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Economic Data 2024 - Final Coursework
1 Part 1 (10%)
Question 1
Is consumption a flow or a stock variable?
Question 2
On January 1,1987, 56, 743, 897 people were living in the United Kingdom. One year later, on January 1, 1988, 56, 860, 203 people were living in the United Kingdom. From January 1, 1987, to December 31, 1987, 775, 405 were born and 644, 342 died in the United Kingdom. From January 1, 1988, to December 31, 1988, 787, 303 were born and 649, 185 died in the United Kingdom. What is the sum of migration flows and the statistical adjustment/discrepancy in the United Kingdom, from January 1., 1987 to January 1, 1988?
Question 3
Consider the dataset in Table 1 that includes the number of women and live births by age groups (for brevity we only consider ages 31-35). What is the Total Fertility Rate?
Table 1: Births by age
Age Women Births
31 402,796 23,879
32 430,794 20,549
33 445,650 23,422
34 361,045 23,902
35 377,328 22,207
Question 4
Consider the dataset on mice in Table 2. What is the period life expectancy at birth?
Table 2: Mortality in mice
|
Time |
Initial population |
Mice dying in this period |
|
0-1y |
100 |
20 |
|
1-2y |
80 |
14 |
|
2-3y |
66 |
47 |
|
3-4y |
19 |
8 |
|
4-5y |
11 |
1 |
Question 5
Consider the following small economy: In this economy, we have one farm that produces flour. The farm sells the flour to a bakery for £6. The farm employs workers who receive £1 in wages. The farm pays £3 in taxes to the Government. Using the flour from the farm, the bakery workers create scones. The bakery sells scones for £21 to the local inhabitants and exports scones for £9. The bakery also imports clotted cream from the neighbouring economy for £5. The bakery workers receive £12 in wages, and the bakery pays £10 in taxes. The public sector provides a health service and a school for all inhabitants. The Government pays the health workers and teachers £22 in wages. The public sector has no expenses beyond these wages. The inhabitants of this economy pay £9 in taxes. They also buy clotted cream from the bakery for £5. The bakery is owned by a woman in the neighbouring economy. What is the sum of all profits generated in this economy (the operating surplus)?
Question 6
Consider the following small economy: In this economy, we have one farm that produces flour. The farm sells the flour to a bakery for £6. The farm employs workers who receive £1 in wages. The farm pays £3 in taxes to the Government. Using the flour from the farm, the bakery workers create scones. The bakery sells scones for £21 to the local inhabitants and exports scones for £9. The bakery also imports clotted cream from the neighbouring economy for £5. The bakery workers receive £12 in wages, and the bakery pays £10 in taxes. The public sector provides a health service and a school for all inhabitants. The Government pays the health workers and teachers £22 in wages. The public sector has no expenses beyond these wages. The inhabitants of this economy pay £9 in taxes. They also buy clotted cream from the bakery for £5. The bakery is owned by a woman in the neighbouring economy. What is the Gross Domestic Product (GDP) of this economy?
Question 7
Consider the following country. In year 2004 the GDP was £1,724,583 and in year 2017 the GDP was £2,483,266. What was the average annual percentage growth in GDP over this period?
Question 8
Consider the following country. In year 2004 the GDP was £1,624,583 and in year 2017 the GDP was £2,883,266. What was the total percentage growth in GDP over this period?
Question 9
What would earnings of 68,638 measured in current prices in the year 2010 correspond to in 2012 prices, using the consumer price index in Table 3?
Table 3: CPI
Year CPI
2008 98
2009 104
2010 104
2011 106
2012 107
2013 112
2014 113
2015 113
2016 118
2017 118
2018 118
2019 123
Question 10
Using the consumer price index in Table 4, what was average annual inflation from 2009 to 2011?
Table 4: CPI
Year CPI
2008 99
2009 102
2010 102
2011 106
2012 107
2013 108
2014 114
2015 112
2016 116
2017 117
2018 122
2019 125
Question 11
Provide the derivation of the formula for contributions to growth based on the expenditure
approach to GDP.
Question 12
Table 5 shows the GDP per capita (GDPPC) and Purchasing Power Standards (EU27_2020=1) (PPS).
