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Q 1/85
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The study of the interrelationships between economic variables at an aggregate level
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Q 2/85
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The value of an economic variable based on current prices, taking no account of changing prices through time
30
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85 questions
Q.
The study of the interrelationships between economic variables at an aggregate level
1
30 sec
Q.
The value of an economic variable based on current prices, taking no account of changing prices through time
2
30 sec
Q.
The value of an economic variable, taking account of changing prices through time
3
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A device for comparing the value of a variable in one period or location with a base observation (e.g. the consumer price index measures the average level of prices relative to a base period)
4
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An expansion in productive capacity of the economy
5
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A measure of the economic activity carried out in the domestic economy over a period
6
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GDP plus net income from abroad
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The rate of growth of GDP in a period
8
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A phenomenon whereby GDP fluctuates around its underlying trend, following a regular pattern
9
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The average level of GNI per head of population
10
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The rate of increase in the average price level in an economy
11
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A measure of the general level of prices in the UK, the rate of change of which has been used as the government's inflation target since January 2004
12
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A measure of the average level of prices in the UK
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A fall in the average level of prices (negative inflation)
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A fall in the rate of inflation
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People who are either working for firms or other organisations or self-employed
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Those people of working age who are not looking for work, for a variety of reasons
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People who have been unable to find employment and who are not longer looking for work
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People who are economically active - either in employment or unemployed
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People who are economically active but are not in employment
20
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A situation where people are economically active in the workforce and are willing and able to work (at going wage rates) are able to find employment
21
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The number of people claiming the Jobseeker's Allowance each month
22
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A measure of the percentage of the workforce who are without jobs, but are available to work, willing to work and looking for work
23
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Where an individual is employed in a second-choice occupation or is only able to work part-time but would like to work full-time
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Unemployment associated with job search (e.g. people who are between jobs)
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Unemployment arising because of changes in the pattern of economic activity within an economy
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Unemployment that arises during the downturn of the economic cycle, such as recession
27
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Unemployment that arises because of a deficiency of aggregate demand in the economy, so that the equilibrium level of output is below full employment
28
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Unemployment that arises in seasons of the year when demand is relatively low
29
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Situation arising when an individual chooses not to accept a job at the going wage rate
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Situation arising when an individual who would like to accept a job at the going wage rate is unable to find employment
31
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A set of accounts showing the transactions conducted between residents of a country and the rest of the world
32
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The price of one currency in terms of another
33
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The total amount of spending on goods and services produced in an economy during a period of time
34
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The relationship between consumption and disposable income; its position depends on the other factors that affect how much households spend on consumption
35
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Total expenditure by households on domestically produced goods and services
36
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Expenditure undertaken to add to the capital stock. This spending can be done by firms or government.
37
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Spending by the government on its day to day operations. This is known as current expenditure.
38
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Value of exports minus the value of imports
39
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The relationship between the level of aggregate demand and the overall price level; it shows planned expenditure at any given possible overall price level
40
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A curve showing how much output firms would be prepared to supply in the short run at any given price level
41
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A curve showing the productive capacity of the economy
42
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The long-run equilibrium level of output to which monetarists believe the macroeconomy will always tend
43
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The unemployment rate that will exist when the economy is in long-run equilibrium
44
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A group of economists who believe that the macroeconomy always adjust rapidly to the full employment level of output, and that monetary policy should be the prime instrument for stabilising the economy
45
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A group of economists who believed that the macroeconomy could settle at an equilibrium that was below full employment
46
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A model of the economy which shows the movement of goods and services between households and firms and their corresponding payments in money terms
47
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Where money flows out of the circular flow in the forms of savings, taxation and imports
48
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Where money flows into the circular flow in the form of investment, government spending and exports
49
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A flow concept - the amount that is earned during a period
50
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A stock concept - the accumulation of assets, such as property of shares
51
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The ratio of a change in equilibrium real income to the autonomous change that brought it about; it is defined as 1 divided by the marginal propensity to withdraw
52
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The proportion of additional income that is spent on imports of goods and services
53
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The proportion of additional income that is taxed
54
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The proportion of additional income that is withdrawn from the circular flow - the sum of the marginal propensities to save, import and tax
55
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A phenomenon whereby GDP fluctuates around its underlying trend, following a regular pattern
56
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The difference between actual real GDP and potential real GDP
57
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Occurs when GDP falls for two or more consecutive quarters
58
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A measure of the efficiency of a factor of production
59
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A measure of output per worker or output per hour worked
60
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A measure of output per unit of capital
61
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The average productivity of all factors, measured as the total output divided by the total amounts of inputs used
62
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Expenditure undertaken by firms to add to the capital stock
63
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The fall in value of physical capital equipment over time as it is subject to wear and tear
64
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Gross investment minus depreciation
65
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The stock of skills and expertise that contribute to a worker's productivity; it can be increased through education and training
66
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A strategy for achieving rapid economic growth through the promotion of export activity
67
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Development that meets the needs of the present without compromising the ability of future generations to meet their own needs (Brundtland Commission, 1987)
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Inflation initiated by an increase in the costs faced by firms, arising on the supply side.
69
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Inflation initiated by an increase in aggregate demand
70
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The quantity of money in the economy
71
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An empirical relationship suggesting that there is a trade-off between unemployment and inflation
72
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A situation describing an economy in which both unemployment and inflation are high at the same time
73
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Decisions made by the government on its expenditure, taxation and borrowing
74
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A process by which an increase in government expenditure crowds out private sector activity by raising the cost of borrowing
75
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The balance between government expenditure and revenue
76
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Effects by which government expenditure adjusts to offset the effects of recession and boom without the need for active intervention
77
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The decisions made by government regarding monetary variables such as money supply and interest rates
78
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The Body within the Bank of England responsible for the conduct of monetary policy
79
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The interest rate is set by the Monetary Policy Committee of the Bank of England in order to influence inflation
80
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The process by which a change in the bank rates affects inflation
81
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A process by which liquidity in the economy is increased when the Bank of England purchases assets from banks
82
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A range of measures intended to have a direct impact on aggregate supply - and specifically the potential capacity output of the economy
83
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Policies that rely on allowing markets to work more freely and providing incentives for enterprise and initiative
84
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Policies by which the government intervenes to stimulate aggregate supply
