Political and Economic Environment (AQA A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the GDP formula component representing international transactions?
What is the GDP formula component representing international transactions?
Exports minus imports
How is economic growth measured?
How is economic growth measured?
Rate of increase in GDP
What does labour quality refer to in determining economic growth?
What does labour quality refer to in determining economic growth?
Education & training levels
When do productive assets actually grow in value?
When do productive assets actually grow in value?
Investment exceeds depreciation
How can governments encourage short-term economic growth?
How can governments encourage short-term economic growth?
Cut taxes & reduce interest rates
What benefit do businesses gain from economic growth through larger production quantities?
What benefit do businesses gain from economic growth through larger production quantities?
Economies of scale
Which characteristic describes the boom phase of the economic cycle?
Which characteristic describes the boom phase of the economic cycle?
GDP high & wages rising
What typically happens during a slump phase?
What typically happens during a slump phase?
High unemployment & redundancies
Which products are income inelastic?
Which products are income inelastic?
Staple foods
What action do businesses take during recessions to save wage costs?
What action do businesses take during recessions to save wage costs?
Make workers redundant