What was the GDP per capita in Poland in the price level and currency of the Netherlands in the
year, 2021?
Table 5: GDP
|
Country |
GDPPC |
PPS |
Year |
|
Iceland |
8,728,110 |
225.71 |
2021 |
|
France |
36,660 |
1.08676 |
2021 |
|
Poland |
68,760 |
2.75272 |
2021 |
| Estonia |
22,580 |
0.819114 |
2021 |
| Malta |
28,310 |
0.882986 |
2021 |
| Czechia |
571,020 |
19.3578 |
2021 |
| Netherlands |
48,840 |
1.15346 |
2021 |
| Lithuania |
20,000 |
0.695785 |
2021 |
Question 13
Consider the following economy. The total population of this economy is 1,816,102 people. There are 587,022 elderly and 428,644 children. Moreover, 207,492 people of the working age population are out of the labour force, and 35,904 people are unemployed. How big is the labour force of this economy?
Question 14
Consider the following economy. The total population of this economy is 1,916,102 people. There are 597,022 elderly and 418,644 children. Moreover, 217,492 people of the working age population are out of the labour force, and 35,904 people are unemployed. What is the unemployment rate in this economy?
Question 15
A household has a total income of 60 thousand pounds. The household consists of 3 adults and 3 children (younger than 14 years). What is the equivalised household income, using the OECD equivalence scale?
Question 16
Based on the data on equivalised disposable income after social transfers in Table 6, calculate the number of households below the risk-of-poverty-rate according to the Eurostat definition.
Table 6: Equivalised income
|
Household |
Equivalised Income |
| 1 |
13,121 |
| 2 |
12,138 |
| 3 |
10,936 |
| 4 |
2,254 |
| 5 |
6,858 |
| 6 |
13,176 |
| 7 | 1,832 |
| 8 |
3,796 |
| 9 |
13,533 |
| 10 |
7,238 |
| 11 |
1,526 |
| 12 |
4,482 |
| 13 |
3,877 |
| 14 |
825 |
| 15 |
13,230 |
| 16 |
9,012 |
| 17 |
9,035 |
| 18 |
3,599 |
|
19 |
6,04 |
Question 17
If we had an exchange rate of 1.21 US Dollars to the British Pound yesterday, and an exchange rate of 1.42 US Dollars to the British Pound today, did the British Pound then appreciate, depreciate, or stay constant compared to the US Dollar?
Question 18
Consider the following small economy: In this economy, we have one farm that produces flour. The farm sells the flour to a bakery for £83. The farm employs workers who receive £15 in wages. The farm pays £57 in taxes to the Government. Using the flour from the farm, the bakery workers create scones. The bakery sells scones for £71 to the local inhabitants and exports scones for £96. The bakery also imports clotted cream from the neighbouring economy for £65. The bakery workers receive £42 in wages, and the bakery pays £22 in taxes. The public sector provides a health service and a school for all inhabitants. The Government pays the health workers and teachers £109 in wages. The public sector has no expenses beyond these wages. The inhabitants of this economy pay £30 in taxes. They also buy clotted cream from the bakery for £65. The bakery is owned by a woman in the neighbouring economy. What is the income inequality in this economy in terms of the wage share, that is the share of income generated (wages and profits) that goes to wages?
Question 19
Consider the following economy. In the year 2013, the economy had 213,779 unemployed women and 420,085 unemployed men. The year after, the number of unemployed women was 235,502 and the year of unemployed men was 505,221. In year 2014, there were 4,597,147 employed men and 1,799,085 employed women, compared to 4,321,923 employed men and 1,691,377 employed women in year 2013. What was the total percentage change in the unemployment rate from, 2013 to 2014?
Question 20
Consider the following economy. In the year 2013, the economy had 213,779 unemployed women and 450,085 unemployed men. The year after, the number of unemployed women was 237,044 and the year of unemployed men was 493,500. In the year 2014, there were 4,390,729 employed men and1,718,304 employed women, compared to 4,321,923 employed men and 1,691,377 employed women in the year 2013. How much did the change in the number of unemployed women contribute to the overall change in the number of unemployed from 2013 to 2014?
