12 Questions
What is the main difference between a recession and a depression?
A recession leads to increased unemployment, while a depression is characterized by general economic hardship.
According to John Maynard Keynes, which are the 4 major interacting sectors in the economy?
Genus, homes, households, government
How is household defined by the National Statistics Office?
An aggregate of persons tied by kinship bonds sharing common food
What does private consumption include?
Expenditures for food, household utilities, education, and social services
What kind of organizations are included in the business sector?
Profit-seeking entities like firms and companies
What is the primary aim of a liberal foreign trade policy?
Promoting free trade and encouraging foreign investments
Which term refers to calculating the market value of a product more than once?
Double counting
What are goods intended for further processing or investment called?
Intermediate products
Which component of the Philippine economy is government the biggest spender in?
Government expenditures on Goods and Services
What is the total of all factor incomes generated from supplying the economy with the factors of production called?
National income
Which approach is also known as the expenditure approach in determining national product?
National product approach
What does the Manual on the Philippine System of Accounts classify as part of gross fixed capital formation?
Durable equipment
Test your knowledge on economic concepts such as recession, depression, and household definitions. Explore John Maynard Keynes' identification of the major interacting sectors in the economy.
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