Miscellaneous Quiz / Economics Unit 2 Definitions

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

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HintDefinition
The total value of all goods and services produced in a country in on year
Proportion of addtional income withdrawn from the circular flow
Stock concept of accumulation of assets
Per head of the population
Measure of those who are in work but not working at full capacity
Wages remain high due to supply of labour not adjusting to fall in demand
Both unemployment and inflation are high
Measure of inflation which includes mortgage costs, excludes high earners and pensioners and uses the arithmetic mean
Income remaining after direct taxation and transfer payments
Exports-imports
Those who have been unable to find employment and are hence no longer looking for work
AD=AS
Long run equilibrium to which the macroeconomy will always tend, according to monetarists
Government expenditure > taxation
Increase in average price level in the economy
Measure of inflation using a weighted 'basket' of goods determined by a survey of households
AS when all factors of production are variable
Money flowing out of the circular flow in the form of savings, taxation or imports
Happiness rises proportionately to rising GDP up to a certain point
Inflation caused by an increase in costs of one or more factors of production
Money flowing into the circular flow in the form of investment, government spending and exports
Strategy for achieving rapid economic growth through the promotion of exports
Gross investment accounting for depreciation of capital
Demand for a particular job is low at certain times of the year
Spending by households on goods and services
HintDefinition
Jobs are lost due to fall in aggregate demand
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
The quantity of money in the economy, an increase in which causes inflation
Output per unit of input in a given time period
Use of interest rates and money supply to influence economy
1/1-MPC or 1/MPS+MPT+MPM
Body within the Bank of England responsible for setting interest rates to control inflation
Proportion of additional income devoted to consumption
Number of those collecting Job Seeker's Allowance per month
Decrease in average price level in the economy
Flow concept of amount earned over a given period
Government expenditure spontaneously adjusts to the effects of a recession or boom
Measures intended to influence aggregate demand
Ratio of change in real income to the original injection
Curved AS because economy can have output gaps due to imperfections
Measure intended to influence aggregate supply which rely upon trickle-down economics
Fall in value of physical capital over time
Occurs when GDP falls for two or more consecutive quarters
Total demand for goods and services in an economy at any given price level
Not adjusted for inflation
Long run level of unemployment existing, according to monetarists, when the macroeconomy settles at equilibrium
Increase in productive capacity of the economy
Government expenditure < taxation
Income of citizens earned domestically and abroad
Accounts for differences in price levels and exchange rates between countries
HintDefinition
Measure of those who are willing and able to work but do not have a job
Total amount firms are willing to produce in an economy at any given price level
GDP fluctuates around its underlying trend following a regular pattern
Accounts showing transactions conducted between one country and the rest of the world
Inflation caused by an increase in aggregate demand for goods and services
Bank of England inflation rate target
Comparing the value of a variable in one period against a base observation
Workers no longer possess the appropriate skills for the jobs available
Price of one currency in terms of another
Use of taxes and government spending to influence the economy
Increase in real GDP
Adjusted for inflation
Decline in real GDP exceeding 10% or a recession lasting two or more years
Exchange of government bonds for cash in order to increase liquidity of financial institutions
Model showing movement of goods, services and capital between households and firms
Reduction in the rate of inflation
Government spending prevents private companies competing for same resources and raises cost of borrowing
Empirical inverse relationship between unemployment and inflation
Workers moving between jobs
Difference between actual and potential output
An individual chooses to decline a job at the going wage rate
AS when capital is fixed and only labour is variable
Proportion due of total amount lent, deposited or borrowed
Spending by firms on increasing capital stock
Stock of skills and expertise contributing to one's productivity

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