Economics class: UK statisticians juggle contradictory data on recovery from pandemic
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Measuring National Income
Click to read the article below and then answer the questions:
What is the Blue Book?
Distinguish between the income, output and expenditure methods of measuring GDP
Draw and label the circular flow of income for a closed economy
Using the diagram, identify national income, national output and national expenditure
Simon Kuznets commented that ‘the welfare of a nation can, therefore, scarcely be inferred from a measure of national income.’ Evaluate the extent to which GDP is an adequate measure of standard of living
Gavin Clarke, Emmanuel College