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Economics quiz for people that didn't listen in class for 2 years Flashcards | StudBud
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Economics quiz for people that didn't listen in class for 2 years
Economics quiz for people that didn't listen in class for 2 years
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AQA paper 2 Economics basics
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
What is an example of macroeconomic indicators
level of unemployment
GDP
Inflation
All of the above
2
when inflation drops below 0% it called stagflation
True
False
3
What are trading blocs?
Free trade agreements created between countries in a region.
Trade barriers between countries in a region.
A lego conspiracy
A minor inconvenience.
4
protectionism reduces choice for customers
True
False
5
Tariffs are.....
Taxes on all goods
annoying
Taxes on exported goods
Taxes on imported goods
6
MNCs may exploit workers in developing countries and offer lower wages
False
True
7
Reflationary Fiscal Policy is also called
Expansionary
Contractionary
Inflationary
Deflationary
8
Full employment is
everyone, including students, has a job
everyone of working age that wants to work can find employment
9
demand-pull inflation is caused by excessive growth in AD
True
False
10
What is the US-China trade war about?
Trump blaming China for Covid
Trade shortages globally
The US and Chinese population unwilling to trade with each other
US and China imposing tariffs on each others goods
11
in monetary policy what does reducing interest rates do?
stimulate economic activity and increase AD
stimulate economic activity and decrease AD
increase economic activity and increase AD
increase economic growth and decrease AD
12
What is a supply side policy?
Designed to raise inflation
Aim is to increase the aggregate supply of the UK
Aim to reduce the supply of products made in the U.K.
Aim to increase the aggregate demand for the U.K.
13
Frictional unemployment is...
Unemployment caused by a lack of demand
Current job market has too much competiton.
Unemployment due to recession
The time period between jobs
14
Structural unemployment is
a temporary reduction of jobs due to a downturn in business
increase in workers looking for higher paying jobs
reduction in jobs due to seasonal changes
loss of jobs because of a technology change
15
Demand side policies don't include:
Controlling Money Supply
Increasing Interest Rates
Increasing Government Spending
De-regulating financial markets
16
Which of the following is a disadvantage of globalisation?
Governments come together to offer aid in the event of a national disaster
Increase productivity
over dependency on other economies
17
Contractionary fiscal policy
decreases government spending and decreases taxes
increases government spending and reduces taxes
decreases government spending and increases taxes
increases government spending and increased taxes
18
If there is unemployment then a country will not be operating at full capacity
False
True
19
what is an example of a supply side policy
deregulation
austerity
decrease welfare benefits
20
Winners of inflation are
those on a fixed income, exporters, borrowers
those on a fixed income, lenders, bank savers
high income earners, borrowers, importers
those on a high income, lenders, importers
21
Countries cannot produce all the things they need because
resources are unevenly distributed
they cannot be bothered
22
What is inflation?
A statistical series that tracks monthly changes in prices.
A general increase in prices in the economy.
A collection of commonly purchased goods and services.
A decline in the general level of prices.
23
What is occupational mobility ?
ability of labour to move between different occupations
ability of labour to move between different locations
24
A trading bloc can limit the development of a developing non-member country as it cannot trade on equal terms
True
False
25
Demand Pull Inflation is caused by
Too much supply
Too much demand & too little supply
Too much supply & too little demand
Too little demand
26
Globalisation can have a BIG impact on the environment
False
True
27
seasonal employment affects people in
office work
healthcare
banking
tourism
28
Why do South American countries join trading blocs?
To overpower the European Union
To become economically stable
To find gold within each countries
To transport drugs more easily
29
deflation will mean
lower profits
all of these options
lower prices
less spending
30
Which one of fiscal policy measures would be most likely to increase aggregate demand?
Reducing welfare payments and leaving taxation unchanged
Increase indirect taxes to maintain the same revenue
Increase state retirement pensions and leave tax unchanged
Reduce gov. spending and increase taxation by equal amounts
31
a rise in the cost of raw materials would lead to cost-push inflation
True
False
32
The WTO enables members to...
help trade be as free as possible, settle disputes and trade agreements
set up tariffs and quotas as a barrier to free trade
export and import banned goods
launder money
33
Real GDP is a better measure than nominal GDP because real GDP...
counts only manufactured goods
includes net exports
is based on income accounting
is adjusted for inflation
34
cyclical unemployment happens in a recession
True
False
35
What is globalisation?
Travel from place to place to see the world
Trading produce between countries
Becoming friends with people from other countries
interaction & Integration among people, companies & governments worldwide
