Highers Accounting and Finance (Year 2) (Managerial Economics) Quiz on Lecture 8- Introduction to Macroeconomics, created by George Mariyajohnson on 03/03/2021.
Aggregate demand- [blank_start]Total demand[blank_end] for final [blank_start]goods[blank_end] & [blank_start]services[blank_end] in an economy
Answer
Total demand
goods
services
Question 2
Question
Aggregate supply- [blank_start]Total supply[blank_end] of final [blank_start]goods[blank_end] & [blank_start]services[blank_end] in an economy
Answer
Total supply
goods
services
Question 3
Question
GDP measures [blank_start]national income[blank_end] of country over [blank_start]year[blank_end]
Answer
national income
year
Question 4
Question
Inflation occurs when there is [blank_start]sustained increase[blank_end] in general [blank_start]prices[blank_end] of goods & services
Answer
sustained increase
prices
Question 5
Question
Deflation occurs when there is [blank_start]fall[blank_end] in general [blank_start]price[blank_end] of goods & services
Answer
fall
price
Question 6
Question
Real income shows [blank_start]nominal income[blank_end] adjusted for [blank_start]inflation[blank_end] to show
its [blank_start]purchasing power[blank_end]
Answer
nominal income
inflation
purchasing power
Question 7
Question
Consumer Price Index- [blank_start]Weighted[blank_end] index which measures [blank_start]inflation[blank_end] over given [blank_start]period[blank_end] in UK
Answer
Weighted
inflation
period
Question 8
Question
Interest rate- [blank_start]Cost[blank_end] of [blank_start]borrowing[blank_end] money & [blank_start]reward[blank_end] for [blank_start]saving[blank_end]
Answer
Cost
borrowing
reward
saving
Question 9
Question
Features of money are [blank_start]medium of exchange[blank_end], [blank_start]store of value[blank_end], [blank_start]unit of account[blank_end] & [blank_start]standard of deferred payment[blank_end]