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Statistics for Economics: Topic 7, Year 2 Definitions

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General Stats

This quiz has been taken 8 times
The average score is 4 of 11

Answer Stats

Definition	Answer	% Correct
Occurs when, over time, an economy expands its capacity to produce goods and services.	Economic Growth	100%
Measures how a nation's total income is spread between that country's inhabitants.	Distribution of Income	67%
The monetary value of the total output of an economy over a specific time period.	National Income	67%
Describes the problems experienced by third parties due to an economic activity. These problems can be passed on as a result of the consumption or production of a product.	Negative Externalities	67%
Comprises activities that are not regulated or recorded by the government and can be illegal.	The Shadow Economy	67%
The degree of comfort through the consumption of goods and services enjoyed by individuals, households or other groups in society.	Standard of Living	33%
A measure of the value of all goods and services produced within an economy over a given time period.	Gross Domestic Product (GDP)	0%
The value of all goods and services produced within an economy plus net property income from abroad.	Gross National Product (GNP)	0%
The price of one currency expressed in terms of another as determined by the demand for, and supply of, currencies.	Market Exchange Rate	0%
The income earned from overseas assets owned by UK businesses and individuals minus the income from UK assets owned by foreigners. This figure can be negative or positive.	Net Property Income from Abroad	0%
Values currencies against one another based upon the relative costs of a common basket of goods and services.	Purchasing Power Parity (PPP) Exchange Rates	0%

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