WorksheetsBusiness revision
Total questions: 16
Worksheet time: 8mins
Inflation is
how fast prices are rising in the economy
how fast unemployment is rising in the economy
how fast economic growth is occurring
how fast stock prices are rising
Inflation is generally calculated
annually
monthly
weekly
daily
The inflation rate is calculated as
CPI - Prior period CPI x 100
CPI - Prior period CPI divided by Prior period CPI x 100
CPI + Prior period CPI divided by 100
CPI + Prior period CPI divided by CPI x 100
CPI stands for
Consumer Price Inflation
Consumer Product Inflation
Consumer Product Index
Consumer Price Index
Unemployment is
everyone in the population who does not have a job
everyone in the population who does not have a job but wants to work
everyone in population between the ages of 12 and 75 who does not have a job
everyone in the population who is retired
GDP stands for
Gross Domestic Pricing
Gross Domestic Product
General Domestic Product
General Domestic Pricing
If the economy is growing then GDP is
decreasing every year
remaining the same every year
increasing every year
is unaffected
For GDP = C + I + G + (X - M)
C = consumption spending
C = consumers
C = competition
C = consumer debt
Demand led inflation is
decrease in demand for goods and services, causing prices to fall
decrease in demand for goods and services, causing prices to rise
increase in demand that exceeds level of goods and services, so prices rise
increase in demand that exceeds level of goods and services, so prices fall
Cost-push inflation is an
increase in cost of production, so prices fall
increase in cost of production, so prices rise
decrease in cost of production, so prices fall
decrease in cost of production, so prices rise
The ideal economic growth is
above 4%
below 2%
between 3 and 4%
0%
In the business cycle rising and falling are called
peak and trough
expansion and contraction
highs and lows
ups and downs
The high point of a business cycle is called a
pinnacle
summit
top point
peak
Unemployment is calculated by
dividing the unemployment rate by the labour force
dividing the unemployment rate by the labour force x 100
dividing the unemployment rate by the labour force x 100 + the rate of retired people
dividing the unemployment rate by 100
Debt to GDP is
amount a country owes divided by number of people in the country
amount a country owes compared to similar countries with a similar GDP
amount a country owes compared to inflation
amount a country owes compared to their GDP
GDP per capita is
GDP divided by number of employed people in the country
GDP divided by number of people in the country
GDP divided by number of unemployed people in the country
GDP divided by number of adults in the country
