(6.) Economics Hl. Macroeconomics, Definitions.
IB Economics HL. Definitions QUIZ. Section 3. Macroeconomics. National income, aggregate demand and aggregate supply.
- 1."Foregoing current consumption to allow for consumption in the future" What is being defined?
- A.
Leakage
- B.
Injection
- C.
Saving
- 2.Output method: "Method measuring national income by taking the value of all the goods and services [1] in an economy" Income method: "Method measuring national income by taking the value of all the [2] earned in an economy" Expenditure method: "Method measuring national income by taking the value of all [3] on goods and services in the economy"
- A.
[1] = Sold, [2] = Incomes, [3] = Spending
- B.
[1] = Sold, [2] = Incomes, [3] = Taxes
- C.
[1] = Produced, [2] = Incomes, [3] = Spending
- 3.GDP per capita is GDP divided by ...
- A.
GNP
- B.
The size of the population
- C.
The size of the labor force
- D.
Twenty-five
- 4.Nominal GDP is the value of GDP at [...] prices
- 5.Is GDP at ___[ ] prices Real GDP?
- 6.Real GDP can also be defined as the nominal GDP adjusted for [...]
- 7."The total of all economic activity in a country" What is being defined?
- A.
GNP
- B.
GDP
- C.
Nominal GDP
- D.
Deflationary gap
- 8.NNP is the GNI minus capital consumption or "[...]"
- 9.GNP can be defined as "the total income earned by a country's factors of production"
- A.
True
- B.
False
- 10.GNP can also be defined as "the net property income from [...]"
- 11."Income measured in how much it can buy (after inflation)" is Callie's beautiful definition of ...
- A.
Disposable income
- B.
False income
- C.
Real income
- 12.Given the answer to question 11, the "household income after the deduction of taxes and addition of benefits" should be the [...]
- 13.The aggregate demand is the total demand for all [...] goods and services in a period time at a given price level
- 14."A change in aggregate spending on net exports, that results because a change in price level alters the relative prices of exports and imports" What is being defined?
- A.
Real balance effect
- B.
Net export effect
- C.
Interest rate effect
- 15."Consumption", when defined as a factor which determines Aggregate demand, can be defined as: "The total spending by consumers on goods and services"
- A.
True
- B.
False
- 16.Investment is "the addition of capital [...] to the economy"
- 17."The effect on spending of changes in the ratio of money balances to income" What is being defined?
- A.
Real balance effect
- B.
Net export effect
- C.
Interest rate effect
- 18."The increase in investment or spending resulting from firms or consumers taking advantage of lower interest rates" Is the proper name for this the "interest rate effect"?
- A.
Yes
- B.
No
- 19.There are two main types of investment: Replacement investment - when firms spend on capital to maintain the productivity of existing capital, and [...]
- 20.Define "government spending"
- A.
The inflation occuring when government neglect elderly citizens
- B.
The spending on goods and services by the government
- C.
The spending on goods and services by the individual consumer
- 21.In economics, the difference between export revenues and income expenditure is known as ...
- A.
Net exports
- B.
Net imports
- 22.Fiscal policy is the set of a government's policies relating to its ...
- A.
Money supply
- B.
Money supply and control of interest rates
- C.
Control of interest rates and taxation rates
- D.
Spending and taxation rates
- 23."The set of official policies governing the supply of money and the level of interest rates in an economy" is the government's [...]
- 24."Policies used to increase the potential output of an economy by increasing quantity or quality of factors of production" Which policies are these?
- A.
Fiscal policies
- B.
Monetary policies
- C.
Supply-side policies
- D.
Demand-side policies
- 25."The total amount of goods and services produced in an economy at every given price level" What is being defined
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