CSC - The Economy Exam with All Correct & 100% Verified
Answers |Latest Update |Already Graded A+
1. Microeconomics Individual markets of goods and services
2. Macroeconomics The study of the economy as a whole, including
employment,
interest levels and inflation
3. The higher the price lower demand
4. Lower the price higher demand
5. Gross Domestic Product (GDP) Market value of all the final guts and services
producing a
country over given period
6. How is economic growth GDP
mea- sured?
7. The three methods to (1) The expenditure approach, (2) the income
measure GDP approach, and
(3) the production approach.
8. Expenditure approach adds up everything that consumers, businesses, and
govern-
ments spend money on during a certain period
9. Income Approach total spending on goods and services should equal
the
total income generated by producing all those
goods and services. GDP using the income
approach adds up all the income generated by
this economic activity
10. Production approach known as the value-added approach, calculates an
industry
or sector's output and subtracts the value of all
, CSC - The Economy Exam with All Correct & 100% Verified
Answers |Latest Update |Already Graded A+
goods and services used to produce the outputs
11. Expenditure Approach to GDP = C + I + G (X-M)
Cal- culating Gross
Domestic Prod- uct
, CSC - The Economy Exam with All Correct & 100% Verified
Answers |Latest Update |Already Graded A+
12. Nominal gross domestic dollar value of all goods and services produced in a
prod- uct given year at prices that prevailed in that same year.
13. increase in nominal GDP the economy expanded, and more goods and
can occur for two services were produced in the current year and
reasons Prices increased
14. productivity is used to describe output
15. Growth in GDP results from technological advances, population growth, and improve-
a variety of factors ments in skills
16. Expansion is a period of significant economic growth and
business activity during which GDP expands until it
reaches a peak
17. economic expansion is Inflation, Corporate profits rise, New business start-
charac- terized by the ups outnumber bankruptcies, unemployment rate is
following activi- ties: steady or falling. GDP rising
18. peak top of the cycle between the end of an expansion and
the start of a contraction
19. peak is characterized by the Demand begins to outstrip the capacity, labor and
fol- lowing activities: product shortages cause wage and price
increases, Business sales decline, stock prices
begin to fall, interest rates rise
20. Contraction decline in economic activity
21. contraction is layotts, business failures , gdp decreases
characterized by the
following activities:
Answers |Latest Update |Already Graded A+
1. Microeconomics Individual markets of goods and services
2. Macroeconomics The study of the economy as a whole, including
employment,
interest levels and inflation
3. The higher the price lower demand
4. Lower the price higher demand
5. Gross Domestic Product (GDP) Market value of all the final guts and services
producing a
country over given period
6. How is economic growth GDP
mea- sured?
7. The three methods to (1) The expenditure approach, (2) the income
measure GDP approach, and
(3) the production approach.
8. Expenditure approach adds up everything that consumers, businesses, and
govern-
ments spend money on during a certain period
9. Income Approach total spending on goods and services should equal
the
total income generated by producing all those
goods and services. GDP using the income
approach adds up all the income generated by
this economic activity
10. Production approach known as the value-added approach, calculates an
industry
or sector's output and subtracts the value of all
, CSC - The Economy Exam with All Correct & 100% Verified
Answers |Latest Update |Already Graded A+
goods and services used to produce the outputs
11. Expenditure Approach to GDP = C + I + G (X-M)
Cal- culating Gross
Domestic Prod- uct
, CSC - The Economy Exam with All Correct & 100% Verified
Answers |Latest Update |Already Graded A+
12. Nominal gross domestic dollar value of all goods and services produced in a
prod- uct given year at prices that prevailed in that same year.
13. increase in nominal GDP the economy expanded, and more goods and
can occur for two services were produced in the current year and
reasons Prices increased
14. productivity is used to describe output
15. Growth in GDP results from technological advances, population growth, and improve-
a variety of factors ments in skills
16. Expansion is a period of significant economic growth and
business activity during which GDP expands until it
reaches a peak
17. economic expansion is Inflation, Corporate profits rise, New business start-
charac- terized by the ups outnumber bankruptcies, unemployment rate is
following activi- ties: steady or falling. GDP rising
18. peak top of the cycle between the end of an expansion and
the start of a contraction
19. peak is characterized by the Demand begins to outstrip the capacity, labor and
fol- lowing activities: product shortages cause wage and price
increases, Business sales decline, stock prices
begin to fall, interest rates rise
20. Contraction decline in economic activity
21. contraction is layotts, business failures , gdp decreases
characterized by the
following activities:
