Wednesday, October 22, 2008

Unit 2: Changes in real GDP over time

From the tutor2u blog comes this realy interestng chart (you can also look at the powerpoint to see more data)

http://www.tutor2u.net/blog/index.php/economics/comments/in-the-long-run/

a) Describe what has happened to real GDP in the period shown
b) Identify the periods the UK was in recession
c) To what extent do you believe the average UK citizen has benefitted from a rising standard of living over the period shown?

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