Macroeconomics ECN211 | Questions and Correct Answers | Latest Update 2024/2025

Macroeconomics ECN211 | Questions and Correct Answers | Latest Update 2024/2025 Normative statement - Answer -Statement which describes the world as it should be. It is an expression of judgment and not verifiable. Positive statement - Answer -Statement which describes the world as it is. It is verifiable. Scatter plot - Answer -Type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data. Slope - Answer -The ratio of the "vertical change" to the "horizontal change" between (any) two distinct points on a line. Time series - Answer -A series of data points indexed (or listed or graphed) in time order. Business cycle - Answer -The downward and upward movement of Gross Domestic Product (GDP) around its long-term growth trend.Data revision - Answer -When economic statistics change because they get updated to reflect the inclusion of new information (or sometimes a change in definition or measurement methodology). Factor income - Answer -Income derived from selling the services of factors of production.