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Definitions: Year 1 Macro - Full Set (multi choice)

Quiz by Mark Seccombe

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85 questions
Show answers
  • Q1
    The study of the interrelationships between economic variables at an aggregate level
    Macroeconomics
    30s
  • Q2
    The value of an economic variable based on current prices, taking no account of changing prices through time
    Nominal value
    30s
  • Q3
    The value of an economic variable, taking account of changing prices through time
    Real value
    30s
  • Q4
    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)
    Index number
    30s
  • Q5
    An expansion in productive capacity of the economy
    Potential economic growth
    30s
  • Q6
    A measure of the economic activity carried out in the domestic economy over a period
    Gross Domestic Product (GDP)
    30s
  • Q7
    GDP plus net income from abroad
    Gross National Income (GNI)
    30s
  • Q8
    The rate of growth of GDP in a period
    Actual economic growth
    30s
  • Q9
    A phenomenon whereby GDP fluctuates around its underlying trend, following a regular pattern
    Business cycle
    30s
  • Q10
    The average level of GNI per head of population
    GNI per capita
    30s
  • Q11
    The rate of increase in the average price level in an economy
    Inflation
    30s
  • Q12
    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
    Consumer Price Index (CPI)
    30s
  • Q13
    A measure of the average level of prices in the UK
    Retail Price Index (RPI)
    30s
  • Q14
    A fall in the average level of prices (negative inflation)
    Deflation
    30s
  • Q15
    A fall in the rate of inflation
    Disinflation
    30s

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