School of Economics

Undergraduate assessment brief

Unit:                                                             EFIM10016 Economic Data Assessment’s contribution to unit:       100% Release Date:                                             27/11/2024 Submission Date:                                     04/12/2024 at 11:00 am Feedback Released:                                  13/01/2025

Students are strongly advised to submit their work ahead of the deadline. Should you have a problem with submission

to Blackboard you should email econ-ug@bristol.ac.uk for guidance immediately.

•    Your answer(s) to Part 2 should be at least 400 words. Your answer to Part 3 should not exceed 300 words.

Answers much longer than this are unlikely to be sufficiently concise, whilst answers shorter than this are likely to be missing key details, and are likely to gain lower intellectual marks. You should include an accurate word count on the front cover of the assignment.

•    Assignments handed in after the deadline, without a pre-arranged extension, will be subject to late penalties. Details relating to penalties are at the end of this document.

•    A reference list/bibliography is recommended. This list does not contribute to the word count. Information on referencing can be found via ourlibrary.

•     Please use Arial or Calibri font at 12-point.

•    Your assignment should be combined into a single document and submitted in pdf format with a document name containing your student number.

•    You may include photographs or scans of your own hand-drawn, labelled diagrams or calculations. We would   advise you to generate your own diagrams but if you include diagrams or pictures that you have not produced yourself, or are modified versions of existing images, you should ensure you reference them appropriately.

Figures and tables should normally be included inline in the text.

•    Your answer will be assessed using theUniversity Marking Criteria.

This is a piece of COURSEWORK that contributes to your Unit mark and you can:

•     Use resources to support you in completing your answer.

•     Draw upon a range of accepted resources including, your own notes, lecture slides/recordings, course material, textbooks, journal articles, online resources. ALL work should be written in your own words.

•    Ask for help from your personal tutors or academic lecturers if you do not understand an aspect of the coursework.

•     Broad discussion with your tutors, fellow students, friends and family on the assessment topic and your ideas/approach may help you to further your knowledge and understanding.

•     Use your network of family and friends to gain support and encouragement during the assessment period.

Please remember this is a formal assessment and you should behave in a manner consistent with our values. This means you cannot:

•    Allow others to directly contribute to your written answer by revising or adding to the academic content. This is collusion and is against University Regulations.

•     Share your assessment with others or ask others to share their work with you.

•     Copy and paste any material (text, images, coding, calculations) from other sources, including teaching material and shared revision notes directly into your answer without appropriate acknowledgement. This is plagiarism

and is against University Regulations.

•     Pay another person or company to complete the assessment for you. This is contract cheating and is against University Regulations.

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                                  6,041

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 and 1,718,304 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.

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.

Inequality in the United Kingdom
50       40       30       20
1970              1980              1990              2000              2010              2020

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.