Economics class: UK statisticians juggle contradictory data on recovery from pandemic

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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