Exam (elaborations)
ECONOMICS SYLLABUS OVERVIEW EXAM QUESTIONS WITH CORRECT ANSWERS 100% 2024
- Course
- Institution
ECONOMICS SYLLABUS OVERVIEW EXAM QUESTIONS WITH CORRECT ANSWERS 100% 2024
[Show more]
Seller
Follow
Elitaa
Reviews received
Content preview
ECONOMICS SYLLABUSOVERVIEW EXAM QUESTIONS
WITH CORRECT ANSWERS 100%
2024
GNI - CORRECT ANSWERS-Total income of a country, accounting for capital
depreciation
National Income Statistics - CORRECT ANSWERS-Data on a country's income,
including market and basic prices
Net Property Income from Abroad - CORRECT ANSWERS-Income received from
foreign consumers, excluding taxes
GDP - CORRECT ANSWERS-Total value of goods and services produced in a country
Depreciation - CORRECT ANSWERS-Fall in value of a country's capital stock over time
Circular Flow of Income - CORRECT ANSWERS-Model showing money flow between
households, firms, and government
Closed Economy - CORRECT ANSWERS-Economy without foreign trade, focusing on
consumption, investment, and government spending
Open Economy - CORRECT ANSWERS-Economy with foreign trade, including exports
and imports in GDP calculation
Aggregate Demand (AD) - CORRECT ANSWERS-Total demand for goods and services
in an economy
Leakages - CORRECT ANSWERS-Money leaving the circular flow of income, including
savings, taxes, and imports
Injections - CORRECT ANSWERS-Money entering the circular flow of income, such as
investment and government spending
Equilibrium - CORRECT ANSWERS-State where leakages equal injections in the
economy
, Disposable Income - CORRECT ANSWERS-Income available after taxes for spending
or saving
Investment - CORRECT ANSWERS-Spending on assets or capital goods for future
returns
Government Expenditure - CORRECT ANSWERS-Spending by the government on
consumption, investments, and transfers
Net Exports - CORRECT ANSWERS-Difference between exports and imports in an
economy
Determinants of AD - CORRECT ANSWERS-Factors influencing aggregate demand,
including consumption, investment, government spending, and net exports
Interest Rates - CORRECT ANSWERS-Affects consumption; lower rates increase
investment and consumption
Income & Wealth - CORRECT ANSWERS-Increase in consumer income leads to
higher consumption and AD
Inflation Expectations - CORRECT ANSWERS-Expected inflation prompts immediate
spending, increasing consumption
Currency Exchange Rate - CORRECT ANSWERS-Rising native currency value
increases imports, decreasing net exports
Real Output - CORRECT ANSWERS-Total production of goods and services in an
economy
AD Curve - CORRECT ANSWERS-Aggregate Demand curve representing level of
output and price
SRAS Curve - CORRECT ANSWERS-Short-Run Aggregate Supply curve showing
output at different price levels
LRAS Curve - CORRECT ANSWERS-Long-Run Aggregate Supply curve indicating full
resource employment
AS & AS Interaction - CORRECT ANSWERS-Equilibrium when Aggregate Demand and
Aggregate Supply intersect
GDP Per Capita - CORRECT ANSWERS-Popular measure for economic comparison,
adjusted for population size
Nominal GDP - CORRECT ANSWERS-Total value of goods/services at current prices
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now