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Statistics for Economics: Topic 8, Year 2 Definitions
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General Stats
- This quiz has been taken 8 times
- The average score is 4 of 12
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| A model that shows how money flows within a simplified economy, with households and firms as key components. | The Circular Flow of Income | 75%
|
| Organisations that operate with the intention of protecting and enhancing the working conditions and financial positions of their members. | Trade Unions | 75%
|
| The planned spending by households on goods and services. | Consumption | 50%
|
| Refers to economic theories based on the work of the British economist John Maynard Keynes (1883-1946). | Keynesian Economics | 50%
|
| Measures the efficiency with which inputs are transformed into outputs. | Productivity | 50%
|
| Illustrates the relationship between consumption and real income. | Consumption Function | 25%
|
| A process through which any change in a component of aggregate demand results in a magnified change in real GDP or national income. | The Multiplier | 25%
|
| The total quantity of output that producers in an economy are willing to supply at specific price levels over a period of time. | Aggregate Supply | 0%
|
| Exist when firms make less use of permanent full-time employees and rely more on part-time and temporary employees to supply goods and services. | Flexible Workforces | 0%
|
| The minimum amount of capital (expressed in percentage terms) that banks must hold in comparison to the amount they have lent. The current figure in the UK is 3%. | The Leverage Ratio | 0%
|
| The proportion of any additional income that is spent on consumption. | The Marginal Propensity to Consume (MPC) | 0%
|
| The proportion of any additional income that is not passed on within the circular flow. | The Marginal Propensity to Withdraw (MPW) | 0%
|
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