True or False: It is impossible to have falling inflation and falling unemployment at the same time

True or False: The official measure of Gross Domestic Product understates the true level of national income because of the existence of the “shadow” or informal economy

True or False: Since the early 1990s, the British economy has avoided a recession

Which one of the following is a major macroeconomic objective of the government?

Which one of the following is NOT a goal of macroeconomic policy?

The money value of goods and services produced in a year within the geographical boundaries of a country is known as

In the commonly accepted definition of a recession, the level national output

If national output in one year is measured at Euro 300 billion and a year later it is measured at Euro 315 billion, then the rate of growth in that year is

The ‘inflation-adjusted’ gross domestic product is called

If prices and wages rise at the same rate, the real purchasing power of the average worker will

Which of the following is the most accurate indicator of a nation's standard of living?

Which of the following categories would be included as part of gross fixed capital investment in the UK economy?

Which of the following statements is correct?

Which of the following items of expenditure are included as part of current government spending in the UK national income accounts?

For the year 2004, in the British economy the percentages of consumption spending, gross investment, government purchases, and net exports (X-M) as a share of GDP were approximately as follows:

Per capita GDP is a baseline measure of the standard of living. It equals

Which one of the following is the best guide to the likely trend rate of economic growth for a country? An increase in 

Investment is a _______of spending that ______________ the _____________ of capital 

Real GDP is not a good indicator of economic welfare because it __________ 

In a small regional farming sector in a given year, farmers sell potatoes to factories for £10m Factories then manufacture and sell frozen chips and crisps to supermarkets for £17m.  Supermarkets sell these frozen chips and crisps to consumers for £21m. From this information we can conclude that

The chart shows the annual rate of real GDP growth for the UK and the USA for each year since 1998. From the data shown in the chart we can deduce that

Real national income may be defined as