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:
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