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20 questions
The four stages an economy through over a period of time, as an economy does not grow at a steady rate.
Inflation
Business Cycle
Exchange rate
Economic growth
Increase in the average price level of goods and services over time.
Business Cycle
Inflation
Unemployment
Real Income
The total value of output of goods and services in a country in one year.
Economic Growth
Balance of payment
Gross Domestic Product
Real Income
This exist when people are willing and able to work cannot find a job.
Unemployment
Employee
Work force
Trade union
A country's GDP increase, example more goods and services are produced than last year.
Recession
Rebound
Growth
Slump
Goods ans services sold from one country to another countries.
Exports
Imports
Tariff
Quota
A change in interest rates by the government or central bank, e.g Indonesian Central Bank
Export policy
Trade policy
Fiscal policy
Monetary policy
Paid directly from incomes e.g. income tax or profit tax.
Indirect taxes
Direct taxes
Import tariff
Export quota
Any change by the government in tax rates or public sector spending.
Monetary policy
Fiscal policy
Direct taxes
Indirect taxes
This records the difference between a country's exports and imports.
Real income
Disposable income
Balance of payment
Exchange rate depreciation
Which one is NOT the economic objectives?
low inflation
low unemployment
lower level of output
increasing GDP
High employment can be a problem such as:
business expansion
pressure to raise wages
high criminality
Output is increasing
Economic booms are always good for the economy.
True
False
Inflation means the economy is expanding.
True
False
Exchange rate appreciation makes export more expensive.
True
False
A recession will lead to fall in demand for all goods and services.
True
False
Which one is NOT monetary policy (changing interest rates)
higher interest on new loans and overdraft increases costs
less new investment
increase in spending on government services or investments in schools
could lead to higher exchange rate
Good and services bought in by one country from other countries.
Exports
Imports
Inflation
Recession
The price of one currency in terms of another currency
Exchange rate
Depreciation
Inflation
Recession
A period of falling GDP.
Growth
Boom
Recession
Slump
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