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What are the four macroeconomic indicators?
What is GDP a measure of?
How can output be measured?
True or False:
National output+national expenditure = national income
What is the rate of economic growth?
Is the rate of economic growth usually constant?
What are long periods of economic growth called?
How would you define a recession?
What can long recessions be referred to?
What is the difference between a depression and a recession?
How do you calculate the change in the amount of goods and services in the economy (GDP)?
Define nominal GDP vs Real GDP
How can you measure standards of living in a country?
What is GNP?
Define GNI
What does PPP measure?
Two ways you can define inflation
What is disinflation?
Define hyperinflation
If prices are falling, what is happening?
How many surveys are used to calculate the RPI?
How many people are surveyed in the first survey?
What is the first RPI survey called?
What is the Living Costs and Food
Survey trying to find out?
What is this information used to work out?
What is the second survey based on?
Why do the items in the basket change over time?
How is this information used to make it into an index?
Examples of goods taken out of the basket
Examples of goods added to the basket
What is the difference between the CPI and the RPI?
Does the CPI tend to be slightly higher or slightly lower than the RPI?
What is the official measure of inflation in the UK?
Name two limitations for both the RPI and the CPI
How do the RPI and CPI help determine wages?
How can RPI and CPI be used to measure changes in the UK's international competitiveness?
Explain the steps of a positive multiplier effect
How do you measure the multiplier?
Define the Marginal Propensity to comsume
Define the Marginal propensity to Save
Why are the MPS and MPC important in terms of the multiplier effect?
Generally, people who have lower incomes have a higher MPC.
True or False?
Name some examples of demand-side shocks
Name some examples of supply side shocks
What is a negative output gap?
When will a NOG occur?
What is a positive output gap?
When will a POG occur?
What is the formula for calculating the multiplier?
What is reflationary fiscal policy?
What is deflationary fiscal policy?
What does fiscal policy involve?
When is an reflationary fiscal policy likely to be used?
When is a deflationary fiscal policy likely to be used?
What is monetary policy?
What is contractionary monetary policy?
What is expansionary monetary policy?
What is the main aim of monetary policy?
Who is in charge of changing the interest rates?
What information does the MPC look at?
How far into the future does the MPC have to look?
