It is the study of the nations economy as a whole.

• Microeconomics

• National economy

• National output

• Macroeconomics

It is the measure of a country's total production of final goods and services in a given period of time.

• Gross National Product

• Gross Domestic Product

• Exports

• Imports

What do you call an economic policy that is designed to influence the aggregate demand in order to control the economy?

• Spending policy

• National policy

• Fiscal policy

• Monetary policy

It is the continuing increase of the general price level in the market.

• Inflation

• Deflation

• Stagflation

• Recession

It is the decrease in the general level of prices of basic commodities.

• Inflation

• Deflation

• Stagflation

• Stagnation

It shows the cycle of goods and services in an economy.

• Circular flow of goods

• Circular flow of money

• Circular flow of the economy

• Circular flow of resources

This happens when there is an increase in the production of goods and services.

• Economic Development

• Economic Progress

• Economic Growth

• Economic efficiency

Which of the following situation describes unemployment?

• Robert is a full-time student.

• Sharon just graduated from college.

• George earns 70 pesos an hour.

• Gene works after school as a bagger at a local grocery store.

Which of the following scenarios show frictional unemployment?

• John got laid-off from work since the company is not making enough money.

• Jeff cannot find work since most blue collar jobs are already filled.

• Ramon quit his jobs to move to Canada for a better job offer.

• Alberto works as a call center agent after graduating nursing

Which of the following formulas is used to compute for GDP using the income method?

• C+I+G+X-M

• PI+CI+GI+IBT-S+D

• AG+IN+SE

• PI+CI+GI+NFIA-S+D