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Economic Concepts Quiz

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Questions and Answers

What is the main difference between a recession and a depression?

A recession is a short-term economic downturn, while a depression is a long-term economic decline.

A recession involves increased business profits, while a depression leads to reduced foreign trade.

A recession causes declining real incomes, while a depression results in increased government spending.

A recession leads to increased unemployment, while a depression is characterized by general economic hardship. (correct)

According to John Maynard Keynes, which are the 4 major interacting sectors in the economy?

Government, households, foreign trade, stock investments

Genus, homes, households, government (correct)

Individuals, firms, stock market, foreign trade

Household, private consumption, business sector, fixed capital

How is household defined by the National Statistics Office?

An aggregate of persons tied by kinship bonds sharing common food (correct)

An aggregate of persons sharing common food and kinship bonds

An aggregate of persons sharing household utilities and transportation

An aggregate of unrelated persons living together and sharing food

What does private consumption include?

Expenditures for food, household utilities, education, and social services Signup and view all the answers

What kind of organizations are included in the business sector?

Profit-seeking entities like firms and companies Signup and view all the answers

What is the primary aim of a liberal foreign trade policy?

Promoting free trade and encouraging foreign investments Signup and view all the answers

Which term refers to calculating the market value of a product more than once?

Double counting Signup and view all the answers

What are goods intended for further processing or investment called?

Intermediate products Signup and view all the answers

Which component of the Philippine economy is government the biggest spender in?

Government expenditures on Goods and Services Signup and view all the answers

What is the total of all factor incomes generated from supplying the economy with the factors of production called?

National income Signup and view all the answers

Which approach is also known as the expenditure approach in determining national product?

National product approach Signup and view all the answers

What does the Manual on the Philippine System of Accounts classify as part of gross fixed capital formation?

Durable equipment Signup and view all the answers