Economics AQA - Y1 - week 1-3

What is Economic policy?

• A target or goal that policy-makers sim to ‘hit’

• Economic Growth

• Stable prices

• A target or goal that policy-makers sim to not ‘hit’

Sustainable and balanced economic growth is a...

(a)  

Growth of real output resulting from using idle resources, including labour, thereby taking up the slack in the economy describes?

• Macroeconomic Objectives

• short-run economic growth

• long-run economic growth

• mid-term economic growth

= real GDP (total £) / population level

is the formula for?

(a)  

Calculate GDP per capita for the UK in 2019:

real GDP = £2,090,632 million

population = 66.65 million

(a)  

Claimant count is?

• The method of measuring unemployment according to those people who are claiming unemployment-related benefits.

• The method of measuring employment according to those people who are claiming unemployment-related benefits.

• The method of measuring unemployment according to those people who are not claiming unemployment-related benefits.

• The method of measuring unemployment according to those people who are claiming employment-related benefits.

A Current Account surplus is?

• Exports < Imports

• Exports > Imports

• Imports > Remittance payments

• Imports = Exports

Consumer and business confidence surveys could be used as...

• Lag indicator

• Lead indicator

Full employment means ... of the labour force unemployed.

(a)  

Something that is necessary for human survival, such as food, clothing, warmth or shelter describes?

• Need

• Want

• Economic welfare

• Human happiness