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Specification:

  •  Measuring National Income

Click to read the article below and then answer the questions:

UK statisticians juggle contradictory data on recovery from pandemic

  • 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

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