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Questions and Answers
What are the three main leakages in the circular flow of income?
What are the three main leakages in the circular flow of income?
Taxes, savings, and imports.
Name three main injections in the circular flow of income.
Name three main injections in the circular flow of income.
Government expenditure, investment, and exports.
Why is calculating national income important for economic planning?
Why is calculating national income important for economic planning?
It helps policymakers make informed decisions.
How does national income data indicate standards of living?
How does national income data indicate standards of living?
What is the expenditure method formula for calculating national income?
What is the expenditure method formula for calculating national income?
What factors affect consumption expenditure?
What factors affect consumption expenditure?
What is investment defined as in the context of national income?
What is investment defined as in the context of national income?
What factors affect the level of investment?
What factors affect the level of investment?
What factors influence government spending?
What factors influence government spending?
What determines the level of exports?
What determines the level of exports?
What factors affect the level of imports?
What factors affect the level of imports?
Why does national income statistics not account for population changes?
Why does national income statistics not account for population changes?
How does the nature of goods produced affect national income statistics?
How does the nature of goods produced affect national income statistics?
Why is inflation a limitation of national income statistics?
Why is inflation a limitation of national income statistics?
What is the hidden or shadow economy?
What is the hidden or shadow economy?
What does GDP measure?
What does GDP measure?
hat is the difference between GDP and GNP?
hat is the difference between GDP and GNP?
What does GNI measure?
What does GNI measure?
What is the formula for calculating GNI?
What is the formula for calculating GNI?
What does GNDI stand for and measure?
What does GNDI stand for and measure?
How does the hidden economy affect legitimate businesses?
How does the hidden economy affect legitimate businesses?
What impact does the hidden economy have on government tax revenue?
What impact does the hidden economy have on government tax revenue?
Why might products/services in the hidden economy be harmful?
Why might products/services in the hidden economy be harmful?
What is a patent?
What is a patent?
What does a trademark refer to?
What does a trademark refer to?
What is a copyright?
What is a copyright?
What is a trade secret?
What is a trade secret?
What is the multiplier effect?
What is the multiplier effect?
How do inflation rates affect savings?
How do inflation rates affect savings?
What effect does Deposit Interest Retention Tax (DIRT) have on savings?
What effect does Deposit Interest Retention Tax (DIRT) have on savings?
How do rising incomes influence savings?
How do rising incomes influence savings?
What is the difference between a closed and an open economy?
What is the difference between a closed and an open economy?
What characterizes the expansion phase of the business cycle?
What characterizes the expansion phase of the business cycle?
What marks the peak phase of the business cycle?
What marks the peak phase of the business cycle?
What happens during the contraction phase of the business cycle?
What happens during the contraction phase of the business cycle?
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