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Theme 2 revision questions:2.1 revision questions : measure of economic performance
1. What is the difference between GNI and GNP?
2. What is the difference between real GDP and nominal GDP?
3. Define Purchasing Power Parities?
4. List the 5 limitations to using GDP to compare living standards?
5. What is the Easterlin Paradox?
6. Define inflation
7. Define disinflation
8. Define deflation
9. What is the CPI?
10. How is the CPI measured?
11. State formula for CPI
12. What are the limitations of using CPI?
13. How is RPI measured?
14. Name the 4 main causes of inflation?
15. What is demand pull inflation?
16. Show demand pull inflation on a diagram?
17. What is cost push inflation?
18. Show cost push inflation on a diagram?
19. what is the main effect of inflation on firms?
20. what is the main effect of inflation on consumers?
21. what is the main effect of inflation on the gov?
22. what is the main effect of inflation on workers?
23. State the 2 measures of unemployment
24. Explain what the ILO & uk labour force survey is
25. Explain what the claimant count is
26. What is it meant by underemployment ?
27. Why would the employment and unemployment rate both be increasing?
28. Define structural unemployment
29. What causes structural unemployment ?
30. Define cyclical unemployment?
31. Why does cyclical unemployment occur?
32. What are the effects if unemployment on firms/gov’s/economy/individuals?
33. What is the BoP?
34. What does the current account of the balance of payments do?
35. What is a current account surplus ?
36. What is a current account deficit?
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