Term 1 Test

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What is the primary challenge in economics?

Scarcity (correct)

Government policies

Unlimited resources

Infinite desires

What is the fundamental economic problem?

How to distribute income

How to allocate limited resources efficiently (correct)

How to produce goods and services

How to increase resource availability

What is the focus of microeconomics?

Government policies and their impact

The decisions of individuals and firms (correct)

The overall functioning of an economy

International trade and finance

What is the primary question in economics related to production?

What to produce? Signup and view all the answers

Which branch of economics studies the overall functioning of an economy?

Macroeconomics Signup and view all the answers

What is the reason for the economic problem?

Limited resources Signup and view all the answers

What is the outcome of the economic problem?

Inefficient allocation of resources Signup and view all the answers

Which of the following is NOT an economic question?

Why do humans have unlimited wants? Signup and view all the answers

Which branch of economics focuses on the role of money in the economy?

Monetary Economics Signup and view all the answers

What is the main goal of economic models?

To understand and predict the interactions of economic actions Signup and view all the answers

What is the key difference between positive and normative economics?

Positive economics describes and predicts economic phenomena, while normative economics involves value judgments Signup and view all the answers

What is the primary challenge faced by economic researchers?

All of the above Signup and view all the answers

What is the fundamental economic problem?

Scarcity Signup and view all the answers

What is absolute scarcity?

When resources are insufficient to produce a good Signup and view all the answers

What is an opportunity cost?

The foregone benefit of the next best alternative Signup and view all the answers

Which type of good requires scarce resources to produce?

Economic goods Signup and view all the answers

What is the scientific method used in economics?

Formulating a question, conducting investigations, and drawing conclusions based on evidence Signup and view all the answers

What is the purpose of economic models in economics?

To understand and predict the interactions of economic actions Signup and view all the answers

What is the phase of the business cycle characterized by high economic activity and increasing employment?

Prosperity Signup and view all the answers

Which of the following is an exogenous reason for business cycles?

Natural disasters Signup and view all the answers

What is the term for the total demand for goods and services in the economy?

Aggregate Demand Signup and view all the answers

What is likely to happen to employment rates during a boom phase of the business cycle?

They will increase Signup and view all the answers

Which group of people is disproportionately affected by business cycles?

Economically vulnerable populations Signup and view all the answers

What is the impact of business cycles on economic growth?

It leads to fluctuations in growth Signup and view all the answers

What is the primary benefit of understanding business cycles?

It enables anticipation of economic changes and implementation of measures to mitigate adverse effects Signup and view all the answers

What tends to happen to price levels during an expansion phase of the business cycle?

They tend to rise Signup and view all the answers

What is the main function of financial institutions?

To facilitate savings and provide loans Signup and view all the answers

What is the main difference between the real flow and monetary flow?

Real flow refers to the movement of goods and services, while monetary flow refers to the movement of money Signup and view all the answers

What is the formula used in the Expenditure Approach to calculate GDP?

GDP = C + I + G + (X - M) Signup and view all the answers

What is the key limitation of GDP as a measure of economic activity?

It does not account for the distribution of income among the population Signup and view all the answers

What is the main difference between GDP and GNI?

GDP measures production within the country, while GNI measures income earned by nationals Signup and view all the answers

What is the purpose of calculating per capita income?

To understand the economic well-being of the average citizen Signup and view all the answers

What are economic indicators used for?

To analyze changes in the business cycle Signup and view all the answers

What type of economic indicator signals future economic changes before they occur?

Leading indicator Signup and view all the answers

What is the purpose of representing business cycles?

To analyze changes in the business cycle Signup and view all the answers

What is a time series in the context of business cycles?

Data collected over successive time intervals to track economic changes Signup and view all the answers

What is the primary function of Entrepreneurship in the economy?

To combine the other three factors of production to create goods and services Signup and view all the answers

What sector of the economy involves manufacturing and processing activities?

Secondary Sector Signup and view all the answers

What type of goods are consumed immediately or shortly after purchase?

