Economics outcome2 guide.docx
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Economics outcome2 guide.docx
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Economicsoutcome2guide
Assessmenttaskinstructions
TheUKeconomyismadeupofmillionsofpeopleandbillionsofeconomicactivities.Withintheseactivities,goodsandservicesarecreatedandexchanged.Itcanbecomplicatedattimesbutasimplemodelexplainingingeneraltermshowaneconomyisorganisedandhowthoseinvolvedinteractisagoodstart.
Question1
DrawadiagramshowingtheparticipantsoftheCircularFlowofIncomeandexplainhowitoperates.
Thesimplemodelissufficientforabeginning,butaneconomyismorecomplexandinvolvesexternalinfluences,whichcanraiseorlowereconomicactivity.
Question1
Acircularflowdiagramclearlyidentifyingthefollowingintheircorrectplaces:
Firms:
Households:
Marketsforfactorsofproduction:
Land,labour,capitalandwages,rent,profitandincome.
Question2
IdentifythreeinjectionsandthreewithdrawalsfromtheCircularFlowofIncome;giveexamplesofeach,andhowtheyaffectlevelsofeconomicactivity.
Inthefollowingtable,thereareexamplesofthegrowthrateofvariouscountriesovernineyears
Country
1994
1995
1996
1997
1998
1999
2000
2001
2002
UnitedKingdom
4.7
2.9
2.6
3.4
3.0
2.1
3.1
1.9
1.6
UnitedStates
4.0
2.7
3.6
4.4
4.3
4.1
3.8
0.3
2.4
Bulgaria
1.8
2.1
-9.4
-5.6
4.0
2.3
5.4
4.0
3.5
Switzerland
0.3
0.6
0.3
1.7
2.4
1.6
3.0
1.3
0.6
Question2
Injections:
InvestmentGovernmentspendingExports
Withdrawals:
SavingsTaxationImports
Appropriateexamples:
Investments:
Newfactorybeingbuilt
Governmentspending:
Newschoolbuildings/roads/hospitalsarebuilt.
Governmentspendingthatprovidescollectiveservicesandwelfarepaymentstothecommunityaninjectionintotheeconomycanbewhenthegovernmentredistributesthisincomeintheformofwelfarepayments,
Exports:
Supplyproductstotheforeignfirms
Savings:
Higherinterestratscanmakemorepeoplesave
Taxation:
Governmentincreaselevelofincometax
Imports:
Bringinanewmachine/productline
Question3(sampling)
Chooseanytwoofthefollowingquestions:
(a)ExplainatleastthreedifficultiesencounteredinmeasuringtheNationalIncomeofacountry.
Anythreefromthefollowing:
1.Errors/omissionsfromthedatagathered.
统计中不包括非市场交易活动,即一部分产品和劳务给漏掉了。
例如,家务劳动,自给自足的生产以及个人私自交易等Non-recordeditems,egDIY,housework,barter.
2Blackeconomy.不少地下交易,只是为了逃避税收,在这里,经济活动发生了,GNP统计中却得不到反映。
3.Itcannotreflecthowtheincomedistribute一国贫富严重不均,另一国收入分配均等,
4.国民收入只反映当期的收入,并没有反映累积的收入。
5Doublecounting.Stockappreciation
(b)Explain(usingatleastthreereasons)whyitisdifficulttocomparethegrowthratesofthecountriesinthetableabove.
Methodsmaychangeovertime.
Accuracyoffigures.
Inflationadjustments.
Socialconditions.
Workconditions.
Unequaldistributionofincome.
Spendingpatterns,egdefence.
(c)ExplainhowthemultipliereffectcouldsubstantiallyraisethelevelofNationalIncome.
eitherinwordsorthroughuseofalgebra.
aninitialinjectiontoNationalIncomeresultsinalargerlevelofNIthantheoriginalinjection.
Propensitytosaveandconsume.
(d)Explainthedifferencebetweenrealandnominalgrowthusingthetableabove.
Anexplanationofthedifferencebetweenrealandnominalgrowth,identifyingthatinrealtermsinflationistakenintoaccount.In1998thegrowthrateisshownas3%.Ifthisfigureisthenominalrateandinflationismeasuredat3.1%,thenthereisnorealgrowthintheeconomy.
Anysimilarexamplewillsuffice.
Assessmenttask
2
Outcome
covered
2
Suggestedsolutionandmakinganassessmentdecision
Question1
Acircularflowdiagramclearlyidentifyingthefollowingintheircorrectplaces:
Firms:
Households:
Marketsforfactorsofproduction:
Land,labour,capitalandwages,rent,profitandincome.
Question2
Injections:
InvestmentGovernmentspendingExports
Withdrawals:
SavingsTaxationImports
Appropriateexamples:
Investments:
Newfactorybeingbuilt
Governmentspending:
Newhospitalbeingbuilt(notPFIorPPP)
Exports:
Firmwinsordertosupplynewcomputerstoforeignfirm
Savings:
Highinterestratesresultinmoresavings
Taxation:
Governmentraiselevelofincometax
Imports:
Recordnumbersofholidaymakersgoonoverseasholidays
Question3
(a)Anythreefromthefollowing:
Errors/omissionsfromthedatagathered.
Blackeconomy.
Non-recordeditems,egDIY,housework,barter.
Transferincome.
Doublecounting.
(b)Methodsmaychangeovertime.
Accuracyoffigures.
Inflationadjustments.
Socialconditions.
Workconditions.
Unequaldistributionofincome.
Spendingpatterns,egdefence.
(c)Explanationofmultipliereitherinwordsorthroughuseofalgebra.
ExplanationshouldshowthataninitialinjectiontoNationalIncomeresultsinalargerlevelofNIthantheoriginalinjection.
Propensitytosaveandconsume.
(d)Anexplanationofthedifferencebetweenrealandnominalgrowth,identifyingthatinrealtermsinflationistakenintoaccount.In1998thegrowthrateisshownas3%.Ifthisfigureisthenominalrateandinflationismeasuredat3.1%,thenthereisnorealgrowthintheeconomy.
Anysimilarexamplewillsuffice.
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