Podcast
Questions and Answers
Who is the pioneer of the subject of economics mentioned in the text?
Who is the pioneer of the subject of economics mentioned in the text?
- Karl Marx
- Milton Friedman
- Adam Smith (correct)
- John Maynard Keynes
What are the three ways to calculate national income?
What are the three ways to calculate national income?
- Production method, expenditure method, and income method
- Product method, expenditure method, and income method (correct)
- Production method, expenditure method, and wealth method
- Product method, expenditure method, and wealth method
What are some of the central questions of economics mentioned in the text?
What are some of the central questions of economics mentioned in the text?
- What generates the economic wealth of a nation, what makes countries rich or poor (correct)
- How to distribute wealth, how to achieve economic equality, how to reduce poverty
- How to calculate national income, how to reduce unemployment, how to control inflation
- How to maximize profits, how to improve productivity, how to increase GDP
What does the economic well-being of a country depend on?
What does the economic well-being of a country depend on?
In the modern economic setting, the flow of production arises out of the production of:
In the modern economic setting, the flow of production arises out of the production of:
What happens to the commodities after being produced?
What happens to the commodities after being produced?
What is an example of a final good?
What is an example of a final good?
Which entity might purchase goods or services for use in further production?
Which entity might purchase goods or services for use in further production?
What is the primary factor determining the economic wealth or well-being of a country?
What is the primary factor determining the economic wealth or well-being of a country?
What is the role of enterprises in the flow of production?
What is the role of enterprises in the flow of production?
What happens to a final good once it has been sold?
What happens to a final good once it has been sold?
What is meant by 'flow of production'?
What is meant by 'flow of production'?
What determines how economic wealth is generated from the possession of resources?
What determines how economic wealth is generated from the possession of resources?