Non-durable Goods Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

Disposable Income Signup and view all the answers

What is a key component of sustainable development?

Fair labor practices Signup and view all the answers

What is the term for businesses owned by individuals or corporations?

Private Sector Signup and view all the answers

What is the term for the economy's circular flow model?

Circular Flow Model Signup and view all the answers

Which economic participant provides labor and receives income used to purchase goods and services?

Households Signup and view all the answers

What is the primary role of the Government in the economy?

To provide public services and infrastructure Signup and view all the answers

What is the term for unregistered businesses that are not included in official economic statistics?

Informal Sector Signup and view all the answers

What is the primary focus of Developmental Economics?

The policies that promote economic development in less developed countries Signup and view all the answers

What type of reasoning involves developing hypotheses based on existing theories and testing them against empirical data?

Deductive reasoning Signup and view all the answers

What is the purpose of economic models?

To help understand and predict the interactions and outcomes of economic actions Signup and view all the answers

What is the difference between Positive and Normative Economics?

Positive Economics describes and predicts economic phenomena, while Normative Economics involves value judgments Signup and view all the answers

What is the term for the limitation of resources that compels individuals and societies to make choices?

The Basic Economic Problem Signup and view all the answers

What is the term for goods that are naturally available without cost?

Free Goods Signup and view all the answers

What is the foregone benefit of the next best alternative when a choice is made?

Opportunity Cost Signup and view all the answers

What is the term for the scientific method used in economics?

The Systematic Approach Signup and view all the answers

What is the main challenge faced by economic researchers?

Maintaining all variables constant except one Signup and view all the answers

What is the focus of Labour Economics?

The supply and demand for labour Signup and view all the answers

What is the primary function of financial institutions?

To facilitate savings and provide loans Signup and view all the answers

What is the Real Flow in the economy?

The movement of goods and services Signup and view all the answers

What is calculated in the Expenditure Approach to calculate GDP?

Total spending on final goods and services in the economy Signup and view all the answers

What is a limitation of GDP as a measure of economic activity?

It ignores non-monetary transactions and informal economic activities Signup and view all the answers

What does GNI measure?

The total income earned by a country's nationals, including production inside and outside the country Signup and view all the answers

What is the term for the average income per person in a country?

Per capita income Signup and view all the answers

What type of economic indicator signals future economic changes before they occur?

Leading indicators Signup and view all the answers

What is a time series in the context of business cycles?

Data collected over successive time intervals to track economic changes Signup and view all the answers

What is the primary characteristic of business cycles?

Unpredictable and irregular fluctuations in economic activity Signup and view all the answers

Why is understanding business cycles important?

For economic planning and forecasting Signup and view all the answers

What is the primary goal of economic decision-making?

To allocate scarce resources efficiently Signup and view all the answers

What is the core issue that gives rise to the economic problem?

Unlimited wants and needs Signup and view all the answers

Which economic question deals with the distribution of goods and services?

For whom to produce? Signup and view all the answers

What is the focus of macroeconomics?

Overall economic functioning Signup and view all the answers

What is the common characteristic of economic wants and needs?

Unlimited Signup and view all the answers

Which branch of economics examines the interactions of individuals and firms?

Microeconomics Signup and view all the answers

What is the outcome of the economic problem?

Inefficient allocation of resources Signup and view all the answers

What is the primary reason for the economic problem?

Limited resources Signup and view all the answers

What characterizes the prosperity phase of a business cycle?

High economic activity and increasing employment Signup and view all the answers

Which of the following is an endogenous reason for business cycles?

Fluctuations in investment Signup and view all the answers

What is the term for the total supply of goods and services available in the economy?

Aggregate Supply Signup and view all the answers

How do business cycles affect economically vulnerable populations?

They are disproportionately affected by economic downturns Signup and view all the answers

What is the impact of business cycles on employment?

Job creation increases during booms and decreases during recessions Signup and view all the answers

What is the primary benefit of understanding business cycles?

