Quiz
Economics - Key terms
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Perguntas do quiz (22)
1What is an injection?
- AInjection is a concept that illustrates firms investing to increase production thus causing real GDP to increase
- BInjection in an economy is when money goes in to the main flow between households and firms, increasing GDP
- Cinjection accounts for households that borrow money for personal investment.
- DInjection accounts for money that goes out from the main flow, decreasing GDP
- EInjection in an econmy is money that has been allocated in to savings
2Slump is the stage when unemployment is very low and businesses are investing with high confidence
- AVerdadeiro
- BFalso
3What is Net Social Welfare?
- ANet social welfare is a concept that focuses on economic factors, output of goods and services, and non economic factors measured by the HDI (Human Development Index), which shows the standard of which individuals are living in.
- BNet social welfare shows the value of goods and services, therefore indicating any economic growth.
- CNet social welfare is a concept relative to Real GDP to show economic growth (increase in production - increase in the material living standards)
- DNet social welfare is an idea that shows the maximum that can be produced with current resources and technology.
4What is Real GDP?
- AReal GDP is the total market value of all goods and services produced in an economy, with prices from a base year, which will indicate economic growth in real terms
- BReal GDP illustrates the economic concept of the total output of goods and services in relation to scarcity, choice, opportunity cost and growth, in assumption of two goods, fixed resources and a given level of technology. (shows the potential output)
- CReal GDP is the value of output at current market prices
- DReal GDP focuses on economic and non economic factors through the HDI index to measure socio-economic progress which has three components - longevity, knowledge, and income.
5What is a withdrawal?
- AA withdrawal in an econmy is an import made to overseas
- BA withdrawal in an economy is an export
- CA withdrawal accounts for government spending that reduces GDP and overall size of the economy
- DA withdrawal in an econmy is money taken out of the main flow
- EWithdrawal accounts for taxes
6Recession is when value of money decreases (deflation)
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7Economic growth is at its peak. What stage on the business cycle is this likely to be on?
- ASlump
- BRecession
- CBoom
- DRecovery
8I = Income
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9How is Net Migration beneficial?
- AMore labour available, therefore more production
- BHigher demand for goods and services
- CCreates additional skills available in the economy
10Economic welfare is calculated by social indicators
- AVerdadeiro
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11What is a Transfer Payment?
- AA payment made by government with no exchange (nothing is received in return) eg, income support or the domestic purposes benefit.
- BThe creation or purchase of new capital by firms or government eg. building a new factory or constructing a motorway
- CA withdrawal within the circular flow model
12What is Nominal GDP?
- ANominal GDP is a form of measurement that refers to the value of the output, that indicates economic growth and standard of living, at a given base year price accounting any changes in inflation or deflation. So as price increases and assuming the output is the same, there will be no increase in Nominal GDP and vice versa.
- BNominal GDP is a form of measurement that refers to the value of output at current market prices (current dollars) giving an estimate of economic growth, so as price increases nominal GDP increases and vice versa.
- CNominal GDP measures the economic potential, rather than looking at the actual output of the economy for an example decrease in employment it will show economic growth.
- DNominal GDP focuses on economic factors (output of goods and services) as well as non-economic factors such as quality of life factors.
13What is real income?
- AReal income is the value of output at current market prices
- BReal income measures economic potential, rather than looking at the actual output of an economy
- CReal income is the value of output relative to some base year.
- DReal income refers to actual economic output, i.e the total number of goods and services produced by an economy
14In terms of C.E.L.L , the resource market, what does 'C' stand for?
- ACapital
- BConsumer
- CConsumption spending
- DCapacity
15What is the unemployment rate in NZ (as of 2014 June)?
- A5.6%
- B3.8%
- C14%
- D2%
- E7.9%
16'A firm pays GST' what form of money flow is this?
- ATax
- BGovernment
- CConsumption spending
- DInvestment
17What is the current GDP growth of New Zealand?
- A2.1%
- B2.6%
- C2.5%
- D2.8%
- E2.9&
18The 'interest rate' indicates the amount charged, expressed as a percentage, by a lender to a borrower for the use of assets.
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19What is the current inflation rate in NZ? (on average) - Inflation is when the price increases measured by the CPI (Consumer Price Index), shown as a percentage.
- A1.9%
- B2.1%
- C2.3%
- D2.7%
- E3.2%
20'Purchasing Power' is related to and known as...?
- AThe value of goods and services bought
- BReal GDP
- CNominal GDP
- DThe potential GDP of goods and services
- EThe amount of goods and services bought
- FReal income
21An example of non-economic welfare is employment
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22The difference between Productivity and Labour Productivity is that Productivity is the correlation between QUANTITY of inputs and the quantity of output so through quantity of Input ==> Production process ==> quantity of Output (Therefore Lower input and higher output is considered as improved production) and Labour Productivity is the ouput PER worker PER unit of time.
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Informações
- Descrição
- Revision
- Autor
- Samuel Williams9196
- Idioma
- English
- Visualizações
- 62
- Etiquetas
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