2 Part 2 (80%)
Your assigned country depends on the timing of your lab session:
• Group 1: Tuesday 9:00 to 11:00: Greece• Group 2: Tuesday 11:00 to 13:00: Finland• Group 3: Tuesday 16:00 to 18:00: Spain• Group 4: Wednesday 09:00 to 11:00: Slovenia• Group 5: Wednesday 11:00 to 13:00: France
Task 1
Your task is to analyse the change in the number of people in your assigned country since the 1980s. Your answer could cover topics such as population stocks and flows, changes in fertility, and life expectancy. The task description is intentionally vague. You decide on the precise time periods and the exact focus of your assignment. Use at least 400 words and 2 visualisations for this exercise. All visualisations should be made from scratch using R. You can use data from Eurostat, OECD, or the World Bank.
Task 2
Your task is to describe the development in unemployment, inequality, or poverty in your assigned country. You decide the exact period to study. This could be a historical period, the current period, or both. You can look at overall unemployment, inequality, and poverty, or you can look at specific subgroups (for example by age or gender). You can also study whether unemployment and inequality are correlated. Use at least 400 words and 2 visualisations for this exercise. All visualisations should be made from scratch using R. You can use data from Eurostat, OECD, or the World Bank.
Task 3
Describe the growth in GDP per capita for your assigned country. You decide the exact period to study. The task description is intentionally vague. Use at least 400 words and 2 visualisations for this exercise. All visualisations should be made from scratch using R. You can use data from Eurostat, OECD, or the World Bank.
Task 4
Describe the development of prices in your assigned country. You decide the exact period to study. The task description is intentionally vague. Use at least 400 words and 2 visualisations for this exercise. All visualisations should be made from scratch using R. You can use data from Eurostat, OECD, or the World Bank.
-a
my group
3 Part 3 (10%)
You should identify all mistakes in the following visual and verbal description of inequality.
• Your answer can be in bullet points, or you can provide a coherent paragraph describing all mistakes that you identified.
• The word limit is 300 words.
The figure depicts inequality in the United Kingdom since the 1970s. We use the Gini index because it is the most suited to understand changes in inequality over time. We use data provided by the World Bank. As seen by a rising Gini index, it is clear that inequality in the UK has decreased since the 1970s. This shows that as economies grow, inequality tends to decrease.
Inequality
Penalties for late work
Assignments handed in after the deadline, without a pre-arranged extension will be subject to the following penalty:
• A fixed absolute penalty of 10 marks is applied for each 24-hour period work is submitted after the agreed deadline. Please note, weekend days count towards the calculation of late penalties. Public holidays in England, and University closure days do not.
• A mark of zero is automatically applied to work submitted late such that at least four such 24-hour periods have elapsed.
Academic Integrity
In academic writing, plagiarism is the inclusion of any idea or any language from someone else without giving due credit by citing and referencing that source in your work. This applies if the source is print or electronic, published or unpublished, another student’s work, or any other person.
The University's Examination Regulations state that “Any thesis, dissertation, essay, or other course work must be the student’s own work and must not contain plagiarised material. Any instance of plagiarism in such coursework will be treated as an offence under these regulations.” (Section 3.1).
The Examination Regulations give information on the University's procedures for dealing with cases of plagiarism in undergraduate programmes (Section 4)
More information about plagiarism, and how to avoid it is available from the Library website.
School of Economics policy on the use of artificial intelligence in coursework
- You may use artificial intelligence to support your learning and coursework. For example, you can use artificial intelligence to explore concepts, suggest study plans or relevant literature, or provide general feedback on your draft.
- You may not use artificial intelligence to write any part of an assignment for you. This includes original drafting but also text that results from prompts like “Improve the writing in this paragraph.” Your assignment should never contain passages, sentences or phrases that are taken word-for-word from artificial intelligence output. Just as for other sources, the exception is if you put this text in quotation marks and cite the original (artificial intelligence) source.
- You may not write any part of your assignment in another language and use automated tools or a translator to translate it into English. We expect our students to be able to communicate in written as well as spoken English.
- You are advised never to take output from artificial intelligence tools at face value. Always fact-check any information it provides and cite reputable sources, such as peer-reviewed publications, in your coursework. And be aware that the economic reasoning in artificial intelligence output is often poor and would in many cases receive a low mark if submitted as coursework, even if re-written in your own words.