To anticipate economic changes and implement measures to mitigate their adverse effects Signup and view all the answers

What tends to happen to price levels during an expansion phase of the business cycle?

Price levels tend to increase Signup and view all the answers

What is the role of government and social services during economic downturns?

To support economically vulnerable populations Signup and view all the answers

What is the primary role of the land factor in the production of goods and services?

To provide the natural resources necessary for production Signup and view all the answers

What is the main difference between the primary and secondary sectors of the economy?

The primary sector involves extraction of natural resources, while the secondary sector involves manufacturing and processing activities Signup and view all the answers

What is the main difference between the public and private sectors of the economy?

The public sector is owned by the government, while the private sector is owned by individuals or corporations Signup and view all the answers

What is the main characteristic of durable goods?

They are long-lasting goods that can be used for a long period of time Signup and view all the answers

What is the primary role of households in the economy?

To provide labor and receive income used to purchase goods and services Signup and view all the answers

What is the main goal of sustainable development?

To achieve economic growth without depleting natural resources Signup and view all the answers

What is the main function of government in the circular flow model?

To collect taxes and provide public services and infrastructure Signup and view all the answers

What is the main characteristic of the informal sector?

Includes unregistered businesses that are not included in official economic statistics Signup and view all the answers

What is the primary role of entrepreneurship in the economy?

To combine the other factors of production to create goods and services Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

Disposable Income Signup and view all the answers

What is the primary reason for the existence of the economic problem?

Unlimited human wants Signup and view all the answers

Which of the following is a characteristic of microeconomics?

Examining the decisions of individuals and firms Signup and view all the answers

What is the primary goal of economic decision-making?

Allocating resources efficiently Signup and view all the answers

Which of the following economic questions is related to the allocation of resources?

What to produce? Signup and view all the answers

What is the primary focus of macroeconomics?

Overall functioning of an economy Signup and view all the answers

What is the result of the mismatch between unlimited human wants and limited resources?

Scarcity Signup and view all the answers

Which of the following is an example of an economic decision?

Choosing a career Signup and view all the answers

What is the primary role of economic decision-making in scarce resource allocation?

To distribute resources efficiently Signup and view all the answers

What is the main function of the foreign sector in the economy?

Engage in trade, affecting imports and exports Signup and view all the answers

What are the two main flows in the economy?

Real Flow and Monetary Flow Signup and view all the answers

What is the formula used in the Expenditure Approach to calculate GDP?

GDP = C + I + G + (X - M) Signup and view all the answers

What is the main limitation of GDP as a measure of economic activity?

It does not account for the distribution of income among the population Signup and view all the answers

What is the purpose of calculating per capita income?

To compare the economic well-being of different countries Signup and view all the answers

What type of economic indicator signals future economic changes before they occur?

Leading Indicator Signup and view all the answers

What is the primary function of financial institutions in the economy?

To facilitate savings and provide loans Signup and view all the answers

What is the main difference between GDP and GNI?

GDP focuses on production within the country, while GNI accounts for all income earned by nationals Signup and view all the answers

What is the primary benefit of understanding business cycles?

It enables policymakers to make informed decisions Signup and view all the answers

What is a time series in the context of business cycles?

Data collected over successive time intervals to track economic changes Signup and view all the answers

What is the phase of the business cycle characterized by decreasing economic growth, output, and employment?

Recession Signup and view all the answers

Which of the following is an example of an endogenous reason for business cycles?

Technological changes Signup and view all the answers

What is the term for the total supply of goods and services available in the economy?

Aggregate Supply Signup and view all the answers

What is the likely impact of business cycles on economic growth?

Expansion phases lead to growing economic growth Signup and view all the answers

Who is disproportionately affected by business cycles?

Economically vulnerable populations Signup and view all the answers

What is the primary benefit of understanding business cycles?

Anticipating economic changes and implementing measures to mitigate adverse effects Signup and view all the answers

What tends to happen to price levels during a contraction phase of the business cycle?

