Study Economics revision pack on National Income, Inflation, Unemployment for Secondary. Useful for revision, homework, and exam preparation in Zimbabwe.
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This is the Economics revision pack. It is a free revision pack for revision. Time allowed: 2 hours.
Economics test The Trotter 0774998145 GLOBETROTTER HIGH SCHOOL @HARARE CBD 2 HOURS 1. a) Explain the differences between the income and expenditure methods of measuring national income [10] b) Discuss the value of national income statistics as a means of making international comparisons of living standards. [15] 2. a) Explain the challenges encountered when measuring unemployment in your country [10] b) Evaluate the effects of unemployment in your country [15] 3. Explain how inflation is measured using the consumer price index. [10] b) Assess the effectiveness of fiscal and supply side policies in curing inflation in Zimbabwe. [15] Each Day You Get Better And Better! SUGGESTED SOLUTIONS 1. Part a) - The income method is on the receiving side of the circular flow of income whereas the expenditure method is on t he spending side of the flow. - The income method gives GDP at factor cost gives GDP at factor cost right away whereas the expenditure method gives GDP at market prices. - The income method has a serious problem of double counting whereas the expenditure method doesn't. Part b) - Visit redspot, studypack and notes 2. Visit Notes and more sources 3. Visit notes and other sources