The problem being illustrated in the above extract regarding the use of gross domestic product as a measure of economic performance is... (4 marks) a) Data revision b) Economic welfare c) Unrecorded activity d) Non-market production 1.4 The reason that illegally imported used cars are not accounted for in the measure of GDP is because they violate which element of GDP? (4 marks) a) Market value. b) Final goods and services. c) Economy. d) Specific time period. 1.5 Which method of calculating GDP do illegally imported used cars distort? (4 marks) a) Production method. b) Income method. c) Value added method. d) Expenditure method. 1.6 Read the following extract and answer questions 1.6 - 1.9. "The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring. Inflation in the 19-nation Eurozone climbed to an all-time high of nearly 10% in September, five times the ECB's target of two percent. The ECB's governing council last month raised its key interest rates by an unprecedented 75 basis points, and many observers expect it to repeat the move at Thursday's meeting." The view of the inflation process being expressed in the above quote is: (4 marks) a) The monetarist approach to inflation b) Cost push inflation c) Demand push inflation d) The conflict approach 1.7 By hiking interest rates, the European Central Bank is aiming to achieve: (4 marks) a) Price stability b) Economic growth c) Full employment d) Balance of payments stability 1.8 The view being reported in the extract of how the European Central Bank will deal with inflation is... (4 marks) a) Classical economics b) Keynesian economics c) The monetarist approach d) The structuralist approach 1.9 In order to cool inflation, according to the extract, the European Central Bank will make use of: (4 marks) a) Quantitative easing b) Restrictive monetary policy c) Increase government spending d) Raise taxes The problem being illustrated in the above extract regarding the use of gross domestic product as a measure of economic performance is... (4 marks) a) Data revision b) Economic welfare c) Unrecorded activity d) Non-market production 1.4 The reason that illegally imported used cars are not accounted for in the measure of GDP is because they violate which element of GDP? (4 marks) a) Market value. b) Final goods and services. c) Economy. d) Specific time period. 1.5 Which method of calculating GDP do illegally imported used cars distort? (4 marks) a) Production method. b) Income method. c) Value added method. d) Expenditure method. 1.6 Read the following extract and answer questions 1.6 - 1.9. "The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring. Inflation in the 19-nation Eurozone climbed to an all-time high of nearly 10% in September, five times the ECB's target of two percent. The ECB's governing council last month raised its key interest rates by an unprecedented 75 basis points, and many observers expect it to repeat the move at Thursday's meeting." The view of the inflation process being expressed in the above quote is: (4 marks) a) The monetarist approach to inflation b) Cost push inflation c) Demand push inflation d) The conflict approach 1.7 By hiking interest rates, the European Central Bank is aiming to achieve: (4 marks) a) Price stability b) Economic growth c) Full employment d) Balance of payments stability 1.8 The view being reported in the extract of how the European Central Bank will deal with inflation is... (4 marks) a) Classical economics b) Keynesian economics c) The monetarist approach d) The structuralist approach 1.9 In order to cool inflation, according to the extract, the European Central Bank will make use of: (4 marks) a) Quantitative easing b) Restrictive monetary policy c) Increase government spending d) Raise taxes