A level Macroeconomics key terms Part 2 - Statistics

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General Stats

This quiz has been taken 48 times
The average score is 12 of 37

Answer Stats

Hint	Answer	% Correct
Sustained fall in general price level	Deflation	67%
A period of at least 6 months when a country suffers a fall in output	Recession	67%
A measure of the price level of a basket of goods and services	CPI	63%
Type of UE: Temporary UE when people are between jobs	Frictional	59%
Rapid inflation; up to 50% per month	Hyperinflation	56%
Inflation caused by excess demand in the economy	Demand pull	52%
Inflation caused by increases in the costs of production	Cost push	48%
Type of UE: A mismatch of skills	Structural	48%
Type of UE: Generated by a fall in demand	Cyclical	44%
A fall in the rate of inflation	Disinflation	44%
Measures the value of all goods and services taking into account the rise in the general price level	Real GDP	44%
Prolonged downturn in the economy where a nations GDP falls by at least 10%	Depression	41%
Type of UE: Variations in the level of employment due to seasonality of activity	Seasonal	37%
A period when the rate of real GDP is faster and higher than the long term trend	Boom	33%
The ease and ability of labour to move to places with high demand for labour	Geographical mobility	33%
The purchasing power of one currency in one economy compared to the purchasing power of the same currency in a different economy	Purchasing Power Parity	30%
People who are able, available, willing and actively searching for work	Unemployment	30%
Short term fluctuations of National Output around its long term trend	Business cycle	26%
JSA	Job Seekers Allowance	26%
Deflation caused by a fall in AD	Malign	26%
When the level of actual GDP < trend growth GDP	Negative output gap	26%
The more qualified, the more transferable skills one has	Occupational mobility	26%
A phase after a recession during which rGDP starts to increase and unemployment starts to fall	Recovery	26%
Records all financial transactions made between consumers, businesses and the government in one country with another nation	Balance of payments	22%
Deflation caused by a rise in AS	Benign	22%
A concept that describes recessions that lead to a permanent downward shift in the trend growth of GDP	Hysteresis	22%
When the level of actual GDP > trend growth GDP	Positive output gap	22%
Little incentive for workers with low income to earn extra income as it would result in higher tax and lower benefits	Poverty Trap	22%
Type of UE: People refusing jobs	Voluntary	22%
The total value of goods and services produced by a country's residents at home or abroad	GNI	19%
Trade in services, transfers of income and other payments or reciepts	Invisible	19%
Measures the value of all goods and services produced at the market price level of the day	Nominal GDP	19%
Type of UE: National Minimum Wage is too high	Real Wage	19%
A concept that describes how recessionary periods can lead to opportunity and development	Creative destruction	15%
Those who are underemployed or willing to take a job if offered, but not actively looking for one	Hidden Unemployment	15%
A weakening of the rate of growth; GDP is still rising but increasing at a slower rate	Slowdown	15%
Trade in goods	Visible	15%

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