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PASS Session 9 Flashcards | StudBud
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PASS Session 9
PASS Session 9
20 terms
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Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Is GDP a good measure of well-being?
Yes
No
2
Monetary policy does not involve...
Supply of money
Inflation
Taxation
Interest rates
3
Keynesian theory does not support
Government spending can help an economy recover
Rigidities in wages and price
Emphasis on manipulation of money supply
Demand side economics
4
GDP stands for...
Gross Domestic Policy
Gross Domestic Product
Net Domestic Product
Ghana Development Programme
5
Builders are more affected than teachers by economic fluctuations
True
False
6
Which of the following is not part of the business cycle?
Expansion
Trough
Recession
Stability period
7
Which of the following is not a part of the circular flow model?
Foreign Market
Firms
Households
Market for goods & services
8
Which of the following is incorrect in terms of Real GDP?
Is a more useful measure than nominal GDP
Does not take inflation into account
Measures only changes in quantity
Uses a base value of prices
9
GDP can be divided into which components..
Y = C + I + G + (M-X)
Y = C + I +G + NX
Y = C + F + G + NX
Y = C + I + F + NX
10
A long sustained peak is called
Boom
Expansion
Happy Days
Growth
11
Investment is ..... related to Real GDP
Negatively
Positively
Unrelated
12
Which of the following is incorrect in terms of Nominal GDP...
Reflects both price and quantity changes
Is a better than Real GDP at measuring growth
Considers all final goods & services
Is measured in current prices
13
Recessions are usually preceded by ... and followed by ....
Not related to inflation
A decrease in inflation and an increase in inflation
An increase in inflation and decrease in inflation
An increase in inflation, no change in inflation
14
Fiscal policy does not involve...
Supply of money
Government budget
Taxation
Public services
15
Which of the following should be included when calculating GDP?
Fred's gives his friend baking in exchange for mowing
Fred pays his son to mow the lawn
Fred hires a lawn mowing company
Fred mows his lawn
16
Which of the following does not define GDP?
Produced within a country
Income per capita
Final goods & services
Given time period
17
Which of the following cannot be considered when calculating GDP?
Raw metal
Clothes
A new car
Financial services
18
Which of the following is not a school of economic thought
Monetarist
Keynesian
Classical
Fiscality
19
Which of the following is not part of the circular flow model?
Flow of investment
Flow of inputs & outputs
Flow of dollars
20
Economic fluctuations follow a general pattern of length and severity
False
True
