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Worksheets3rd Quarter Review Questions
Total questions: 13
Worksheet time: 7mins
When the price level increases, goods in other countries are relatively cheaper. As a result, a country's imports increase, displacing the demand for domestic production. What is the term for the relationship described above?
The interest rate effect
The real wealth effect
The exchange rate effect
Sticky wage theory
What macroeconomic objective is aimed in the provided situation?
THE BANGKO SENTRAL NG PILIPINAS PUMPED P2 TRILLION INTO THE PHILIPPINE ECONOMY IN 2020 TO FIGHT THE PANDEMIC.
Source: Lucas, D. L. (2021, January 7). BSP pumped P2 trillion into PH economy in 2020 to fight pandemic. INQUIRER.Net. https://business.inquirer.net/315271/bsp-pumped-p2-trillion-into-ph-economy-in-2020-to-fight-pandemic_
satisfactory balance of payments
stable and gently rising price level
high employment with low employment
a high and growing level of national output
From a mainstream economic perspective, what are the main goals of macroeconomic analysis?
I. high and growing GDP
II. low inflation rates or price stability
III. satisfactory balance of payments
IV. high employment and low unemployment rates
I only
II and III
I and IV
I, II, III, and IV
What kind of tariff is too high aiming to absolutely discourage the importation of goods?
Prohibitive tariff
Specific tariff
Ad valorem tariff
Compound tariff
Theoretically,:
I. national income is equal to national expenditure
II. national output is equal to national expenditure
Both statements are correct
Only the first statement is correct.
Only the second statement is correct.
Both statements are incorrect.
Which describe/s the output method in calculating for the Gross Domestic Product? The output method calculates the GDP by getting the:
I. value of all incomes in the economy
II. total value of all goods and services a nation produces
III. value of all spending on goods and services in the economy
IV. summation of all the value-added of the market value of the production of major sectors
II only
III only
I and III
II and IV
What is the value of real GDP that all sectors are willing to purchase at different price levels?
Aggregate Demand
Aggregate Supply
Demand
Supply
What is the term used to refer to measures employed by governments to influence economic activity, specifically by manipulating the supplies of money and credit and by altering rates of interest?
Fiscal Policy
Monetary Policy
Monetary Supply Process
Monetary Supply Control Process
In national-income accounting, double counting
Occurs when the value of some output is omitted in the calculation of national income
Occurs when the value of output is counted more than once in the calculation of national income
Means that consumption will always be less than GDP
Leads to an underestimation of GDP in any given period
Total value added in an economy is equal to the value of
Sum of the value of primary, intermediate and final goods
All final and intermediate goods produced
All final goods produced
All inputs and outputs in the economy
Which of the following makes a correct distinction between the short run and the long run?
Short run: wages are fully flexible; long run: wages are fixed
Short run: wages are fixed; long run: wages are fully flexible
Short run: aggregate supply slopes downwards; long run: aggregate supply slopes upwards
Short run: less than six months have passed; long run: more than six months have passed
Which of the following statements about national income accounting is correct?
The total value added in the economy is equal to the sum of all components in the circular flow of expenditure and income
GDP on the expenditure side is calculated by adding up all the income claims generated by the act of production
The value of the expenditure on a nation’s output is equal to the total income claims generated by producing that output
GDP on the income side is calculated by adding up total expenditure for each of the main components of final output