Price levels tend to stabilize or fall Signup and view all the answers

Why are government and social services crucial during economic downturns?

To support economically vulnerable populations Signup and view all the answers

What is the primary concern of Labour Economics?

The supply and demand for labour Signup and view all the answers

Which of the following is an example of Relative Scarcity?

Unaffordable goods in a developing nation Signup and view all the answers

What is the key characteristic of Economic Goods?

They require scarce resources to produce Signup and view all the answers

Which of the following is NOT a branch of economics?

Biological Economics Signup and view all the answers

What is the primary purpose of using inductive reasoning in economics?

To develop new theories based on data Signup and view all the answers

Which of the following best describes the approach of Positive Economics?

It focuses on describing and predicting economic phenomena Signup and view all the answers

What is the primary challenge in conducting economic research?

Dealing with human behaviors that are diverse and difficult to predict Signup and view all the answers

Which of the following is an example of an opportunity cost?

The foregone benefit of the next best alternative Signup and view all the answers

What is the primary purpose of using economic models?

To help understand and predict the interactions and outcomes of economic actions Signup and view all the answers

Which of the following is NOT a characteristic of Normative Economics?

It focuses on describing and predicting economic phenomena Signup and view all the answers

What is the primary role of the private sector in the economy?

To allocate resources efficiently and produce goods and services Signup and view all the answers

Which of the following is a characteristic of sustainable development?

Conducting economic growth without depleting natural resources or harming human and environmental health Signup and view all the answers

What is the term for the economy's circular flow model?

Circular flow model Signup and view all the answers

What is the primary difference between the primary sector and the secondary sector?

The primary sector involves extraction of natural resources, while the secondary sector involves manufacturing and processing Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

Disposable income Signup and view all the answers

What is the primary role of households in the economy?

To provide labor and receive income used to purchase goods and services Signup and view all the answers

What is the term for businesses that are not included in official economic statistics?

Informal sector Signup and view all the answers

What is the primary focus of government budget allocations?

To affect the provision of public services Signup and view all the answers

What is the term for the total demand for goods and services in the economy?

Aggregate demand Signup and view all the answers

Which sector of the economy involves providing services rather than goods?

Tertiary sector Signup and view all the answers

What is the underlying assumption behind the concept of scarcity in economics?

Human needs are unlimited, but resources are finite. Signup and view all the answers

Which of the following is NOT a primary economic question?

How can we ensure sustainable economic growth? Signup and view all the answers

What is the key difference between microeconomics and macroeconomics?

Microeconomics focuses on individual markets, while macroeconomics focuses on the overall economy. Signup and view all the answers

What is the relationship between unlimited human wants and finite resources?

Unlimited human wants lead to competition for finite resources. Signup and view all the answers

Why is scarcity a pervasive problem in economics?

Because human needs are unlimited, and resources are finite. Signup and view all the answers

What is the primary focus of Labour Economics?

To analyze the supply and demand for labour and its effects on wage levels and employment. Signup and view all the answers

What is the primary focus of macroeconomic analysis?

Aggregate economic variables such as GDP and inflation. Signup and view all the answers

What is the key characteristic of Normative Economics?

It involves value judgments and subjective perspectives. Signup and view all the answers

What is the core challenge in economics?

Scarcity. Signup and view all the answers

Which of the following is a characteristic of the economic problem?

Trade-offs between different goods and services. Signup and view all the answers

What is the primary challenge faced by Economic Researchers?

Dealing with human behaviours that are diverse and difficult to predict. Signup and view all the answers

What is the main goal of Economic Models?

To describe and predict economic phenomena. Signup and view all the answers

What is the primary characteristic that distinguishes the primary sector from the secondary sector?

Involves extraction of natural resources Signup and view all the answers

What is the term for the foregone benefit of the next best alternative when a choice is made?

Opportunity Cost Signup and view all the answers

Which of the following is a key challenge to achieving sustainable development?

Pollution Signup and view all the answers

What is the term for the total amount of money that households have available to spend or save after taxes?

