Economics AQA Matt Bennett 2.1.1: Government Economic Policy Objectives
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Economics AQA Matt Bennett 2.1.1: Government Economic Policy Objectives

Learn about the objectives of government economic policy in macroeconomics with a focus on the national economy, external factors, and macro policies. Explore how macroeconomics studies the behavior of economies as a whole and the impact of policies like taxation changes and interest rates.

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@FieryCopper

Questions and Answers

Macroeconomics studies the behaviour of an economy as a ______

whole

Macroeconomics looks at the effects of policies such as change in ______ or higher/lower interest rates

taxation

Macroeconomics studies inflation, growth, progress in human development, trade, and ______

globalisation

One of the main macroeconomic objectives is Economic Growth - improving living standards and levels of economic ______

<p>welfare</p> Signup and view all the answers

Unemployment - maintaining full employment or low ______

<p>unemployment</p> Signup and view all the answers

Inflation - limiting or controlling inflation to achieve price ______

<p>stability</p> Signup and view all the answers

Short-run growth results from using ______ resources

<p>idle</p> Signup and view all the answers

Long-run growth increases an economy’s potential level of real ______

<p>output</p> Signup and view all the answers

GDP can be split into Real and ______ GDP

<p>nominal</p> Signup and view all the answers

Government targets full employment or low ______

<p>unemployment</p> Signup and view all the answers

Full employment can be defined when unemployment is below ______%

<p>3</p> Signup and view all the answers

Unemployment is measured using Claimant count and Labour force ______

<p>survey</p> Signup and view all the answers

_______ is a persistent or continuing rise in the average price level

<p>Inflation</p> Signup and view all the answers

_______ is the official measure (from 2011 onwards) to calculate UK rate of inflation

<p>CPI</p> Signup and view all the answers

RPI is the former measure of inflation, generally higher than _______

<p>CPI</p> Signup and view all the answers

Inflation is measured in 2 main ways - the Consumer Price Index (CPI) and the Retail Price Index (_______)

<p>RPI</p> Signup and view all the answers

If value of imports > value of exports, then there is a trade _______

<p>deficit</p> Signup and view all the answers

The UK government targets a “satisfactory” balance of _______

<p>payments</p> Signup and view all the answers

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