Economics

Which are the indicators of economic performance

• Income distribution

• Standard of Living

• Monetary Policy

• Upskilling the workforce

• Economic Growth

What does income distribution mean?

Which of the following are types of income?

• Income from labour

• Income from Government

• Income from royalties

• Income from properties

• Income in substitution of goods and services

Which are the causes of income inequality?

• High unemployment

• Replacement of humans for machines

• Reduced hours and increases wages

• High demand

• Generational inequality

Answer explanation

Reduced wages and longer hour are a cause of income inequality.

What are the effects

of income inequality?

• Financial hardship for the poor

• Lack of production of essential goods and services

• All of these

• Labour productivity, motivation for the poor to work harder

• Wealthier people can influence the economy

Does that government want income equality?

• Yes

• No

How could the government reduce income inequality?

• Welfare benefits

• Progressive Taxes

• Provision of essential services

• Compulsory

  Superannuation

• None of these

______________ is the total market value of all goods and services produced within a nation in a given time frame.

Tags

Economics

What is economic growth?

• The rate in increase of GDP over a period of 2 years

• Growth of the value of goods & services produced by an economy over a year

• None of these

• The rate of goods & services produced by an economy over a year

Standard of living is measure of how well an econmy is performing for its citizens, including ...

• unemployment

• GDP

• inflation

• Standard of living

• rate of economic growth