iGCSE Business Studies: Economic Terms Quiz

The constant rise in the general level of prices over a period of time is termed ...

• expansion

• inflation

• unemployment

• consumption

When a person who is actively searching for employment is unable to find work, this is...

• expansion

• inflation

• unemployment

• consumption

A significant decline in general economic activity in a designated region is called

• expansion

• economic growth

• recession

• gross domestic product

The phase of the business cycle where real GDP grows for two or more consecutive quarters is termed ...

• expansion

• recession

• balance of payments

• gross domestic product

The value of one nation's currency versus the currency of another nation is called ...

• expansion

• recession

• balance of payments

• exchange rate

Goods and services that are produced in our country and sold to buyers in another country are called...

• exports

• imports

• external purchases

• external sales

A fall in the value of a currency due to factors such as weaker economic fundamentals is termed...

• exchange rate appreciation

• exchange rate depreciation

• exchange rate valuation

• exchange rate extrapolation

How much money an individual makes after accounting for inflation is termed ...

• economic growth

• inflation

• gross domestic product

• real income