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Edexcel Economics 5. The UK Economy - Income, Growth, Policy

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by robalot39
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Last updated: September 10, 2019
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First submittedAugust 18, 2019
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Average score40.0%
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Description
Term
Those two things that must both increase for economic growth to be sustained, in alphabetical order
Aggregate Demand and Aggregate Supply
A market-based supply-side policy in which restrictions on the free market of labour such as trade unions are reduced or removed
Labour Market Reform
That which is generally a bad thing as it results in lower consumption than could have been possible, and thus lower living standards than could have been possible
Current Account Surplus
The two flows from households to firms in the circular flow, in alphabetical order
Expenditure and Factor Services
That type of policy, the primary concern of which is in regards to the government budget deficit or surplus and the taxation and spending that created it
Fiscal Policy
That which in terms of GDP can be seen as the gap between actual real gross domestic product and potential real gross domestic product (trend growth)
Output Gap
A measure of output per unit of capital
Capital Productivity
That which will increase when total injections exceed total withdrawals in the circular flow
Real Gross Domestic Product
That body, influence in the form of voting power at which is much affected by a country's economic growth
International Monetary Fund
Where an economy is producing below maximum potential output, resulting in unemployment and spare capacity
Negative Output Gap
One of the three pairs between withdrawal and injection, relating to consumers and firms
Investment and Saving
The average rate of economic growth that is sustainable over a period of time without causing inflation
Trend Rate of Growth
Those policies that often take the form of government investment, such as in infrastructure, research, education, and support for firms via grants, consultancy, &c.
Interventionist Supply-side Policies
One of the three pairs between withdrawal and injection, relating to foreign trade
Imports and Exports
That which the Bank of England believes to be the long-run sustainable unemployment rate
5%
That a rise in which would incentivise firms to move savings into sterling, thus increasing demand for and thus the exchange rate of sterling
Interest Rate
A prolonged slump where real gross domestic product falls by more than 10% from the peak of the trade cycle to the trough
Depression
That, which investment in would cause economic growth by providing firms the communication and transport networks vital for production and trade
Infrastructure
That, the opportunity cost of which is to forego more consumer goods in the short term, much more noticeable in developing countries due to the small amount of existing spare capacity
Investment
The two types of demand-side policy in alphabetical order
Fiscal Policy and Monetary Policy
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