Disposable income Signup and view all the answers

What is the primary focus of Environmental Economics?

To look at economic issues with environmental implications. Signup and view all the answers

What is the term for goods that are naturally available without cost?

Free Goods Signup and view all the answers

Which economic participant provides goods and services and receives payment for them?

Businesses Signup and view all the answers

What is the primary approach used in Economics to research?

The Scientific Method Signup and view all the answers

What is the term for the process of creating goods and services by combining land, labor, capital, and entrepreneurship?

Production Signup and view all the answers

What is the term for the study of the economic activities of government and its role in the economy?

Public Sector Economics Signup and view all the answers

Which of the following is NOT a characteristic of a sustainable economy?

Exploitation of natural resources Signup and view all the answers

What is the primary focus of International Economics?

To focus on international trade and finance, studying how countries interact economically. Signup and view all the answers

What is the primary role of the private sector in the economy?

Producing goods and services Signup and view all the answers

Which of the following is an example of a durable good?

Vehicle Signup and view all the answers

What is the term for the sector of the economy that provides intangible products like banking and healthcare?

Tertiary sector Signup and view all the answers

Which of the following is a key component of the circular flow model?

All of the above Signup and view all the answers

What is the primary function of the Foreign Sector in the economy?

To engage in trade, affecting imports and exports Signup and view all the answers

Which of the following is a limitation of GDP as a measure of economic activity?

It includes production by foreign entities within the country Signup and view all the answers

What is the main difference between the Real Flow and Monetary Flow?

Real Flow refers to the movement of goods, while Monetary Flow refers to the movement of money Signup and view all the answers

Which approach to calculate GDP involves summing up the total income earned from producing goods and services?

Income Approach Signup and view all the answers

What is the primary purpose of calculating per capita income?

To understand the average income of a country's citizens Signup and view all the answers

Which type of economic indicator moves in the opposite direction of the economy?

Counter Cyclical Indicator Signup and view all the answers

What is the primary benefit of understanding business cycles?

To make informed economic decisions Signup and view all the answers

What is the term for the natural fluctuations in economic activity that occur over time?

Business Cycles Signup and view all the answers

What is the primary function of financial institutions in the economy?

To facilitate savings and provide loans Signup and view all the answers

Which of the following is NOT a characteristic of business cycles?

Increasing employment during contraction Signup and view all the answers

What is the primary implication of the recovery phase of a business cycle?

There is a gradual improvement in economic conditions Signup and view all the answers

Which of the following is an internal economic factor that influences business cycles?

Fluctuations in investment Signup and view all the answers

What is the primary effect of business cycles on economically vulnerable populations?

Reduced income and higher unemployment rates Signup and view all the answers

What is the primary role of government and social services during economic downturns?

To support economically vulnerable populations Signup and view all the answers

What is the primary reason for understanding business cycles?

To anticipate economic changes and implement measures to mitigate the adverse effects Signup and view all the answers

What is the term for the total supply of goods and services available in the economy?

Aggregate Supply Signup and view all the answers

What is the primary effect of expansion phases on price levels?

Price levels tend to rise Signup and view all the answers

What is the term for the peak economic performance before a potential downturn?

Boom Signup and view all the answers

What is the underlying reason for the existence of economic questions?

Human wants are limitless, yet resources are limited Signup and view all the answers

What is the primary role of Entrepreneurship in the circular flow model?

To combine the factors of production to create goods and services Signup and view all the answers

Which of the following is NOT a characteristic of the prosperity phase of a business cycle?

Decreasing economic growth Signup and view all the answers

Which of the following is a characteristic of the economic problem?

Dichotomy between infinite desires and finite means Signup and view all the answers

What is the primary function of the Foreign Sector in the economy?

To engage in trade, affecting imports and exports. Signup and view all the answers

What is the main difference between the Primary and Secondary Sectors?

The Primary Sector involves extraction of natural resources, while the Secondary Sector involves manufacturing Signup and view all the answers

Which market is concerned with the exchange of factors of production?

