National Income and Economic Concepts

Front

What is not included in the measurement of national income? Options: benefits paid to the unemployed, dividends paid to shareholders, profits retained by companies, rent paid to landlords

Back

benefits paid to the unemployed

Front

What is definitely a feature of a nationalised industry?

Back

The government owns the industry’s capital.

Front

What is the equilibrium real output based on the macroeconomic data for an economy?

Back

Choose C

Front

What can be concluded from the table about 2006? Options: Britain had an increase in real incomes., High wage rises caused high rates of inflation., The price of an identical product was the same in Germany and Italy., There were more people unemployed in Spain than in Japan.

Back

Britain had an increase in real incomes.

Front

What happened to real GDP and real GDP per head between year 1 and year 2?

Back

Choose A

Front

The price and volume indexes of a country’s imports and exports are shown in the table, for year 2. Options: Choose A, Choose B, Choose C, Choose D

Back

Choose C

Front

The table shows a country’s total output and its average price in each of three years. What can be concluded about output?

Back

Nominal output rose at a faster rate than real output.

Front

What is the most abundant form of money (measured by value) in a developed economy? Options: bank deposits, cash, cheques, credit cards

Back

bank deposits

Front

Which country had the largest net errors and omissions figure in terms of US$?

Back

Choose B

Front

For a given year, economy X publishes the following. What is the size of the Gross National Income (GNI) for country X?

Back

$85bn