5.4.1 meaning of supply-side policy, in terms of its effect on LRAS curves

5.4.3 tools of supply-side policy, for example training, infrastructure development, support for technological improvement

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