Alevel Economics - Edexcel Unit 2 Question with Answers 2024

Economic Growth - Correct Answer This occurs when there is a rise in the value of GDP and an increase in national output GDP - Correct Answer This measures the quantity of goods and services produced in an economy. Real GDP - Correct Answer The value of GDP adjusted for inflation Nominal GDP - Correct Answer The Value of GDP without being adjusted for inflation Total GDP - Correct Answer The combined monetary value of all goods and services produced within a countries borders during a specific time period GDP per capita - Correct Answer The value of GDP divided by the population Volume of GDP - Correct Answer The size of the basket of goods at the real level of GDP Value of GDP - Correct Answer The monetary value of GDP at prices of the day Gross National Product - Correct Answer The market value of all products produced in a year including GDP + Income earned from overseas assets minus income earned by oversea residents Gross National Income - Correct Answer The sum of value added by all producers who reside in a nation plus net overseas interest payments and dividends Purchasing Power Parity - Correct Answer This is the theory that estimates the exchange rate between countries is equivalent, according to each countries purchasing power through the prices of a basket of goods National Happiness - Correct Answer The measurement of happiness through consideration of 7 main factors, devised by the UN