Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following is NOT a component of Gross Domestic Product (GDP)?
Which of the following is NOT a component of Gross Domestic Product (GDP)?
- Imports (correct)
- Investment
- Government spending
- Consumption
What is the relationship between unemployment and inflation according to the Phillips curve?
What is the relationship between unemployment and inflation according to the Phillips curve?
- As unemployment increases, inflation increases
- As unemployment decreases, inflation decreases
- As unemployment decreases, inflation increases (correct)
- As unemployment increases, inflation decreases
What is the role of fiscal policy in managing the economy?
What is the role of fiscal policy in managing the economy?
- Controlling exchange rates
- Controlling interest rates
- Controlling the money supply
- Controlling government spending and taxation (correct)
