economics

80問 • 2年前

問題一覧

A determinant of Price Elasticity of Supply is where businesses are constrained by their available resources and may operate at full capacity during strong economic periods, resulting in inelastic supply when demand rises.

Productive Capacity

A determinant of Price Elasticity of Supply is where smaller businesses can quickly respond to rising demand without significantly increasing costs, giving them a more elastic supply compared to larger companies like steel manufacturers.

The Size of the Firm/Industry

What type of price elasticity of demand that is greater than 1 and a one percentage increase in price will result in more than one percentage change in quantity demanded?

Elastic

It is what a consumer pays for a unit of a specific good or service.

Price

It is called the value of goods and services produced.

Outcome

It is the amount of money from the goods and services being sold.

Income

_______ is the money that is accepted as a medium of exchange because of the trust between the payer and the payee.

Fiduciary money

What is the Issue price?

It is price lower than the market price

What is the formula for getting GDP through the Income Approach?

Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income

What is Depression in economics?

When the economy continues to suffer recession for two or more consecutive quarters, generally, it is a severe and prolonged recession.

Which of the following is not a Money Market instrument?

Bonds

Which of the following is/are examples of money?

Currency notes and coins

Throughout its history, the Philippine Economy has experienced periods of inflation and deflation and periods of relatively high and low employment. These recurrent but nonperiodic ups (expansions) and downs (contractions) of economic activity are called ____?

Business Cycle

The "peak" of the business cycle is when the economy experiences expansions in all dimensions, leading to accelerated and prolonged demand and increased investments, production, employment, etc.

Prosperity

In this phase of the business cycle, the overall economic activities decline, leading to low economic output or the real GDP.

Recession

All of the following are determinants of productivity EXCEPT:

Advertising and Media

What does an elastic demand or supply signify?

High responsiveness to price changes

If the price elasticity of supply (PES) is inelastic (<1), what does it mean for quantity supplied?

Quantity supplied changes slightly with price changes

Which type of demand occurs when a single product has multiple uses?

Composite Demand

This consists of finding the total wages, salaries, interest, dividends, rent, etc., paid to all the people of the country. To this are added receipts of goods in kind, profits earned by business firms but not paid out to their owners, and similar items.

Payments Received Method

When the households consume the products and services of business firms, what will the households offer to the bank?

Savings

When the business firms are offering and delivering products and services to the households, what will the households offer the government?

Taxes

All of the following are determinants of demand EXCEPT:

Number of Sellers

Refers to the goods or services that do not have an all-year-round demand.

Seasonal Demand

This macroeconomics variable is the ratio of nominal GDP to real GDP and is otherwise called the implicit price deflator for GDP.

GDP Deflator

Which of the following best describes the differences between the GDP deflator and CPI:

The CPI can calculate the Inflation rate while the GDP deflator cannot.

It is a period of rapid economic expansion resulting in higher GDP, lower unemployment, a higher inflation rate, and rising asset prices.

Economic Boom

This measures both a nation's nation's total output of goods and services and its income.

Gross Domestic Product (GDP)

Printing money and distributing it to people is not a viable solution to poverty because…

It will result in inflation.

It is the measure of how much buyers and sellers respond to changes in market conditions.

Elasticity

This is a business cycle contraction that occurs when there is a general decline in economic activity; it generally occurs when there is a widespread drop in spending.

Recession

This pertains to the total domestic and foreign output claimed by residents of a country, consisting of the gross domestic product plus factor incomes earned by foreign residents minus income earned in the domestic economy by non-residents.

Gross National Product

What is the amount of a good, service, or resource that people are willing and able to buy during a specified period at a specified price?

Quantity Demanded

This is the "valley" of the business cycle where output and employment are at their lowest levels.

Depression

What is the measure of deducting depreciation from the Gross National Product (GNP)?

Net National Product (NNP)

Which of the following is NOT one of the three (3) approaches used to measure the Gross Domestic Product (GDP)?

Price Approach

What is the main difference between Nominal Income and Real Income?

