Exam (elaborations)
Peregrine Exam Day 7 Questions and Verified Answers| 100% Correct| Grade A+
- Course
- Institution
Peregrine Exam Day 7 Questions and Verified Answers| 100% Correct| Grade A+
[Show more]
Content preview
Peregrine Exam Day 7 Questions and VerifiedAnswers| 100% Correct| Grade A+
Expenditure Approach - ✔✔A method of computing GDP that measures the total amount spent on
all final goods and services during a given period.
Output approach - ✔✔A method used to measure the value of aggregate output of an economy, which
calculates the value of all final goods and services produced in the country within a given time period.
According to the circular flow model, it is equivalent to measurement by the expenditure approach
and the income approach.
Income Approach - ✔✔A method of computing GDP that measures the income-wages, rents,
interest, and profits-received by all factors of production in producing final goods and services.
GNI - ✔✔The value of the output of goods and services produced in a country in a year, including
money that leaves and enters the country
Recission - ✔✔the unmaking of a contract so as to return the parties to the positions they
occupied before the contract was made
Depression - ✔✔A long-term economic state characterized by unemployment and low prices and
low levels of trade and investment
inflation rate - ✔✔the percentage increase in the price level from one year to the next
, unemployment - ✔✔Measures the number of people who are able to work, but do not have a job
during a period of time.
Economic goods - ✔✔goods that are scarce, for which the quantity demanded exceeds the
quantity supplied at a zero price
What are examples of economic goods? - ✔✔Food, clothing and housing
final goods - ✔✔goods and services that have been purchased for final use and not for resale or
further processing or manufacturing
What are some examples of final goods? - ✔✔Food, gasoline, clothing and tv's
intermediate goods - ✔✔goods used in the production of final goods
What is an example of intermediate goods? - ✔✔Salt
The largest component of GDP is - ✔✔consumption
government saving - ✔✔the difference between government revenues and government expenditures
Fiscal policy is the means by which a government adjusts the - ✔✔spending levels and tax rates
to monitor and influence a nation's economy
It is the sister strategy to monetary policy through which a - ✔✔central bank influences a
nation's money supply
Using a mix of monetary and fiscal policies - ✔✔governments can control economic phenomena
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 Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
