The table below contains data on the components of aggregate demand in an economy in 2022.
| Component | €bn at 2020 prices | % change on 2021 |
|---|---|---|
| Household consumption | 500.0 | 4.0 |
| Government consumption | 200.0 | 2.5 |
| Gross fixed investment | 150.0 | -2.0 |
| Exports of goods and services | 250.0 | 3.0 |
| Imports of goods and services | 300.0 | 5.0 |
Which one of the following is supported by the data?
The economy achieved a trade surplus in its goods and services account in 2022.
Government consumption represented exactly one-quarter of aggregate demand in 2022.
The increase in household consumption between 2021 and 2022 was purely nominal and caused entirely by inflation.
Gross fixed investment was the second largest component of aggregate demand by value in 2022.
222 exam-style questions on AQA A Level Economics 2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts, covering 2.2.1 The circular flow of income, 2.2.2 Aggregate demand and aggregate supply analysis, 2.2.3 The determinants of aggregate demand, 2.2.4 Aggregate demand and the level of economic activity, 2.2.5 Determinants of short-run aggregate supply, and 2.2.6 Determinants of long-run aggregate supply. Each one has a worked solution and a mark scheme showing where the marks go.