Hint | Answer | % Correct |
---|---|---|
Sustained fall in general price level | Deflation | 71%
|
A period of at least 6 months when a country suffers a fall in output | Recession | 59%
|
A measure of the price level of a basket of goods and services | CPI | 53%
|
Rapid inflation; up to 50% per month | Hyperinflation | 53%
|
Inflation caused by increases in the costs of production | Cost push | 47%
|
Type of UE: Generated by a fall in demand | Cyclical | 47%
|
Inflation caused by excess demand in the economy | Demand pull | 47%
|
Prolonged downturn in the economy where a nations GDP falls by at least 10% | Depression | 47%
|
People who are able, available, willing and actively searching for work | Unemployment | 47%
|
A period when the rate of real GDP is faster and higher than the long term trend | Boom | 41%
|
Type of UE: Temporary UE when people are between jobs | Frictional | 41%
|
Measures the value of all goods and services taking into account the rise in the general price level | Real GDP | 41%
|
Type of UE: A mismatch of skills | Structural | 41%
|
Short term fluctuations of National Output around its long term trend | Business cycle | 35%
|
A fall in the rate of inflation | Disinflation | 35%
|
The ease and ability of labour to move to places with high demand for labour | Geographical mobility | 35%
|
A concept that describes recessions that lead to a permanent downward shift in the trend growth of GDP | Hysteresis | 35%
|
JSA | Job Seekers Allowance | 35%
|
The purchasing power of one currency in one economy compared to the purchasing power of the same currency in a different economy | Purchasing Power Parity | 35%
|
A phase after a recession during which rGDP starts to increase and unemployment starts to fall | Recovery | 35%
|
Type of UE: Variations in the level of employment due to seasonality of activity | Seasonal | 35%
|
The total value of goods and services produced by a country's residents at home or abroad | GNI | 29%
|
Trade in services, transfers of income and other payments or reciepts | Invisible | 29%
|
Deflation caused by a fall in AD | Malign | 29%
|
Measures the value of all goods and services produced at the market price level of the day | Nominal GDP | 29%
|
The more qualified, the more transferable skills one has | Occupational mobility | 29%
|
Little incentive for workers with low income to earn extra income as it would result in higher tax and lower benefits | Poverty Trap | 29%
|
Records all financial transactions made between consumers, businesses and the government in one country with another nation | Balance of payments | 24%
|
Deflation caused by a rise in AS | Benign | 24%
|
A concept that describes how recessionary periods can lead to opportunity and development | Creative destruction | 24%
|
Those who are underemployed or willing to take a job if offered, but not actively looking for one | Hidden Unemployment | 24%
|
When the level of actual GDP < trend growth GDP | Negative output gap | 24%
|
Type of UE: National Minimum Wage is too high | Real Wage | 24%
|
A weakening of the rate of growth; GDP is still rising but increasing at a slower rate | Slowdown | 24%
|
Trade in goods | Visible | 24%
|
Type of UE: People refusing jobs | Voluntary | 24%
|
When the level of actual GDP > trend growth GDP | Positive output gap | 18%
|
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