Measures Macro

What is the current rate of UK inflation?

• 11.1%

• 10.7%

• 2.0%

• 5.7%

Which of the following is NOT an INJECTION into the CIRCULAR FLOW OF INCOME?

• Investment

• Exports

• Savings

• Govt expenditure

The UK economy grew by how much in November 2022?

• 0.0%

• 0.1%

• 0.3%

• 0.5%

What are the three main measures of GDP?

• E=U=O

• E=I=O

• E=A=I

• E=U=A

GDP that adjusts for inflation and population would be......

• Nominal GDP PPP

• GDP at current prices PPP

• Real GDP per capital

• Real GDP PPP

An issue with GDP as a measure of growth would be

• Use in assessing govt policy

• Measures living standards

• can be adjusted for inflation

• does not adjust for inequality

The survey undertaken to calculate the UK basket of goods is known as.....

• price survey

• living costs and food survey

• commercial victimisation survey

• costs of food survey

What is the main difference between the CPI and RPI measure?

• CPI includes housing costs

• RPI includes housing costs

• RPI is calculated by EU countries

• CPI is a weighted basket of goods

A limitation of CPI as a measure of inflation is....

• basket updated annually

• can be used to compare inflation by country

• can be used for real GDP measures

• basket is weighted

Which of the following good was taken out of the 2022 basket?

• sports bra

• frozen yorkshire puds

• meat free sausages

• mens suits