OCR GCSE Economics (J205): Economic objectives and performance overview quiz quiz

Maximising the profits of one large private firm

Raising the price of all of the country's exports

Low and stable inflation (price stability)

Increasing the amount of barter between households

Faster growth always lowers prices right across the whole of the economy

Higher inflation is what always drives faster economic growth

The two objectives never conflict with one another in any way

Fast growth can raise demand faster than supply, pulling prices up

GDP divided by population

GDP multiplied by population

population divided by GDP

GDP minus inflation

1%

2%

3%

12%

frictional unemployment

cyclical unemployment

structural unemployment

seasonal unemployment

2%

5%

10%

20%

simply a high level of prices in the economy

a fall in the total value of a country's exports

a steady rise in the rate of unemployment

a sustained rise in the general price level

cost-push inflation

demand-pull inflation

hyperinflation

deflation

0.2%

2%

20%

102%

They are simply two different words for exactly the same thing

Income is a stock of assets owned, while wealth is a flow of money over time

Income is a flow of money over time; wealth is a stock of assets owned

Income applies only to firms, while wealth applies only to households

every single person pays the exact same fixed amount of tax

lower earners pay a much higher percentage of their income in tax

nobody anywhere in the economy has to pay any income tax at all

higher earners pay a higher percentage of their income in tax

meets present needs without harming future generations

is as fast as it can possibly be, no matter what the cost

always reduces GDP per capita year after year

ignores the environment entirely while it happens