Economic Indicators Quiz

Which year has the highest rate of inflation?

• 2015

• 2016

• 2017

• 2018

State one way in which a large increase in the rate of inflation may affect consumers in an economy.

• Less purchasing of products

• Increased savings

• Higher investments

• More borrowing

State two ways in which economic growth can have a positive impact on a small town in rural Ireland.

• Increased employment

• Improved standard of living

• Higher taxes

• More imports

Identify which category of goods and services shows the largest increase in prices.

State the official measure of Inflation in Ireland.

Explain one impact a rising level of inflation can have on an individual and a business in your local area.

Indicate in each case whether the change in the indicators is a good or bad trend for the Irish economy.

• Unemployment - Good Trend

• Economic Growth - Good Trend

Explain the impact of the above trend in unemployment on individuals like John and on the economy.

Write the formula for calculating inflation.

Write the formula for calculating the unemployment rate.