Factor Market Signup and view all the answers

What is the primary focus of macroeconomics?

Broad issues like unemployment and economic growth Signup and view all the answers

What is the primary difference between exogenous and endogenous reasons for business cycles?

Exogenous reasons are external factors, while endogenous reasons are internal factors. Signup and view all the answers

What is the term for the economy's circular flow model?

The Real Flow Model Signup and view all the answers

Which branch of economics examines the economic activities of government and its role in the economy?

Public Sector Economics Signup and view all the answers

What is the formula used to calculate GDP using the Expenditure Approach?

GDP = C + I + G + (X - M) Signup and view all the answers

Which of the following is NOT a primary economic question?

How to allocate resources efficiently Signup and view all the answers

What is the primary focus of sustainable development?

Economic growth that is conducted without depleting natural resources or harming human and environmental health Signup and view all the answers

What is the impact of business cycles on economically vulnerable populations?

They suffer the most during economic downturns due to reduced income and higher unemployment rates. Signup and view all the answers

What type of scarcity occurs when resources are sufficient to satisfy needs but are inaccessible to most due to economic constraints?

Relative Scarcity Signup and view all the answers

What is the driving force behind the need for resource allocation?

Unlimited human wants Signup and view all the answers

What is the primary benefit of understanding business cycles for economic planning and policymaking?

To anticipate economic changes and implement measures to mitigate the adverse effects. Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

Disposable Income Signup and view all the answers

What is the primary goal of economic models?

To predict economic phenomena Signup and view all the answers

What is a limitation of using GDP as a measure of economic activity?

It does not account for non-monetary transactions and informal economic activities. Signup and view all the answers

What is the primary role of the Government in the economy?

To collect taxes and provide public services and infrastructure Signup and view all the answers

Which branch of economics examines the interactions between individuals and firms in the market?

Microeconomics Signup and view all the answers

What is the key difference between deductive and inductive reasoning in economics?

Deductive reasoning involves developing hypotheses based on existing theories Signup and view all the answers

What is the relationship between aggregate demand and economic growth?

High aggregate demand is a key driver of economic growth. Signup and view all the answers

What is the primary difference between GDP and GNI?

GDP focuses on production within the country, while GNI accounts for all income earned by the country's nationals. Signup and view all the answers

What is the impact of business cycles on exchange rates?

Economic strength or weakness can affect the value of the national currency. Signup and view all the answers

What is the purpose of calculating per capita income?

To determine the average income per person in a country. Signup and view all the answers

What is the outcome of the economic problem?

Individuals and governments must make choices about resource allocation Signup and view all the answers

What is the primary challenge faced by economists when conducting research?

Dealing with human behaviors that are diverse and difficult to predict Signup and view all the answers

What is the term for businesses owned by individuals or corporations?

Private Sector Signup and view all the answers

What type of good is consumed immediately or shortly after purchase?

Non-durable Goods Signup and view all the answers

What is the primary role of government and social services during economic downturns?

To provide support to economically vulnerable populations. Signup and view all the answers

What is the underlying assumption of the economic problem?

Resources are finite and limited Signup and view all the answers

What type of economic indicator signals future economic changes before they occur?

Leading Indicator Signup and view all the answers

What is the opportunity cost of a choice?

The foregone benefit of the next best alternative Signup and view all the answers

What is the main difference between economic goods and free goods?

Economic goods require scarce resources, while free goods are naturally available Signup and view all the answers

What is the sector of the economy that provides services rather than goods?

Tertiary Sector Signup and view all the answers

What is the term for the total supply of goods and services available in the economy?

Aggregate Supply Signup and view all the answers

What is the primary benefit of understanding business cycles?

To develop effective monetary and fiscal policies. Signup and view all the answers

What is the term for unregistered businesses that are not included in official economic statistics?

Informal Sector Signup and view all the answers

What is the primary focus of Environmental Economics?

The economic issues with environmental implications Signup and view all the answers

What is a time series in the context of business cycles?

