1.7 Read the following extract and answer the question that follows. Construction data fudging kills reliability of official statistics Revelations about irregularities in the way the infrastructure ministry collected and compiled key construction data have delivered a devastating blow to the credibility of government statistics as a whole. The facts have left no doubt that the ministry must take strong action to prevent a recurrence. But they have also underscored the need for a fundamental review of the entire government's systems for compiling and reporting official statistics. The problem illustrated in the above extract is that of. a) Data revision b) Economic welfare c) Unrecorded activity d) Non-market production 1.8 Which of the following methods of calculating GDP would NOT be accurate when the information on the sale and purchases of intermediate goods and services is not available? a) The income method b) The expenditure method c) The production method d) The cost method

1.7 Read the following extract and answer the question that follows. Construction data fudging kills reliability of official statistics Revelations about irregularities in the way the infrastructure ministry collected and compiled key construction data have delivered a devastating blow to the credibility of government statistics as a whole. The facts have left no doubt that the ministry must take strong action to prevent a recurrence. But they have also underscored the need for a fundamental review of the entire government's systems for compiling and reporting official statistics. The problem illustrated in the above extract is that of. a) Data revision b) Economic welfare c) Unrecorded activity d) Non-market production 1.8 Which of the following methods of calculating GDP would NOT be accurate when the information on the sale and purchases of intermediate goods and services is not available? a) The income method b) The expenditure method c) The production method d) The cost method

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter24: The Aggregate Demand/aggregate Supply Model

Section: Chapter Questions

Problem 13SCQ: Suppose the Federal Reserve begins to Increase the supply of money at an Increasing rate. What...

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Construction data fudging kills reliability of official statisticsRevelations about irregularities in the way the infrastructure ministry collected and compiled key constructiondata have delivered a devastating blow to the credibility of government statistics as a whole.The facts have left no doubt that the ministry must take strong action to prevent a recurrence. But they have alsounderscored the need for a fundamental review of the entire government’s systems for compiling and reportingofficial statistics…The problem illustrated in the above extract is that of… a) Data revisionb) Economic welfarec) Unrecorded activityd) Non-market production
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GNP: PLUSES AND MINUSES The gross national product in recent years has basked in the warm glow of nearly universal praise. Econo mists, quite naturally, have been freest with the encomiums. Where else but the GNP could they get in one tidy number a measure of the growth in the mammoth U.S. economy. Businessmen, though not entirely persuaded of the value of statistics, especially esoteric statistics, nevertheless have been known to quote the GNP—possibly because of its powers to impress audiences with the speaker's grasp of the "big picture." Politicians, too, have been extravagant in their admiration of GNP, most especially when it was rising at a brisk pace. Even the ubiquitous cocktail party has paid homage to the GNP as assorted junior executives, research assistants, housewives, and dancing instructors have pronounced on the latest GNP numbers with a solemn and knowing air. Now all that seems to be changing. GNP increasingly is coming under attack. Dr. Arthur F.…