GBR - AS Macro EW (2)
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Name
Wherever possible, you should get in the habit of using reputable official sources for economic data.
Wikipedia is NOT one of them!
The Office of National Statistics; The Bank of England; the Economist; BBC; Guardian etc are
You may have to Google some of the keywords here (or check them up in your AS macro study companion), to
fully understand the questions!! A bit of independent learning goes a long way in C block!
Q1) Economic Data Search: Unless stated specifically, look for the latest (or recent data) on each of the following:
Economic Indicator
Your Answer
a) The latest figure for the UK consumer price index inflation rate
b) The labour force survey unemployment rate for the UK as a whole
c) The UK government’s budget deficit in the last year (2011-12)
d) What is the standard rate of VAT in the UK in 2012?
e) What was the economic growth rate for the UK in 2011? (% change in real GDP)
f)
The latest sterling/US dollar exchange rate
g) The UK’s trade balance in goods and services (in £billion) for 2011
h) The household savings ratio (% of disposable income saved rather than spent)
i)
The level of net migration into the United Kingdom in 2011 (000s of people)
j)
The number of men aged 90 in the year 2011 (000s)
k) The average house price for the UK (using data from the Halifax House Price Survey
l)
The revenue received by the UK government from income tax in a recent year
m) Which company has the 3rd highest market capitalisation in the FTSE-100 index?
n) The level of UK youth unemployment either as a number or a percentage
o) The percentage of total UK overseas trade that is done with the European Union (%)
p) The current official monetary policy interest rate set by the Bank of England (per cent)
q) The size (£ billion) of the quantitative easing programme from the Bank of England
r) The rate of interest that the UK government pays when it issues 10 year bonds (%)
(1 mark each, 18 in total) A tolerably accurate answer will be credited!
Q2) Data Understanding and Data Interpretation Exercise
Analyse the following economic charts:
When describing data in graphs, you should, where possible, point out any significant trends, any significant
anomalies and any possible explanation for what has happened. You should NOT do a data trawl that simply
describes the data – e.g. in 2009 the graph does X, then in 2010 it does Y and then in 2010 it does Z.
Economic Growth Rates
Percent
Annual percentage change in real national output
16.0
16.0
China
14.0
14.0
12.0
12.0
10.0
10.0
8.0
8.0
India
6.0
6.0
UK
4.0
4.0
USA
2.0
2.0
0.0
0.0
-2.0
-2.0
-4.0
-4.0
-6.0
-6.0
-8.0
-8.0
06
07
08
09
10
11
12
Source: Reuters EcoWin
Define economic growth (2 marks)
Describe two key features of the data shown in the chart above (4 marks)
Regional Unemployment Rates in the UK
A selection of regional unemployment rates, per cent of the labour force, LFS measure
12
11
11
10
10
9
9
8
8
7
7
6
6
5
5
4
4
GBP
12
3
Jan
3
May Sep Jan
07
London
North East
May Sep Jan May Sep
08
09
Northern Ireland
Scotland
Jan
May Sep Jan May Sep
10
11
South East
Yorks and Humber
Jan
May Sep
12
Source: UK Labour Market Statistics
Define unemployment rate (2 marks)
Describe two key features of the data shown in the chart above (4 marks)