Nominal income is the total income before taxes, while real income is after-tax deductions.

What does Real Income represent in economics?

Income adjusted for inflation

All of the following is included in the composition GDP is made of EXCEPT:

Local Funds

What measures a country's economic output per person?

GDP Per Capita

There are three approaches to measuring the gross domestic product, or GDP. The formula for the Expenditure Approach is:

Y = C + I + G + (X-M), where Y = national income, C = consumption expenditures, I = investment, G = government expenditures, X = export, and M = import.

Compute the nominal GDP if the quantity is 750 and the price of each quantity is 60.

45,000

It is one of the different demand curve types that illustrate graphically how the percentage change in quantity demanded and the percentage change in price are equal or constant. A demand curve that is shaped like a rectangular hyperbola presents this.

Unitary Elastic Demand

This variety of demand curve shows that any change in price will result in an infinite change in the quantity demanded. This variety of demand curve means that the Elasticity of demand is infinity.

Perfectly Elastic Demand

It is a situation where workers look for other jobs or are laid off for some reason.

Frictional Unemployment

This type of unemployment, where innovation and technological changes render the skills and talents of some workers obsolete.

Structural Unemployment

This consists of finding the sum of retail sales, total expenditures for building construction (the most important form of investment), and similar data obtained from numerous sources.

Expenditures Method

Spending by households on goods and services, with the exception of purchases of new housing. What composition of GDP is this?

Consumption

Which of the following is equal to the foreign purchases of domestically produced goods (exports) minus the domestic purchases of foreign goods (imports)?

Net Exports (NX)

Which of the following is NOT a determinant for the Price Elasticity of Demand?

The Size of the Firm/Industry

Which is not an approach to measuring GDP?

Outcome Approach

Which is not a type of Elasticity?

Unelastic

In economic policies, there are the following: Monetary Policy for Monetary Management and Circulation, Fiscal Policy for Government Taxation and Goods, and Trade Policy for Import and Exports of the Country. In the statements above, which is the incorrect sub-topic?

Fiscal Policy is for Government Taxation and Goods

It is the economic measurement that states the overall sum of goods and services rendered in the economy in a whole year.

National Income

What is the best explanation for Diminishing Returns?

It is the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.

What is the simplest and considered the oldest type of currency that builds on scarce natural resources that act as a medium of exchange, store of value, and unit of account?

Commodity Money

Which of the following policies and ways could a nation use in order to resolve the Recession and Depression?

All of the Above

Which of the following is an example of an exogenous variable?

The level of government spending

It measures how much the quantity demand responds to changes in the price.

Price Elasticity of Demand

It is when the economy tries to come out of the low production phase, maybe a Recession or Depression

Recovery

It is the measurement of the total value of produced goods and services using the current prices.

Nominal GDP

It is a type of GDP where the economic well-being would tally the economy’s output of goods and services without being influenced by changes in price.

Real GDP

In the context of the goods market, what is the "equilibrium" point?

The point where the quantity demanded equals the quantity supplied.

Which of the following factors is likely to increase the demand for goods in the market?

An increase in population.

Which of the following is NOT a determinant for price elasticity of supply?

Availability of Close Substitutes

Price elasticity is equal to 1, and a one percentage increase in price will result in precisely one percentage change in quantity demanded. What is it?

Unitary

It is a model that shows the flow of money in society, which is money is sent back and forth between producers and employees in the form of wages and payments for goods.

Circular Flow

The price of the basket of goods and services relative to the price of the same basket in some base year. It is by computing the price of a basket of goods and services purchased by a typical consumer.

Consumer Price Index (CPI)

Which of the following statements about microeconomics is FALSE?

Microeconomics is the study of the economy as a whole.

Which of the following statements about macroeconomics is FALSE?

Macroeconomics focuses on the actions of individuals and businesses.

Which one of the following is FALSE about the Net National Product (NNP)?

It is examined bi-yearly in order to assess a nation’s achievement in maintaining minimal production standards

It is a type of demand wherein the increase in demand for a good or service is caused by changes in the cost of a related good or service.

