A level Macroeconomics key terms Part 1 - Statistics

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General Stats

This quiz has been taken 126 times
The average score is 5 of 23

Answer Stats

Hint	Answer	% Correct
Sustained rise in general price level	Inflation	56%
Monetary value of all goods and services produced within an economy in a given time period (1 year)	GDP	55%
The price of a certain currency in terms of other currencies	Exchange Rate	43%
Concerned with the study of the whole economy and the effect of changes in the international economy on a country	Macroeconomics	43%
Total value of exports - imports of goods and services within an economy at a certain price and time	Net Exports	32%
Total expenditure on capital goods by firms within an economy at a certain price and within a certain amount of time	Investment	27%
How much (%) an economy grew over the period of 1 year	Economic Growth	25%
Belief that sometimes government intervention is needed during periods of recession and inflation in order to avoid markets spiralling out of control	Keynesian theory	22%
Total expenditure on goods and services within an economy at a certain price and time period	Aggregate Demand	20%
Total expenditure by households on goods and services within an economy at a certain price and within a certain amount of time	Consumption	20%
Type of supply, at least one factor of production is fixed	Short run aggregate supply	20%
Assets lose qualities through daily use and technology becoming obsolete	Depreciation	19%
Belief that excessive inflation and recession is temporary	Classical theory	17%
Change in injections generates further change in aggregate demand	Multiplier Effect	16%
Total expenditure by the government on goods and services in an economy at a certain price and time	Government expenditure	15%
Type of supply, All factors of production are variable and can be adjusted accordingly	Long run aggregate supply	15%
The outlook that consumers have towards the economy and their own financial situation	Consumer Confidence	14%
The change in consumer spending following a change in income	Marginal propensity to consume	13%
Change in income generates a further change in consumption	Income Effect	12%
Change in consumption generates further change in investment	Accelerator Effect	10%
Examples include sudden price changes in commodities, pandemics, war, natural disaster, etc..	External shocks	8%
WPIDEC	Weaker Pound Imports Dearer Exports Cheaper	3%
SPICED	Stronger Pound Imports Cheaper Exports Dearer	2%

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