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1) GDP- is the value of all goods and services produced by the economy in a given period (year, quarter...)Quantity of goods x Price of goodsNominal GDP- measures values using current prices. (Prices of G...
Income inequality is a statistical measure concerned with the spread of the distribution of income amongst the population of an economy.
It can be quantified through a variety of measures...
Data response questions are either 4,6,8,10 or 14 marks.
The marks awarded for each type of question are:
4 marks: K=2 Ap=2
6 marks: K=4 Ap=2
Always start the answer by defining the keywords in the question. You can gain up to 2 marks for definitions alone.
Second, give a simple analysis of your answer. Transmission mechanisms ...
Start by defining key terms
"rate of economic growth" - the annual percentage increase in real GDP, which is one of the government's main macroeconomic objectiv...
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