National Income, Equilibrium, and Growth (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
In the basic circular flow model, which two economic agents are considered?
In the basic circular flow model, which two economic agents are considered?
Households and firms
Why should the three methods of measuring economic activity give identical results in principle?
Why should the three methods of measuring economic activity give identical results in principle?
What is produced = what is spent = income
Which of the following are all withdrawals from the circular flow?
Which of the following are all withdrawals from the circular flow?
Savings, taxation, imports
What is the key difference between income and wealth?
What is the key difference between income and wealth?
Income is a flow; wealth is a stock
What percentage of total wealth do the wealthiest 10% of UK households hold?
What percentage of total wealth do the wealthiest 10% of UK households hold?
43%
When does macroeconomic equilibrium occur?
When does macroeconomic equilibrium occur?
When planned expenditure = planned output
What term describes falling output combined with rising prices?
What term describes falling output combined with rising prices?
Stagflation
In the classical/monetarist view, what shape is the LRAS curve?
In the classical/monetarist view, what shape is the LRAS curve?
Vertical at full employment output
What is the formula for the multiplier?
What is the formula for the multiplier?
If , , , what is the multiplier?
If , , , what is the multiplier?
2