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Q 1/18
Score 0
A phenomenon whereby GDP fluctuates around its underlying trend, following a regular pattern
30
Business cycle
Q 2/18
Score 0
The difference between actual real GDP and potential real GDP
30
Output gap
18 questions
Q.
A phenomenon whereby GDP fluctuates around its underlying trend, following a regular pattern
1
30 sec
Q.
The difference between actual real GDP and potential real GDP
2
30 sec
Q.
Occurs when GDP falls for two or more consecutive quarters
3
30 sec
Q.
A measure of the efficiency of a factor of production
4
30 sec
Q.
A measure of output per worker or output per hour worked
5
30 sec
Q.
A measure of output per unit of capital
6
30 sec
Q.
The average productivity of all factors, measured as the total output divided by the total amounts of inputs used
7
30 sec
Q.
Expenditure undertaken by firms to add to the capital stock
8
30 sec
Q.
The fall in value of physical capital equipment over time as it is subject to wear and tear
9
30 sec
Q.
Gross investment minus depreciation
10
30 sec
Q.
The stock of skills and expertise that contribute to a worker's productivity; it can be increased through education and training
11
30 sec
Q.
A strategy for achieving rapid economic growth through the promotion of export activity
12
30 sec
Q.
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs (Brundtland Commission, 1987)
13
30 sec
Q.
Inflation initiated by an increase in the costs faced by firms, arising on the supply side.
14
30 sec
Q.
Inflation initiated by an increase in aggregate demand
15
30 sec
Q.
The quantity of money in the economy
16
30 sec
Q.
An empirical relationship suggesting that there is a trade-off between unemployment and inflation
17
30 sec
Q.
A situation describing an economy in which both unemployment and inflation are high at the same time