Derived Demand

Purchase of goods that will be used in the future to produce more goods and services.

Investment

It expresses the relationship between the price and quantity of goods purchased

Price Demand

____________ spending by households on goods and services, with the exception of purchases of new housing

Consumption

____________ can be described as claims against financial institutions that can be used to purchase goods or services that will be generally accepted as a medium of exchange.

Commercial money

What is the importance of the Net National Product?

It plays a significant role in shaping the growth rate of a nation

It is the term for how much money an individual or entity makes after accounting for inflation.

Real Wage

What is the formula for the Unemployment Rate?

It is the amount of money that has not been adjusted for inflation-related changes in purchasing power or how much that money can be purchased.

Nominal Income

economics finals

micaella · 100問 · 2年前

economics finals

economics finals p2

economics finals p2

問題一覧

Productive Capacity

The Size of the Firm/Industry

What type of price elasticity of demand that is greater than 1 and a one percentage increase in price will result in more than one percentage change in quantity demanded?

Elastic

It is what a consumer pays for a unit of a specific good or service.

Price

It is called the value of goods and services produced.

Outcome

It is the amount of money from the goods and services being sold.

Income

_______ is the money that is accepted as a medium of exchange because of the trust between the payer and the payee.

Fiduciary money

What is the Issue price?

It is price lower than the market price

What is the formula for getting GDP through the Income Approach?

Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income

What is Depression in economics?

When the economy continues to suffer recession for two or more consecutive quarters, generally, it is a severe and prolonged recession.

Which of the following is not a Money Market instrument?

Bonds

Which of the following is/are examples of money?

Currency notes and coins

Business Cycle

The "peak" of the business cycle is when the economy experiences expansions in all dimensions, leading to accelerated and prolonged demand and increased investments, production, employment, etc.

Prosperity

In this phase of the business cycle, the overall economic activities decline, leading to low economic output or the real GDP.

Recession

All of the following are determinants of productivity EXCEPT:

Advertising and Media

What does an elastic demand or supply signify?

High responsiveness to price changes

If the price elasticity of supply (PES) is inelastic (<1), what does it mean for quantity supplied?

Quantity supplied changes slightly with price changes

Which type of demand occurs when a single product has multiple uses?

Composite Demand

Payments Received Method

When the households consume the products and services of business firms, what will the households offer to the bank?

Savings

When the business firms are offering and delivering products and services to the households, what will the households offer the government?

Taxes

All of the following are determinants of demand EXCEPT:

Number of Sellers

Refers to the goods or services that do not have an all-year-round demand.

Seasonal Demand

This macroeconomics variable is the ratio of nominal GDP to real GDP and is otherwise called the implicit price deflator for GDP.

GDP Deflator

Which of the following best describes the differences between the GDP deflator and CPI:

The CPI can calculate the Inflation rate while the GDP deflator cannot.

It is a period of rapid economic expansion resulting in higher GDP, lower unemployment, a higher inflation rate, and rising asset prices.

Economic Boom

This measures both a nation's nation's total output of goods and services and its income.

Gross Domestic Product (GDP)

Printing money and distributing it to people is not a viable solution to poverty because…

It will result in inflation.

It is the measure of how much buyers and sellers respond to changes in market conditions.

Elasticity

This is a business cycle contraction that occurs when there is a general decline in economic activity; it generally occurs when there is a widespread drop in spending.

Recession

Gross National Product

What is the amount of a good, service, or resource that people are willing and able to buy during a specified period at a specified price?

Quantity Demanded

This is the "valley" of the business cycle where output and employment are at their lowest levels.

Depression

What is the measure of deducting depreciation from the Gross National Product (GNP)?

Net National Product (NNP)

Which of the following is NOT one of the three (3) approaches used to measure the Gross Domestic Product (GDP)?

Price Approach

What is the main difference between Nominal Income and Real Income?

Nominal income is the total income before taxes, while real income is after-tax deductions.

What does Real Income represent in economics?

Income adjusted for inflation

All of the following is included in the composition GDP is made of EXCEPT:

Local Funds

What measures a country's economic output per person?

