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LIBF Unit 2 Inflation, exchange rates
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The official rate of inflation in the UK is called the:
CPI Consumer price index
Historically, wages have tended to increase at a rate above inflation. True or false?
True
If the Monetary Policy Committee  believes that inflation is too high then it will do what?
Raise interest rates
One of the reasons why general interest rates change is the need for banks to make a profit. True or False?
True
If the pound ‘falls’ against the euro, it means the pound will buy more euros than before. True or False?
False
If a UK business sells products abroad this is classed as...
Export
If a UK business buys products from another country this is classed as...
Import
We pay tax on certain products that are imported. True of False?
True
What can cause the £(GBP) to fall in value?
Brexit, Recessions, inflation
If my savings account is giving 5% interest but inflation is at 9%, what am I actually earning on my savings?
4% (9%-5%=4%)
What does CPI stand for?
Consumer Price Index
The interest rate for the UK is set by who?
The Bank of England
What does MPC stand for?
Monetary Policy Committee
What does S.P.I.C.E.D stand for?
Strong Pound, Imports Cheaper, Exports Dearer
Explain what exchange rates are
The rate at which a currency is at when you purchase it. It could be higher or lower vs the £GBP


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