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Economics: Topic 7, Year 2 Definitions - Statistics
General Stats
- This quiz has been taken 8 times
- The average score is 4 of 11
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| Occurs when, over time, an economy expands its capacity to produce goods and services. | Economic Growth | 100%
|
| Measures how a nation's total income is spread between that country's inhabitants. | Distribution of Income | 67%
|
| The monetary value of the total output of an economy over a specific time period. | National Income | 67%
|
| Describes the problems experienced by third parties due to an economic activity. These problems can be passed on as a result of the consumption or production of a product. | Negative Externalities | 67%
|
| Comprises activities that are not regulated or recorded by the government and can be illegal. | The Shadow Economy | 67%
|
| The degree of comfort through the consumption of goods and services enjoyed by individuals, households or other groups in society. | Standard of Living | 33%
|
| A measure of the value of all goods and services produced within an economy over a given time period. | Gross Domestic Product (GDP) | 0%
|
| The value of all goods and services produced within an economy plus net property income from abroad. | Gross National Product (GNP) | 0%
|
| The price of one currency expressed in terms of another as determined by the demand for, and supply of, currencies. | Market Exchange Rate | 0%
|
| The income earned from overseas assets owned by UK businesses and individuals minus the income from UK assets owned by foreigners. This figure can be negative or positive. | Net Property Income from Abroad | 0%
|
| Values currencies against one another based upon the relative costs of a common basket of goods and services. | Purchasing Power Parity (PPP) Exchange Rates | 0%
|
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