Economics: Topic 6, Year 1 Definitions - Statistics

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Answer Stats

Definition	Answer	% Correct
The rate of increase of the general price level and the corresponding fall in the value of money.	Inflation	100%
The value of all goods and services produced within an economy over a given period of time.	Gross Domestic Product	90%
A decline in the level of economic activity that occurs over a six-month period or longer.	Recession	90%
GDP data adjusted to remove the effects of inflation.	Real Gross Domestic Product	70%
Exists when people are seeking work but are unable to find it.	Unemployment	70%
The part of economics that is concerned with data, decisions, performance, policies and objectives that relate to the whole economy.	Macroeconomics	50%
Records transactions between UK residents and the rest of the world.	Balance of Payments	40%
Occurs when, over time, an economy expands its capacity to produce goods and services.	Economic Growth	40%
Measures how a nation's total income is spread between that country's inhabitants.	Distribution of Income	20%
A means of measuring changes in data over time by relating changes to a base year that is given the value of 100.	Index Numbers	20%
Measures the average income per person in a country after allowing for the effects of inflation.	Real Gross Domestic Product per Capita	20%
Records transactions in goods and services between UK residents and the rest of the world.	Current Account	10%
Measures the value of all goods and services that are produced in an economy over a given period of time, using their price at the time of production. Thus it does not exclude the effects of inflation on the value of output.	Nominal Gross Domestic Product	10%
Refers to people who are not in employment and who are not actively looking for work.	Economic Inactivity	0%
Shows the average change in a large number of variables and this average reflects the importance or weight of its various components.	Weighted Index Numbers	0%

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