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Questions and Answers
What is the main difference between a recession and a depression?
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?
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?
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?
What does private consumption include?
What kind of organizations are included in the business sector?
What kind of organizations are included in the business sector?
What is the primary aim of a liberal foreign trade policy?
What is the primary aim of a liberal foreign trade policy?
Which term refers to calculating the market value of a product more than once?
Which term refers to calculating the market value of a product more than once?
What are goods intended for further processing or investment called?
What are goods intended for further processing or investment called?
Which component of the Philippine economy is government the biggest spender in?
Which component of the Philippine economy is government the biggest spender in?
What is the total of all factor incomes generated from supplying the economy with the factors of production called?
What is the total of all factor incomes generated from supplying the economy with the factors of production called?
Which approach is also known as the expenditure approach in determining national product?
Which approach is also known as the expenditure approach in determining national product?
What does the Manual on the Philippine System of Accounts classify as part of gross fixed capital formation?
What does the Manual on the Philippine System of Accounts classify as part of gross fixed capital formation?
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