Referencing
If you reference papers in your answers, you should reference them using a consistent referencing system, such as the Harvard referencing system; you should normally cite sources in the text. As a general rule, you should avoid using footnotes to reference.
• If you include a quote, it should be in quotation marks, and a page number included in the in-text reference.
• Whilst you should normally avoid larger quotes, if you include them, you should also indent the text. If you cite a paper in your essay, you should also include a full reference to the paper in the reference list at the end of the paper.
• Do not list papers in your reference list that you have not referenced in the paperUniversity marking criteria Level 4 (First-year undergraduate level)
|
Marks |
0-19 |
20-39 |
40-49 |
50-59 |
60-69 |
70-79 |
80-100 |
| Knowledge and understanding | |||||||
|
*Content
knowledge
BSP 1a, 1b, 9a
|
Knowledge is very inadequate, without any breadth or depth, with major deficiencies in key areas. | Knowledge is inadequate, without the required breadth or depth, with deficiencies in key areas. | Demonstrated breadth and depth of introductory knowledge andunderstanding though with some limitations. | Demonstrated breadth and depth of introductory knowledge and understanding. | Demonstrated breadth and depth of introductory knowledge and understanding, showing a clear, critical insight in relevant contexts. |
Excellent knowledge and understanding of the introductory material, beyond what has been taught.
|
Exceptional knowledge and understanding of introductory material, significantly beyond what has been taught. |
|
Intellectual skills |
|||||||
| *Use of evidence and sources BSP 1b, 9a | Limited or no use of directed reading. |
Not demonstrating an ability to
interpret or comment on directed reading.
|
Some ability to interpret and comment on directed reading. |
Ability to interpret and comment on directed reading.
|
Ability to evaluate, interpret, and comment on directed reading.
|
Ability to thoroughly evaluate, interpret, and comment on directed reading.
|
Excellent ability to evaluate, interpret, and comment on directed and independent reading. |
| *Logical argument and evaluation of perspectives BSP 1b | Unsubstantiate arguments and limited or no reference to basic theories and concepts. | Limited or no use of the reading to develop lines of argument and mak judgements in accordance with basic theories and concepts. | Some use of the reading to develop lines of argument and make some judgements in accordance with basic theories and concepts. | Use of the reading to develop lines of argument and make sound judgements in accordance with basic theories and concepts. | Consistent use of the reading to develop clear lines of argument and make sound judgements in accordance with basic theories and concepts. |
Consistent use of directed and
independent reading to develop clear lines of argument and make sound judgements in accordance with basic theories and concepts.
|
Consistent use of directed and independent reading to develop strong lines of argument and make sound judgements in accordance with basic theories and concepts. |
|
*Problem-solving
BSP 3a, 3b
|
No recognition of problems in the field of study. | No recognition of different approaches to solving problems in the field of study. | Recognition of different approaches to solving problems in the field of study. | Some evaluation of the appropriateness of different approaches to solving problems in the field of study. | Evaluating the appropriateness of differen approaches to solving problems in the field of study. |
Thoroughly evaluating the
appropriateness of different approaches to solving problems in the field of study.
|
Excellent and nuanced evaluation
of the appropriateness of different approaches to solving problems in the field of study.
|
|
Scholarly, Research and Disciplinary Practices |
|||||||
|
*Specialist skills
and techniques
BSP 1a, 3c
|
The student has not demonstrated any evidence of foundational discipline specific skills development or application. | The student has not demonstrated sufficient evidence of foundational discipline specific skills development and application for higher level study | The student has demonstrated evidence of developing and applying foundational discipline- specific skills. | The student has consistently demonstrated the development and informed application of foundational discipline- specific skills. |
The student has consistently
demonstrated an informed and effective applicatio of foundational discipline-specific skills and evidence of developing and applying the main methods of enquiry.
