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ECO1020 MACROECONOMICS EXAM PRACTICE QUESTIONS WITH SOLUTIONS; 100% solved latest exam
This exam gives a comprehensive revision concepts for scholar to achieve great heights in principles of macro-economics courses.
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MACROECONOMICS EXAM PRACTICEQUESTIONS WITH SOLUTIONS
REAL GROSS DOMESTIC PRODUCT - Gross domestic product that has been
adjusted to eliminate the impact of changes in the price level. A MACROECONOMIC
MEASURE OF THE VALUE OF OUTPUT ECONOMY ADJUSTED FOR CHANGES.
(LIKE INFLATION)
RESEARCH AND DEVELOPMENT - generating and experimenting with ideas related
to new products, services, or processes
MARKET SHARE - a company's percentage of the total industry sales for a specific
product type
MACROECONOMICS - the study of economy-wide phenomena, including inflation,
unemployment, and economic growth. The overall working of a national economy -
performance structure, behavior, and decision making.
STANDARD OF LIVING - a measure of quality of life based on the amounts and kinds
of goods and services a person can buy
MICROECONOMICS - the branch of economics that studies the economy of consumers
or households or individual firms
CATERIS PARIBUS - "all else equal" a device used to analyze the relationship between
two variables while the values of other variables are held unchanged
HUMAN CAPITAL - the knowledge and skills that workers acquire through education,
training and experience
OPPORTUNITY COST - the cost of the next best use of time and money when
choosing to do one thing or another. It is the sacrifice related to the second best choice
available to someone or group.
SCARCITY - limited quantities of resources to meet unlimited wants. Fundamental
economic problem of having humans who have wants and needs in a world of limited
resources.
, INCENTIVE - a positive motivational influence. Incentives aim to provide value for
money and contribute to organizational success.
POLLUTION - undesirable state of the natural environment being contaminated with
harmful substances as a consequence of human activities
FISCAL POLICY - The federal government efforts to keep the economy stable by
increasing or decreasing taxes or government spending
MARKET FAILURE - a situation in which a market left on its own fails to allocate
resources efficiently.
PRODUCTIVITY - the quantity of goods and services produced from each unit of labor
input
AGGREGATE SUPPLY - the total amount of goods and services in the economy
available at all possible price levels
ECONOMIC HISTORY - the study of economic events and the collection of economic
observations from the past. Analysis in Economic history is undertaken using a
combination of historical methods.
economics- short - the study of how people seek to satisfy their needs and wants by
making choices. PEOPLE MAKING RATIONAL DECISIONS.
ECONOMICS- long version - a social science that studies the allocation of resources to
the production of goods and services used to satisfy the consumers unlimited wants
needs.
POLICY - a line of argument rationalizing the course of action of a government. A
principle or rule to guide decisions and achieve rational outcomes.
RECESSION - the state of the economy declines
PROGRESSIVE TAX SYSTEM - a tax whose average tax rate increases as the
taxpayer's income increases and decreases as the taxpayer's income decreases. THE
MORE YOU MAKE THE MORE YOU PAY!
JOHN KAY - Correalation does not imply causation
EFFICIENCY - using resources in such a way as to maximize the production of goods
and services. - HOW WELL RESOURCES ARE USED AND ALLOCATED!
EQUITY - a condition in which people receive from a relationship in proportion to what
they give to it.
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