Miscellaneous Quiz / Economics Unit 2 Definitions

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QUIZ: Can you write the correct economic term for each of these definitions?

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HintDefinition
Adjusted for inflation
Empirical inverse relationship between unemployment and inflation
Gross investment accounting for depreciation of capital
Inflation caused by an increase in costs of one or more factors of production
Strategy for achieving rapid economic growth through the promotion of exports
Wages remain high due to supply of labour not adjusting to fall in demand
Both unemployment and inflation are high
Increase in productive capacity of the economy
Curved AS because economy can have output gaps due to imperfections
Income remaining after direct taxation and transfer payments
The total value of all goods and services produced in a country in on year
Total amount firms are willing to produce in an economy at any given price level
AS when capital is fixed and only labour is variable
The quantity of money in the economy, an increase in which causes inflation
Use of interest rates and money supply to influence economy
Measure of those who are willing and able to work but do not have a job
Money flowing into the circular flow in the form of investment, government spending and exports
Demand for a particular job is low at certain times of the year
Reduction in the rate of inflation
Occurs when GDP falls for two or more consecutive quarters
Total demand for goods and services in an economy at any given price level
Measure of those who are in work but not working at full capacity
Government expenditure spontaneously adjusts to the effects of a recession or boom
Jobs are lost due to fall in aggregate demand
Proportion of addtional income withdrawn from the circular flow
HintDefinition
Stock concept of accumulation of assets
AD=AS
Fall in value of physical capital over time
Stock of skills and expertise contributing to one's productivity
Measures intended to influence aggregate demand
Body within the Bank of England responsible for setting interest rates to control inflation
Government expenditure > taxation
Measure of inflation using a weighted 'basket' of goods determined by a survey of households
Workers moving between jobs
Exports-imports
Government expenditure < taxation
Accounts for differences in price levels and exchange rates between countries
Ratio of change in real income to the original injection
Income of citizens earned domestically and abroad
Measure of inflation which includes mortgage costs, excludes high earners and pensioners and uses the arithmetic mean
Workers no longer possess the appropriate skills for the jobs available
Model showing movement of goods, services and capital between households and firms
Output per unit of input in a given time period
Happiness rises proportionately to rising GDP up to a certain point
Government spending prevents private companies competing for same resources and raises cost of borrowing
Survey of households asking if anyone has been both without and searching for a job for a month, or is starting a new job in two weeks
Price of one currency in terms of another
Bank of England inflation rate target
Decline in real GDP exceeding 10% or a recession lasting two or more years
1/1-MPC or 1/MPS+MPT+MPM
HintDefinition
Difference between actual and potential output
Decrease in average price level in the economy
Proportion due of total amount lent, deposited or borrowed
Measure intended to influence aggregate supply which rely upon trickle-down economics
Inflation caused by an increase in aggregate demand for goods and services
Exchange of government bonds for cash in order to increase liquidity of financial institutions
Spending by households on goods and services
Increase in average price level in the economy
Use of taxes and government spending to influence the economy
Comparing the value of a variable in one period against a base observation
Per head of the population
An individual chooses to decline a job at the going wage rate
GDP fluctuates around its underlying trend following a regular pattern
Increase in real GDP
Proportion of additional income devoted to consumption
AS when all factors of production are variable
Long run level of unemployment existing, according to monetarists, when the macroeconomy settles at equilibrium
Spending by firms on increasing capital stock
Flow concept of amount earned over a given period
Number of those collecting Job Seeker's Allowance per month
Not adjusted for inflation
Accounts showing transactions conducted between one country and the rest of the world
Long run equilibrium to which the macroeconomy will always tend, according to monetarists
Those who have been unable to find employment and are hence no longer looking for work
Money flowing out of the circular flow in the form of savings, taxation or imports

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