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Economics: Topic 9, Year 2 Definitions - Statistics
General Stats
- This quiz has been taken 6 times
- The average score is 10 of 37
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| Exists when people are seeking work but are unable to find it. | Unemployment | 100%
|
| The rate of decrease of the general price level and the corresponding rise in the value of money. | Deflation | 75%
|
| Occurs when over time an economy expands its capacity to produce goods and services. | Economic Growth | 75%
|
| The rate of increase of the general price level and the corresponding fall in the value of money. | Inflation | 75%
|
| A basic product for which there is global demand and which is often used in the manufacturing process. | A Commodity | 50%
|
| An organisation formed with the objective of enhancing and protecting the working conditions and economic positions of its members. | A Trade Union | 50%
|
| Occurs when prices are rising, but at a decreasing rate. | Disinflation | 50%
|
| Refers to an increase in an economy's productive potential and is what is normally meant by the term 'economic growth'. | Long-run Economic Growth | 50%
|
| Unemployment that exhibits regular and predictable fluctuations throughout the year. | Seasonal Unemployment | 50%
|
| Unemployment arising from a fall in aggregate demand. | Cyclical Unemployment | 25%
|
| Unexpected factors that affect aggregate demand negatively or positively. | Demand-side Shocks | 25%
|
| Exists when workers are in the process of moving to a new job. | Frictional Unemployment | 25%
|
| Occurs when workers leave the labour market against their wishes. | Involuntary Unemployment | 25%
|
| Measures the ease with which labour moves from one productive use to another. | Labour Mobility | 25%
|
| A school of thought that supports the close control of the money supply based on the belief that increases in this supply result in inflation. | Monetarism | 25%
|
| Stands for non-accelerating inflation rate of unemployment and is the rate of unemployment that is associated with stable rates of inflation. | NAIRU | 25%
|
| Describes the problems experienced by third parties as a consequence of an economic activity. These problems can be passed on as a result of the consumption or production of a product. | Negative Externalities | 25%
|
| An increase in production of goods and services because the available resources within an economy are used more fully. | Short-run Economic Growth | 25%
|
| A high-risk financial activity in a pursuit of a potentially substantial gain. | Speculation | 25%
|
| The loss of jobs resulting from the long-term decline of specific industries. | Structural Unemployment | 25%
|
| Intended to increase aggregate supply by improving the effectiveness of markets. | Supply-side Policies | 25%
|
| Unexpected factors that affect aggregate supply negatively or positively. | Supply-side Shocks | 25%
|
| Occurs when an economy's actual level of GDP shows a regular pattern of variation compared with it's long-term trend. | The Economic Cycle | 25%
|
| The level of unemployment that exists when the labour market is in equilibrium. | The Natural Rate of Unemployment | 25%
|
| Occurs when workers take a decision not to enter the labour market at the current wage rate. | Voluntary Unemployment | 25%
|
| Theories that state that firms and households use past information as the best indicator of future events. | Adaptive Expectations | 0%
|
| An equation which sets out the relationship between money, the frequency with which it is spent and the value of transactions in an economy. | Fisher's Equation of Exchange | 0%
|
| Occurs when those taking financial decisions operate without sufficient thought and act in the belief that a large group of people are unlikely to be wrong. | Herding Instinct | 0%
|
| Describes a situation in which periods of high unemployment tend to increase the rate of unemployment, below which inflation begins to accelerate, commonly referred to as NAIRU. | Hysteresis | 0%
|
| Takes place when individuals and firms do not distinguish between nominal and real values of money when taking decisions. | Money Illusion | 0%
|
| Based on the assumption that decision makers use all available information - past, current and forecasted - before reaching judgements. | Rational Expectations Theories | 0%
|
| Exists when the real wages for workers in an economy are too high, leaving firms unwilling to employ everyone who is looking for a job. | Real Wage Unemployment | 0%
|
| States that the level of planned investment depends upon the rate of change of national income. | The Accelerator Theory of Investment | 0%
|
| Illustrates the relationship between the rates of inflation and unemployment that may exist within an economy. | The Phillips Curve | 0%
|
| States that increases in the money supply within an economy will result in increases in the general level of prices. | The Quantity Theory of Money | 0%
|
| The percentage of economically active people within a country who are unemployed. | The Rate of Unemployment | 0%
|
| The percentage difference in average gross hourly earnings between union members and non-members. | The Trade Union Wage Premium | 0%
|
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