Podcast
Questions and Answers
The ______ is the price at which the currency of a country exchanges for that of another country.
The ______ is the price at which the currency of a country exchanges for that of another country.
exchange rate
Rupiah is the currency used in _________.
Rupiah is the currency used in _________.
Indonesia
A decrease in the demand curve for a country’s currency will lead to a ______ in its price and a _____ in the demand.
A decrease in the demand curve for a country’s currency will lead to a ______ in its price and a _____ in the demand.
decrease, shift
An increase in the supply curve for a country’s currency will lead to a ______ in its price and a _____ in the supply.
An increase in the supply curve for a country’s currency will lead to a ______ in its price and a _____ in the supply.
The _______ type of exchange rate deals with forces of demand and supply.
The _______ type of exchange rate deals with forces of demand and supply.
The deliberate reduction in the value of a country’s currency by the government is known as _________.
The deliberate reduction in the value of a country’s currency by the government is known as _________.
Higher demand for a country’s currency will lead to a ____________ in the exchange rate.
Higher demand for a country’s currency will lead to a ____________ in the exchange rate.
_________ measures the quantity of output produced from a given input of labour, capital and land.
_________ measures the quantity of output produced from a given input of labour, capital and land.
The study of Economics which deals with how the whole economy works is known as ___________.
The study of Economics which deals with how the whole economy works is known as ___________.
__________ is a negative impact of an economic activity on others that is not paid for by those who created it.
__________ is a negative impact of an economic activity on others that is not paid for by those who created it.
Flashcards
Exchange rate
Exchange rate
The price at which one country's currency exchanges for another.
Demand Curve Shift (Decrease)
Demand Curve Shift (Decrease)
A decrease in demand leads to a fall in price and a leftward shift in the demand curve.
Supply Curve Shift (Increase)
Supply Curve Shift (Increase)
An increase in supply leads to a fall in price and a rightward shift in the supply curve.
Floating exchange rate
Floating exchange rate
Signup and view all the flashcards
Devaluation
Devaluation
Signup and view all the flashcards
Higher demand for currency
Higher demand for currency
Signup and view all the flashcards
Productivity
Productivity
Signup and view all the flashcards
Macroeconomics
Macroeconomics
Signup and view all the flashcards
Tax incidence
Tax incidence
Signup and view all the flashcards
Tax base
Tax base
Signup and view all the flashcards
Study Notes
- Exchange rate represents the price at which one country's currency trades for another.
- Rupiah is the currency of Indonesia.
- A decrease in demand for a country's currency leads to a decrease in its price and a leftward shift in the demand curve.
- An increase in the supply of a country's currency leads to a decrease in its price and a rightward shift in the supply curve.
- Floating exchange rate is determined by the forces of demand and supply.
- Devaluation is the deliberate reduction in a country's currency value by its government.
- Higher demand for a country's currency leads to an increase in the exchange rate.
- The benefit principle of taxation relates to the concept of PAYE (Pay As You Earn).
- The canon of taxation that should not affect people’s willingness to work, save or invest is the canon of neutrality.
- Excise tax is levied on specific products like alcohol and tobacco manufactured within a country.
- Productivity measures the quantity of output produced from a given input of labor, capital, and land.
- Macroeconomics is the branch of economics that studies how the whole economy works.
- The incidence of a tax is its effect on the distribution of economic welfare.
- Tax base is the yardstick used to tax an individual or firm.
- A nurse earning $120,000 per annum and paying $6,000 in tax has a tax rate of 5%.
- Generator and factory buildings are examples of fixed costs.
- A negative externality is a negative impact of an economic activity on others, not paid for by those who created it.
- Fiscal policy uses taxation and public expenditure to influence the level of demand in an economy.
- Marginal cost is also known as incremental cost.
- Accountants view cost from a historical perspective, while economists view it from an opportunity cost perspective.
- Regressive tax system uses a higher tax rate for low-income earners.
- Labor refers to the productive effort supplied by people to create goods and services.
- The workforce or labor force is comprised of all people in a country who are willing and able to work.
- Variable cost is the cost that changes directly with the level of output.
- Supply-side policies include tax incentives, subsidies, and regulations used to encourage higher output and employment.
- Direct taxes are levied on income and properties, while indirect taxes are levied on goods and services.
- Private surplus is the difference between the private benefits from the sale of a product and the cost of production.
- Tax evasion is the act of individuals or firms falsifying their taxable income.
- A deficit budget occurs when projected income is less than estimated expenditure.
- Inflation is a sustained increase in the general price level in an economy.
- Supply is the quantity of goods firms are willing and able to produce at different prices.
- Income tax and property tax are examples of direct taxes.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
