Economic growth (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does GDP measure?
What does GDP measure?
Total value of output in a period
What is the key difference between nominal and real GDP?
What is the key difference between nominal and real GDP?
Real GDP adjusts for inflation
What is GDP per capita?
What is GDP per capita?
Average GDP per head of population
Short run economic growth is defined as an increase in what?
Short run economic growth is defined as an increase in what?
Actual GDP
If GDP rises from £3 trillion to £3.15 trillion, what is the growth rate?
If GDP rises from £3 trillion to £3.15 trillion, what is the growth rate?
5%
Which stage of the economic cycle has the highest economic activity?
Which stage of the economic cycle has the highest economic activity?
Peak
A recession is technically defined as how many quarters of negative GDP growth?
A recession is technically defined as how many quarters of negative GDP growth?
Two consecutive quarters
Why might nominal GDP increase without indicating real economic growth?
Why might nominal GDP increase without indicating real economic growth?
Due to inflation
If a country has GDP of £5 trillion and population of 100 million, what is GDP per capita?
If a country has GDP of £5 trillion and population of 100 million, what is GDP per capita?
£50,000
On an AD/AS diagram, short run growth is shown by which shift?
On an AD/AS diagram, short run growth is shown by which shift?
Rightward shift of AD
What causes long run economic growth?
What causes long run economic growth?
Increased productive capacity
Which is a limitation of GDP per capita as a measure?
Which is a limitation of GDP per capita as a measure?
It doesn't reflect income distribution