WorksheetsEconomics Review
Total questions: 10
Worksheet time: 8mins
The examination of specific product and resource markets and the behavior of individual decision-making units such as consumers, firms and resource owners belongs to:
International Economics
Macroeconomics
Microeconomics
The most important macroeconomic objectives involve how to achieve:
Full employment
A stable rising price level
Economic growth
Equitable distribution of income
All of the above
The (a) shows that in any given time period (say a year), the value of output produced in an economy is equal to the total income generated in producing that output, which is equal to the expenditures made to purchase that output.
Savings, taxes & imports are an example of:
(a)
How many approaches exist to measure economic activity?
2
1
4
3
The formula to calculate GDP by using the expenditure approach is:
(a)
The GNI is measured by using the following formula:
GNI = GDP + Net income
GNI = GDP - Net income
GNI = GDP - environmental costs
None of the above
The difference between real GDP and nominal GDP is that real GDP is adjusted by:
(a)
The phases of the business cycle are:
Peak, expansion, contraction & potential GDP
Peak, expansion, contraction & trough
Peak, expansion, contraction, trough, leakages and injections
None of the above
The total quantity of aggregate output, or real GDP, that all buyers in an economy want to buy at different possible price levels, ceteris paribus is known as:
(a)
