Economics revision 3.0 / 5 based on 1 rating ? EconomicsMacroeconomic indicatorsASAQA Created by: AshleighCreated on: 23-04-13 11:47 What are the causes of shifts in SRAS? Change in wage cost. Changes in taxes. Labour productivity. Number of workers. External shocks (Oil prices) 1 of 12 What are the types of Unemployment? Frictional; Seasonal; Cyclical and Structural 2 of 12 What are the aims of the economy? Full employment; Price stability; economic growth and balance of trade. 3 of 12 How is Unemployment measured? By using the Claimant count of the labour force survey. 4 of 12 What is fiscal policy? The use of government expenditure and taxation to influence the level of aggregate demand. 5 of 12 What is monetary policy? The use of interest rates, the money supply and the exchange rate to influence aggregate demand and inflation. 6 of 12 Supply side policies are policies that aim to? Increase productivity, improve incentives and improve the efficiency of resource allocation. 7 of 12 How is growth measured? Changes in GDP 8 of 12 What are the types of inflation? Demand pull inflation and cost push inflation. 9 of 12 When does deamand pull inflation occur? when total demand for goods and services exceeds total supply. 10 of 12 When does cost push inflation occur? When firms increase prices to maintain or protect profit margins after experiencing a rise in costs. 11 of 12 What is a recession? When theres a falling output over at least two successive quarters. 12 of 12
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