Lecture 8- Introduction to Macroeconomics

Description

Highers Accounting and Finance (Year 2) (Managerial Economics) Quiz on Lecture 8- Introduction to Macroeconomics, created by George Mariyajohnson on 03/03/2021.
George Mariyajohnson
Quiz by George Mariyajohnson, updated more than 1 year ago
George Mariyajohnson
Created by George Mariyajohnson over 3 years ago
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Resource summary

Question 1

Question
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]
Answer
  • medium of exchange
  • store of value
  • unit of account
  • standard of deferred payment
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