10 Questions
Which economist is considered the proponent of modern macroeconomic theory?
John Maynard Keynes
What does aggregate supply refer to?
The total quantity of goods and services supplied by producers
Which economic measure represents the total market value of all final goods and services produced in an economy?
Gross Domestic Product (GDP)
Which type of unemployment is caused by a mismatch between the needs of employers and the skills of the workforce?
Structural unemployment
Which economic measure represents the real measure of growth?
Real GDP
Which economic school of thought explains the concept of a liquidity trap?
Keynesian economics
What is the concept of 'sticky wages' in economics?
Wages that are fixed and do not respond to changes in the market
Which type of unemployment is voluntary and due to a transition in employment?
Frictional unemployment
Which of the following shifts the aggregate supply (AS) curve to the right?
Rightward shifts of the AS curve
Which of the following measures the total output produced by factors owned by a country?
Gross National Product (GNP)
Test your knowledge on the measurement of national income through expenditures made by individuals, businesses, and the government. Explore concepts like Okun's Law, depreciation, income approach, and types of unemployment.
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