End Of Year Flashcards
(10 cards)
Define GDP(gross domestic product)
The value of goods and services produced by factors within a country
An economy is currently experiencing growth in GDP below trend. In the short run, if the rate of growth of aggregate demand is less than the rate of growth in productive capacity, then this economy is most likely to expierence…
A increase in unemployment
There is a diagram adjective shows 2 production possibility frontiers(PPFs) for an economy. The movement of the economy from position S o T could indicate that there has been…
There is a leftward shift in the country’s aggregate supply curve
A country’s per capita GDP is a useful measure of economic welfare because
It measures the average income earned by each citizen
The consumer price index has been chosen as the means of measuring inflation because
It is calculated using the same methods as those found elsewhere in the EU
If the consumer price index rises from 100 to 104, this means that
The average price level has increased by 4%
The government decides in April 2011 to use the retail price index to increase the basic state pensions by 4.2% to £120.68 per week. How much would this pension have been worth in 2010, to the nearest penny?
£115.82
The labour force only includes those who
Are willing and able to work
A current account deficit on the UK balance of payments means that typically
The total value of exports of goods and services is less than the total value of imports of goods and services
The current account of the balance of payments does not include
The transfer of funds to be invested overseas
