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15
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In what economic climate would money be most at risk of not fulfilling its function as a medium of exchange?
Deflation
Inflation
Hyperinflation
Disinflation
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15
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Which factor would be most likely to lead to an increase in the size of the labour force?
An increase in income tax levels
A reduction in the retirement age
An increase in inward migration
An increase in unemployment benefits
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15
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For a country, the CPI was 108 in 2018 and 120 in 2019. What was the inflation rate, to the nearest whole number, as measured by CPI in 2019?
+11%
- 12%
+10%
+12%
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15
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Which economic activity is found in the secondary sector?
Banking
Growing corn
Producing cars
Providing insurance
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15
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What is included in the calculation of RPI inflation but excluded from the calculation of CPI inflation?
Children's clothes
Medicines
Petrol
Council tax
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15
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Frictional unemployment occurs when:
the economy is in a period of recession
farm workers do not have a job during the winter months
cheap steel from abroad reduces demand for UK steelworkers
workers are transferring between jobs
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15
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How would a fall in the price level be shown on an aggregate demand (AD) diagram?
A shift to the left of the AD curve
A movement up the AD curve
A shift to the right of the AD curve
A movement down the AD curve
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15
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Which of the following is an injection into the circular flow of income?
Exports
Consumer expenditure
Taxation
Savings
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15
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Which of the following is a definition of hyperinflation?
Prices are constant
Prices are rising excessively
Prices are rising at a slower rate than previously
Prices are falling
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15
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What impact will a fall in investment have on the aggregate demand curve?
Shifts the aggregate demand curve to the right
Shifts the aggregate demand curve to the left
Movement up the aggregate demand curve
Movement down the aggregate demand curve
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15
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In which circumstance will structural unemployment arise?
A bricklayer leaves his employment voluntarily
Automation results in factory workers being made redundan
An increase in the base rate of interest reduces demand for
A construction worker is laid off during a period of bad wea
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15
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An increase in long run aggregate supply may lead to:
higher unemployment and lower inflation
lower inflation and an increase in real output
A higher inflation and a fall in real output
lower unemployment and a fall in real output
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