OCR F585 January 2012: Extract 1 Quiz Answers

And here are the answers!

Includes:

  • Definitions that should come in handy for Extract 1 of the Stimulus Material - most of the definitions are taken from the textbook.
  • Questions on the graphs
  • Comprehension questions on the text

Apologies in advance - it is a mammoth quiz

This is essentially just a printable version of the quiz I've already made (but hopefully minus any errors)

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  • Created by: Josie
  • Created on: 24-12-11 16:03

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Page 1

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F585 January 2012 Stimulus Material Quiz
­ Extract 1
1. Definitions
1. What is a recession?
a. One quarter (three months) of negative growth
b. Two quarters (six months) of negative growth
c. Three quarters (nine months) of negative growth
d. Four quarters (one year) of negative growth

2. What…

Page 2

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a. A budget deficit that occurs because of a change of government
b. A budget deficit that occurs because of government discretionary spending. This is the
deficit that remains regardless of whether the economy is in slump or boom
c. A budget deficit that occurs because of changes in economic…

Page 3

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d. The total amount that producers are willing and able to supply at a given point in time and a
given price level


13. What is Gross Fixed Capital Formation (GFCF)?

a. Total spending on capital goods not adjusted for the effects of capital depreciation,
including replacement investment

b. A…

Page 4

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e. £55 billion


3. Graphs
19. In which quarter did Gross Fixed Capital Formation (GFCF) first fall below of the previous quarter?
a. Q1 2008
b. Q2 2008
c. Q3 2008
d. Q4 2008
e. Q1 2009

20. In which quarter did Real GDP first increase from the value of…

Page 5

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b. 2% of GDP
c. 3% of GDP
d. 4% of GDP
e. 5% of GDP

26. UK public sector borrowing first started to rise again (after 2005) in:
a. 2006-2007
b. 2007-2008
c. 2008-2009
d. 2009-2010
e. 2010-2011

27. Which area of UK government expenditure is highlighted?
a. Education…

Page 6

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a. Figure 1.1
b. Figure 1.2
c. Figure 1.3
d. Figure 1.4

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