Macroeconomic Indicators

Question 1

What is real GDP?

Answer 1

The inflation-adjusted total value of all the goods and services produced in an economy over the course of a year.

Question 2

What is real GDP per capita?

Answer 2

Real GDP per person, the real GDP of a country divided by its population.

Question 3

What is CPI and RPI?

Answer 3

Consumer Prices Indices and Retail Prices Indices
The change in prices of a representative basket of goods and services for the average family.
The main difference between them is that RPI includes the inflation in housing costs, such as mortgage repayments/rent and council tax whereas CPI excludes these, and it excludes households in the top 4%.

Question 4

What are the different measures of unemployment?

Answer 4

Claimant count and Labour force survey

Question 5

What is productivity?

Answer 5

The output produced per worker in a given time period.

Question 6

What is the balance of payments on current account?

Answer 6

Record of an economy’s transactions with another and measures the currency flows into and out of the country.
Current account- Imports and Exports.

Question 7

What is the claimant count?

Answer 7

The number of people claiming unemployment-related benefits.

Question 8

What is the Labour Force Survey?

Answer 8

A quarterly survey carried out by the ONS which provides official statistics on employment and unemployment measures for the UK.