Measures of Economic Performance (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does macroeconomics study?
What does macroeconomics study?
Aggregate economic variables
Which indicator measures change in total output over time?
Which indicator measures change in total output over time?
Economic growth
Which UK agency is the primary source of economic statistics?
Which UK agency is the primary source of economic statistics?
Office for National Statistics
What is nominal GDP?
What is nominal GDP?
GDP at current prices
A price rose from £2 to £2.50. What is the percentage change?
A price rose from £2 to £2.50. What is the percentage change?
25%
If nominal GDP is £2,000bn and price index is 125, what is real GDP (£bn)?
If nominal GDP is £2,000bn and price index is 125, what is real GDP (£bn)?
£1,600bn
How does GNI differ from GDP?
How does GNI differ from GDP?
GNI adds net income from abroad
What is potential economic growth?
What is potential economic growth?
Expansion of productive capacity
What does actual economic growth measure?
What does actual economic growth measure?
Rate of growth of real GDP
What is the purpose of seasonal adjustment?
What is the purpose of seasonal adjustment?
To smooth seasonal fluctuations