GDP Per Capita

There are three approaches to measuring the gross domestic product, or GDP. The formula for the Expenditure Approach is:

Y = C + I + G + (X-M), where Y = national income, C = consumption expenditures, I = investment, G = government expenditures, X = export, and M = import.

Compute the nominal GDP if the quantity is 750 and the price of each quantity is 60.

45,000

Unitary Elastic Demand

This variety of demand curve shows that any change in price will result in an infinite change in the quantity demanded. This variety of demand curve means that the Elasticity of demand is infinity.

Perfectly Elastic Demand

It is a situation where workers look for other jobs or are laid off for some reason.

Frictional Unemployment

This type of unemployment, where innovation and technological changes render the skills and talents of some workers obsolete.

Structural Unemployment

This consists of finding the sum of retail sales, total expenditures for building construction (the most important form of investment), and similar data obtained from numerous sources.

Expenditures Method

Spending by households on goods and services, with the exception of purchases of new housing. What composition of GDP is this?

Consumption

Which of the following is equal to the foreign purchases of domestically produced goods (exports) minus the domestic purchases of foreign goods (imports)?

Net Exports (NX)

Which of the following is NOT a determinant for the Price Elasticity of Demand?

The Size of the Firm/Industry

Which is not an approach to measuring GDP?

Outcome Approach

Which is not a type of Elasticity?

Unelastic

Fiscal Policy is for Government Taxation and Goods

It is the economic measurement that states the overall sum of goods and services rendered in the economy in a whole year.

National Income

What is the best explanation for Diminishing Returns?

It is the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.

What is the simplest and considered the oldest type of currency that builds on scarce natural resources that act as a medium of exchange, store of value, and unit of account?

Commodity Money

Which of the following policies and ways could a nation use in order to resolve the Recession and Depression?

All of the Above

Which of the following is an example of an exogenous variable?

The level of government spending

It measures how much the quantity demand responds to changes in the price.

Price Elasticity of Demand

It is when the economy tries to come out of the low production phase, maybe a Recession or Depression

Recovery

It is the measurement of the total value of produced goods and services using the current prices.

Nominal GDP

It is a type of GDP where the economic well-being would tally the economy’s output of goods and services without being influenced by changes in price.

Real GDP

In the context of the goods market, what is the "equilibrium" point?

The point where the quantity demanded equals the quantity supplied.

Which of the following factors is likely to increase the demand for goods in the market?

An increase in population.

Which of the following is NOT a determinant for price elasticity of supply?

Availability of Close Substitutes

Price elasticity is equal to 1, and a one percentage increase in price will result in precisely one percentage change in quantity demanded. What is it?

Unitary

It is a model that shows the flow of money in society, which is money is sent back and forth between producers and employees in the form of wages and payments for goods.

Circular Flow

Consumer Price Index (CPI)

Which of the following statements about microeconomics is FALSE?

Microeconomics is the study of the economy as a whole.

Which of the following statements about macroeconomics is FALSE?

Macroeconomics focuses on the actions of individuals and businesses.

Which one of the following is FALSE about the Net National Product (NNP)?

It is examined bi-yearly in order to assess a nation’s achievement in maintaining minimal production standards

It is a type of demand wherein the increase in demand for a good or service is caused by changes in the cost of a related good or service.

Derived Demand

Purchase of goods that will be used in the future to produce more goods and services.

Investment

It expresses the relationship between the price and quantity of goods purchased

Price Demand

____________ spending by households on goods and services, with the exception of purchases of new housing

Consumption

____________ can be described as claims against financial institutions that can be used to purchase goods or services that will be generally accepted as a medium of exchange.

Commercial money

What is the importance of the Net National Product?

It plays a significant role in shaping the growth rate of a nation

It is the term for how much money an individual or entity makes after accounting for inflation.

Real Wage

What is the formula for the Unemployment Rate?

It is the amount of money that has not been adjusted for inflation-related changes in purchasing power or how much that money can be purchased.

Nominal Income