Some examples from this set of practice questions
1.
Gross domestic product (GDP)
Answer: It is the final market value of the total output of goods and services produced within an economy over a period of time
2.
Gross national income (GNI)
Answer: It is the final market value of the total output of goods and services produced within an economy over a period of time plus net incomes received from overseas
3.
Nominal GDP
Answer: The money value of the total output of goods and services produced within an economy over a period of time. It is unadjusted for the effects of inflation and therefore shows a much higher value
4.
Real GDP / GDP at constant prices / GDP at base year prices
Answer: The final market value of the total output of goods and services produced within an economy over a period of time after the effects of inflation have been removed
5.
Purchasing power parity
Answer: It is an exchange rate of one currency for another which compares how much a typical basket of goods in one country costs compared to that of another country
6.
Gross National Happiness (GNH) Index
Answer: It gives a holistic reflection of the general wellbeing of the Bhutanese population
7.
Aggregate Demand (AD)
Answer: The total spending on goods and services in an economy over a period of time AD = C + I + G + (X - M)
8.
Consumption (C)
Answer: The spending by households on goods and services
9.
Savings
Answer: It refers to that part of disposable income which is not spent
10.
Savings ratio
Answer: It is the proportion of disposable income which is saved
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