Economic - Key Facts

Question 1

Changes in the £

Answer 1

Decimalisation in 1971 - 100 new pence rather than 144 old pence in a £

Question 2

Chancellor under Heath

Answer 2

Anthony Barber

Question 3

Stagflation

Answer 3

Describes the unusal combination of inflation and stagnant economic growth occuring at the same time

Question 4

Two ‘lame duck’ industries bailed out by Heath

Answer 4

• Rolls Royce in 1971
• Upper Clyde Shipbuilders

Question 5

Event that triggered the oil crisis in 1973

Answer 5

Yom Kippur War

Question 6

Increase of oil prices during the crisis

Answer 6

4 times

Question 7

Trade Union that demanded a pay rise as a result of the oil crisis

Answer 7

National Union of Miners

Question 8

Act that was similar to In Place of Strife

Answer 8

Industrial Relations Act
* Inudstrial Relations Court
* ‘Cooling off’ period

Question 9

Act which the TUC and CBI both agreed to

Answer 9

Industry Act of 1972

Question 10

Act that limtied wage increases in line with rises in cost of living

Answer 10

Prices and Incomes Policy

Question 11

Decrease in the number of strikes in 1973

Answer 11

Halved

Question 12

Unemployment levels in 1973

Answer 12

500,000

Question 13

Groups that striked in 1972

Answer 13

• Miners
• Ambulance Drivers
• Firefighters
• Civil Servants
• Power Workers
• Hosptial Staff
• Engine Drivers

Question 14

Number of days lost to strikes in 1972

Answer 14

23,000,000

Question 15

Leader of the National Union of Miners

Answer 15

Arthur Scargill

Question 16

Number of workers laid off in February 1972

Answer 16

1.2 Million

Question 17

Name of the Committee which sided with the Miners

Answer 17

Wilberforce Committee

Question 18

Policy that had to be introduced as a result of the Miners’ strikes

Answer 18

Three-day-week

Question 19

Minister that was moved to be Minister of Employment

Answer 19

Willie Whitelaw

Question 20

Speed limit in the 3-day-week

Answer 20

50mph