Summary
ECS - Summary - Study Unit 1
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A good summary of Study Unit 1 using Understanding Macroeconomics, 2018. 2nd Edition.
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Available practice questions
ECS1601 - Study Unit 1 - Flashcards
Flashcards
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Flashcards
25 Flashcards
$1.62
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Some examples from this set of practice questions
1.
True / False - The three major flows in the economy as a whole are total production, total income and total spending.
Answer: True.
2.
True or False - The two basic sets of participants in any economy are households and firms.
Answer: True.
3.
True or False - Production is a stock and income is a flow.
Answer: False - Both production and income are flows as they take place during a certain period.
4.
True or False - The balance on your savings account on a particular day is a stock variable.
Answer: True - The balance of your savings account is measured at a particular point in time.
5.
True or False - Consumption is a flow variable.
Answer: True - Consumption is measured over a period.
6.
True or False - Investment is a stock variable.
Answer: False - Investment in macroeconomics refers to the amounts that a business spends on capital goods over a certain period. Investment is measured over a time-frame.
7.
True or False - Capital is a stock variable.
Answer: True - Capital refers to the amount of capital goods that a business has available at a particular point in time.
8.
True or False - Total spending on domestically produced goods = C I G X Z.
Answer: False - It is = C I G X-Z.
9.
True or False - When we combine the labour market, the market for capital, the market for natural resources and entrepreneurs, we call this the goods market.
Answer: False - The factor market contains all these components.
10.
True or False - Real production refers to the current value of goods that were produced in the economy.
Answer: False - Real production refers to the physical amount of production that takes place. The current value of production is called the nominal value of production.
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