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Peregrine Exam Day 7 Questions and Verified Answers| 100% Correct| Grade A+
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Peregrine Exam Day 7 Questions and Verified Answers| 100% Correct| Grade A+
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Peregrine Exam Day 7 Questions and VerifiedAnswers| 100% Correct| Grade A+
Expenditure Approach - ✔✔A method of computing GDP that measures the total amount spent on
all final goods and services during a given period.
Output approach - ✔✔A method used to measure the value of aggregate output of an economy, which
calculates the value of all final goods and services produced in the country within a given time period.
According to the circular flow model, it is equivalent to measurement by the expenditure approach
and the income approach.
Income Approach - ✔✔A method of computing GDP that measures the income-wages, rents,
interest, and profits-received by all factors of production in producing final goods and services.
GNI - ✔✔The value of the output of goods and services produced in a country in a year, including
money that leaves and enters the country
Recission - ✔✔the unmaking of a contract so as to return the parties to the positions they
occupied before the contract was made
Depression - ✔✔A long-term economic state characterized by unemployment and low prices and
low levels of trade and investment
inflation rate - ✔✔the percentage increase in the price level from one year to the next
, unemployment - ✔✔Measures the number of people who are able to work, but do not have a job
during a period of time.
Economic goods - ✔✔goods that are scarce, for which the quantity demanded exceeds the
quantity supplied at a zero price
What are examples of economic goods? - ✔✔Food, clothing and housing
final goods - ✔✔goods and services that have been purchased for final use and not for resale or
further processing or manufacturing
What are some examples of final goods? - ✔✔Food, gasoline, clothing and tv's
intermediate goods - ✔✔goods used in the production of final goods
What is an example of intermediate goods? - ✔✔Salt
The largest component of GDP is - ✔✔consumption
government saving - ✔✔the difference between government revenues and government expenditures
Fiscal policy is the means by which a government adjusts the - ✔✔spending levels and tax rates
to monitor and influence a nation's economy
It is the sister strategy to monetary policy through which a - ✔✔central bank influences a
nation's money supply
Using a mix of monetary and fiscal policies - ✔✔governments can control economic phenomena
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