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Definitions: Year 1 Macro: Objectives (multi choice)

Quiz by Mark Seccombe

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18 questions
Show answers
  • Q1
    A phenomenon whereby GDP fluctuates around its underlying trend, following a regular pattern
    Business cycle
    30s
  • Q2
    The difference between actual real GDP and potential real GDP
    Output gap
    30s
  • Q3
    Occurs when GDP falls for two or more consecutive quarters
    Recession
    30s
  • Q4
    A measure of the efficiency of a factor of production
    Productivity
    30s
  • Q5
    A measure of output per worker or output per hour worked
    Labour productivity
    30s
  • Q6
    A measure of output per unit of capital
    Capital productivity
    30s
  • Q7
    The average productivity of all factors, measured as the total output divided by the total amounts of inputs used
    Total factor productivity
    30s
  • Q8
    Expenditure undertaken by firms to add to the capital stock
    Investment
    30s
  • Q9
    The fall in value of physical capital equipment over time as it is subject to wear and tear
    Depreciation
    30s
  • Q10
    Gross investment minus depreciation
    Net investment
    30s
  • Q11
    The stock of skills and expertise that contribute to a worker's productivity; it can be increased through education and training
    Human capital
    30s
  • Q12
    A strategy for achieving rapid economic growth through the promotion of export activity
    Export-led growth
    30s
  • Q13
    Development that meets the needs of the present without compromising the ability of future generations to meet their own needs (Brundtland Commission, 1987)
    Sustainable development
    30s
  • Q14
    Inflation initiated by an increase in the costs faced by firms, arising on the supply side.
    Cost-push inflation
    30s
  • Q15
    Inflation initiated by an increase in aggregate demand
    Demand-pull inflation
    30s

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