SS Q3

What is the lesson about macroeconomics?

• The rule of 70 formula

• The four factors of production

• Gross national product

• The circular flow of income

What are the four factors of production?

• Land, Labor, Capital, Goods

• Money, Technology, Services, Products

• Natural resources, Entrepreneurs, Human input, Goods

• Land, Enterprise, Labor, Capital

What is the circular flow diagram used to represent?

• The process of growing vegetables

• The flow of money in an economy

• The measurement of GDP and GNI

• The cycle of investment and savings

What are injections in the circular flow of income?

• Expanding the garden by buying more land or tools

• Savings and taxes

• Buying things from other countries

• Selling vegetables to neighbors

What does GNP measure?

• The income and investment of citizens living abroad

• The total market value of goods and services created by all citizens of a particular country

• The total expenditure of a country's households

• The total income of a country's government

What is the basis for computing GNP/GNI?

• Euro

• Pound

• Yen

• US Dollar

What is the formula for calculating GNI/GNP growth rate?

• GNI/GNP Growth Rate = (GNI of Current Year - GNI of Previous Year) / GNI of Previous Year

• GNI/GNP Growth Rate = (GNI of Current Year - GNI of Previous Year) * 100

• GNI/GNP Growth Rate = (GNI of Current Year - GNI of Previous Year) - GNI of Previous Year

• GNI/GNP Growth Rate = (GNI of Current Year - GNI of Previous Year) + GNI of Previous Year

What does the Rule of 70 formula calculate?

• Inflation rate

• GDP growth rate

• Population growth rate

• Interest rate

What is the measure of the economy on the expenditure approach?

• Personal Consumption

• Investment Expenditure

• Government Expenditure

• All of the above

What is the basis for computing GDP?

• Yen

• Pound

• Euro

• US Dollar