|
The student has consistently demonstrated an informed and innovative application of the discipline’s foundational skills as well as the informed application of the discipline’s main methods of enquiry. | The student has consistently demonstrated an informed and exceptionally innovative application of the discipline’s foundational skills and the capable and effective application of its main methods of enquiry. |
|
*Research
BSP 2a, 3c
|
Very little or no evidence of ability to undertake straightforward research- related tasks, even with guidance. | Limited evidence of ability to undertake straightforward research tasks, even with guidance. | Some evidence of ability to collect appropriate data/ information and undertake straightforward research tasks with external guidance. | Can collect and interpret appropriate data/ information and undertake straightforward research tasks with external guidance. | Can collect and interpret appropriate data/ information and successfully Undertake straightforward research tasks with limited guidance. | Can collect and interpret appropriate data and successfully undertake research tasks with a degree of autonomy. | Can collect and interpret appropriate data/ information and undertake research tasks with autonomy and exceptional success. |
|
*Academic skills
BSP 1a, 2a, 4b
|
Academic conventions largely ignored. | Academic conventions used weakly. | Some academic conventions evident and largely consistent, but with some weaknesses. |
Academic conventions generally sound.
|
Good use of academic conventions. | Consistently accurate use of academic conventions. | Consistently accurate and assured use of academic conventions. |
|
Professional and life skills |
|||||||
|
Teamwork
BSP 5a, 5b, 5c, 6a
|
Little or no demonstration of ability to work within a team setting. | Shows limited ability to work within a team setting. | Shows ability to work with others and contribute productively as a member of a team. | Contributes well within a team complementing and respecting the contributions of others. Shows some ability to lead and organise teamwork. | Works effectively within a team recognising the value and contributions of others. Able to manage conflict. | Consistently demonstrates effective teamworking and leadership skills and able to ensure teams work effectively to meet their obligations and goals. Ability to manage conflict. | Shows outstanding ability to work and lead a team with creativity and flexibility that is responsive to group members’ interests and the obligations and goals of the team. Ability to manage conflict. |
|
Insight
BSP 7b, 8a, 8b
|
Shows very limited awareness of own strengths an weaknesses. | Displays limited awareness of own strengths or weaknesses. | Shows some ability to identify own strengths and weaknesses. Emerging capacity to plan self-development to improve practical and professional skills. |
Shows ability to reflect on own strengths and weaknesses and shows ability to identify steps for self-development to improve practical and professional skills.
|
Confident in self-reflection and expressing own strengths and weaknesses and able to plan self-development to improve practical and professional skills.
|
Demonstrates ability to assess own strengths and weaknesses. Demonstrates ability to identify a programme of self-development to improve practical and professional skills. | Shows confidence in assessing own strengths and weaknesses. Ability to identify an effective programme of self development to improve practical and professional skills. Can provide useful feedback to others. |
|
*Communication
BSP 5b, 9a
|
Shows very limited awareness of the ways communication needs to be adapted for different audiences. | Shows limited awareness of the ways communication needs to be adapted for different audiences. | Shows some awareness of ways that communication needs to be adapted for different audiences. | Ability to communicate appropriately to a range of audiences and shows some ability to deploy different media as appropriate. | Can communicate effectively to a range of audiences, using a wide range of media as appropriate. | Can communicate effectively to a range of audiences, using a wide range of media as appropriate. | Can communicate effectively to a range of audiences in an engaging and professional manner, using a wide range of media as appropriate. |
|
Self management
BSP 4a
|
Shows very limited evidence of self organisational skills and behaviours and ability to meet deadlines. | Shows limited evidence of self organisational skills and behaviours and ability to meet deadlines. | Shows some evidence of self organisational skills and behaviours. Ability to complete most tasks by deadlines. | Shows self organisational skills and behaviours. Has a professional attitude to completing most tasks. | Demonstrates good self organisational skills and behaviours. Has a professional attitude to completing tasks. |
Works autonomously demonstrating very good self organisational skills and behaviours. Has a professional
attitude to completing tasks.
|
Works autonomously demonstrating outstanding self organisational skills and behaviours. Has a professional
attitude to completing all tasks.
|
Note: Because the marking criteria consider a number of dimensions, it is unlikely that a single piece of work fits nicely into all of the descriptions above. For example, a piece of work may
have excellent presentation, but due to significant errors, and major deficiencies, the piece of work may still be awarded the lower grade.