UK economic growth is the lowest since 1992.

Sites to Visit for More Information:

1. Bank of England
2. Office for National Statistics
3. Resources for Economists on the Internet

Questions:

1. What are the three approaches that the Office for National Statistics uses to measure GDP?
2. Why are the three approaches to measuring GDP equal?
3. What is the economic growth rate and how is it measured?
4. Why is the UK’s economic growth rate slowing?
5. According to the news article, the “final quarter of 2002 saw a large rise in inventories held by firms.” If this is an unplanned increase in inventories, explain the forces that will move the economy to equilibrium expenditure.

Chapters: 20, 23

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