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Rest of the World Sector in Macroeconomics

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Rest of the World Sector in Macroeconomics

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Questions and Answers

What is the impact of exports on the circular flow of income?

Reduce the value of aggregate demand

Add to the value of aggregate demand (correct)

Have no impact on aggregate demand

Increase inflation rate

How do imports affect the circular flow of income?

Increase the value of aggregate demand

Reduce the value of aggregate demand (correct)

Decrease inflation rate

Do not impact aggregate demand

According to Crowther, how is inflation defined?

A rise in the general price level

Too much of money chasing too few goods

A state in which the value of money is failing (correct)

An economic phenomenon where currency value is rising

What does Coulbourn's definition imply about inflation?

Too much of money chasing too few goods Signup and view all the answers

How is inflation usually measured?

Percentage rise in the price index during a specific time period Signup and view all the answers

What is one economic impact of inflation?

Reducing purchasing power Signup and view all the answers

Which indicator is commonly used to measure inflation?

WPI Signup and view all the answers

What is an alternative indicator to measure the rate of inflation?

CPI Signup and view all the answers

Inflation is primarily caused by:

Mismatch between demand and supply Signup and view all the answers

Which statement best describes the nature of inflation?

Dynamic and occurring repeatedly Signup and view all the answers

Inflation is considered to be a purely:

Monetary phenomenon Signup and view all the answers

Which event may lead to artificial scarcity of goods that can cause inflation?

Natural calamity Signup and view all the answers

What is a common cause of inflation in an economy?

Imbalance between demand and supply of money Signup and view all the answers

How is inflation measured in India?

Whole Sale Price Index Signup and view all the answers

What is a beneficial level of inflation for an economy?

Moderate inflation rate between 2 to 3% Signup and view all the answers

How can one determine if inflation exists in an economy?

By observing a decrease in real wages and increase in prices Signup and view all the answers

What is one feature of inflation according to the text?

A persistent rise in prices Signup and view all the answers

How is inflation typically measured over time?

Annually Signup and view all the answers