Data collected over successive time intervals to track economic changes. Signup and view all the answers

What is the primary goal of the scientific method in economics?

To describe and predict economic phenomena Signup and view all the answers

What is the primary focus of studying business cycles?

To develop strategies for mitigating the effects of business cycles. Signup and view all the answers

What is the primary difference between Positive and Normative Economics?

Positive Economics focuses on describing and predicting economic phenomena, while Normative Economics involves value judgments Signup and view all the answers

Term 1 Test

Podcast Beta

Questions and Answers

What is the primary challenge in economics?

What is the fundamental economic problem?

What is the focus of microeconomics?

What is the primary question in economics related to production?

Which branch of economics studies the overall functioning of an economy?

What is the reason for the economic problem?

What is the outcome of the economic problem?

Which of the following is NOT an economic question?

Which branch of economics focuses on the role of money in the economy?

What is the main goal of economic models?

What is the key difference between positive and normative economics?

What is the primary challenge faced by economic researchers?

What is the fundamental economic problem?

What is absolute scarcity?

What is an opportunity cost?

Which type of good requires scarce resources to produce?

What is the scientific method used in economics?

What is the purpose of economic models in economics?

What is the phase of the business cycle characterized by high economic activity and increasing employment?

Which of the following is an exogenous reason for business cycles?

What is the term for the total demand for goods and services in the economy?

What is likely to happen to employment rates during a boom phase of the business cycle?

Which group of people is disproportionately affected by business cycles?

What is the impact of business cycles on economic growth?

What is the primary benefit of understanding business cycles?

What tends to happen to price levels during an expansion phase of the business cycle?

What is the main function of financial institutions?

What is the main difference between the real flow and monetary flow?

What is the formula used in the Expenditure Approach to calculate GDP?

What is the key limitation of GDP as a measure of economic activity?

What is the main difference between GDP and GNI?

What is the purpose of calculating per capita income?

What are economic indicators used for?

What type of economic indicator signals future economic changes before they occur?

What is the purpose of representing business cycles?

What is a time series in the context of business cycles?

What is the primary function of Entrepreneurship in the economy?

What sector of the economy involves manufacturing and processing activities?

What type of goods are consumed immediately or shortly after purchase?

What is the term for the portion of income available for spending or saving after taxes?

What is a key component of sustainable development?

What is the term for businesses owned by individuals or corporations?

What is the term for the economy's circular flow model?

Which economic participant provides labor and receives income used to purchase goods and services?

What is the primary role of the Government in the economy?

What is the term for unregistered businesses that are not included in official economic statistics?

What is the primary focus of Developmental Economics?

What type of reasoning involves developing hypotheses based on existing theories and testing them against empirical data?

What is the purpose of economic models?

What is the difference between Positive and Normative Economics?

What is the term for the limitation of resources that compels individuals and societies to make choices?

What is the term for goods that are naturally available without cost?

What is the foregone benefit of the next best alternative when a choice is made?

What is the term for the scientific method used in economics?

What is the main challenge faced by economic researchers?

What is the focus of Labour Economics?

What is the primary function of financial institutions?

What is the Real Flow in the economy?

What is calculated in the Expenditure Approach to calculate GDP?

What is a limitation of GDP as a measure of economic activity?

What does GNI measure?

What is the term for the average income per person in a country?

What type of economic indicator signals future economic changes before they occur?

What is a time series in the context of business cycles?

What is the primary characteristic of business cycles?

Why is understanding business cycles important?

What is the primary goal of economic decision-making?

What is the core issue that gives rise to the economic problem?

Which economic question deals with the distribution of goods and services?

What is the focus of macroeconomics?

What is the common characteristic of economic wants and needs?

Which branch of economics examines the interactions of individuals and firms?

What is the outcome of the economic problem?

What is the primary reason for the economic problem?

What characterizes the prosperity phase of a business cycle?

Which of the following is an endogenous reason for business cycles?

What is the term for the total supply of goods and services available in the economy?