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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%
 
- 12%
 
+10%
If real GDP in 2019 was $482bn and $476bn in 2020, what was the rate of economic growth in 2020?
 
-1.24%
 
1.24%
 
1.26%
 
-1.26%
Frictional unemployment occurs when:
 
workers are transferring between jobs
 
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
What is included in the calculation of RPI inflation but excluded from the calculation of CPI inflation?
 
Council tax
 
Children's clothes
 
Medicines
 
Petrol
Which economic activity is found in the secondary sector?
 
Producing cars
 
Growing corn
 
Banking
 
Providing insurance
Which of the following is a definition of hyperinflation?
 
Prices are rising excessively
 
Prices are rising at a slower rate than previously
 
Prices are falling
 
Prices are constant
Which of the following is a harm caused by a high rate of inflation?
 
Investment decreases
 
Real wage flexibility occurs
 
The real value of debt increases
 
Imports become relatively more expensive
Which of the following is a component of the Human Development Index?
 
Life expectancy at birth
 
Income inequality
 
Cost of crime
 
Air quality
In what economic climate would money be most at risk of not fulfilling its function as a medium of exchange?
 
Hyperinflation
 
Deflation
 
Inflation
 
Disinflation
In which circumstance will structural unemployment arise?
 
Automation results in factory workers being made redundan
 
A bricklayer leaves his employment voluntarily
 
An increase in the base rate of interest reduces demand for
 
A construction worker is laid off during a period of bad wea
Which factor would be most likely to lead to an increase in the size of the labour force?
 
An increase in inward migration
 
An increase in income tax levels
 
An increase in unemployment benefits
 
A reduction in the retirement age
In the model of the circular flow of income, which of the following will cause national income to increase?
 
An increase in government spending
 
An increase in imports
 
An increase in savings
 
An increase in taxes
What impact will a fall in investment have on the aggregate demand curve?
 
Shifts the aggregate demand curve to the left
 
Shifts the aggregate demand curve to the right
 
Movement down the aggregate demand curve
 
Movement up the aggregate demand curve
An increase in long run aggregate supply may lead to:
 
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
 
higher unemployment and lower inflation
How would a fall in the price level be shown on an aggregate demand (AD) diagram?
 
A movement down the AD curve
 
A movement up the AD curve
 
A shift to the left of the AD curve
 
A shift to the right of the AD curve
Which of the following is an injection into the circular flow of income?
 
Exports
 
Consumer expenditure
 
Savings
 
Taxation
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