A country has seen the following changes to two macroeconomic indicators over the period 2018 to 2021.
| Year | CPI inflation (%) | Average weekly earnings growth (%) at current prices |
|---|---|---|
| 2018 | 1.8 | 2.2 |
| 2019 | 1.5 | 1.1 |
| 2020 | 0.9 | 0.5 |
| 2021 | 2.1 | 2.5 |
Which one of the following can be concluded from the data?
The real value of average weekly earnings increased every year
The nominal value of average weekly earnings was lower in 2021 than in 2018
Prices and nominal average weekly earnings were both higher in 2021 than in 2018
Average prices fell between 2019 and 2020
187 exam-style questions on AQA A Level Economics 2.1 The measurement of macroeconomic performance, covering 2.1.1 The objectives of government economic policy, 2.1.2 Macroeconomic indicators, 2.1.3 Uses of index numbers, and 2.1.4 Uses of national income data (A-level only). Each one has a worked solution and a mark scheme showing where the marks go.