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Questions and Answers
What was the annual rate of inflation for the 12-month period from November 2021 to November 2022?
What was the annual rate of inflation for the 12-month period from November 2021 to November 2022?
- 14.8%
- 12.4%
- 5.2%
- 9.4% (correct)
Which measure is commonly used to determine a country's output?
Which measure is commonly used to determine a country's output?
- Total income received by individuals
- Individuals' total expenditure on firms' output
- Total income paid by firms to individuals
- Value of total output generated by firms (correct)
What is the circular flow of income in an economy based on?
What is the circular flow of income in an economy based on?
- Both individuals and firms (correct)
- Government and individuals
- Firms only
- Individuals only
How can economic activity be measured?
How can economic activity be measured?
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What does GDP stand for?
What does GDP stand for?
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What is the primary source of productive resources for firms in an economy?
What is the primary source of productive resources for firms in an economy?
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In the context of economic statistics, what does CPI refer to?
In the context of economic statistics, what does CPI refer to?
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'Individuals use their income to buy the entire output produced by firms' is an example of:
'Individuals use their income to buy the entire output produced by firms' is an example of:
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What does the rise in CPI from November 2021 to November 2022 indicate?
What does the rise in CPI from November 2021 to November 2022 indicate?
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