4th Quarter QE

Question 1

Macroeconomics

Answer 1

Deals with the performance, decision-making, etc. of an economy as a whole.

Question 2

Goals of macroeconomics

Answer 2

1. Economic growth
2. Stability of prices
3. Full employment

Question 3

National income

Answer 3

Monetized Goods the government collects through fees, taxes, etc.

Question 4

National economy

Answer 4

Production, distribution, trade, etc. by different agents of a nation.
Has a global context.

Question 5

Philippine statistical authority (PSA)

Answer 5

Compiles and publishes the National income accounts (NIA)

Question 6

National income accounting

Answer 6

A bookkeeping system that measures economic activity

Question 7

Gross national product

Answer 7

Estimated total of production of citizens all around the world

Question 8

Gross domestic product

Answer 8

Estimated production inside a country

Question 9

Nominal price

Answer 9

Current prices unadjusted for inflation

Question 10

real price

Answer 10

Prices adjusted for inflation

Question 11

Net factor income from abroad (NFIA)

Answer 11

Difference between income from abroad and in country

Question 12

Expenditure approach

Answer 12

Total spending in the economy

Question 13

Factors of production

Answer 13

Land, Labor, Capital, Entrepreneur

Question 14

Factor income approach

Answer 14

Income received by the government

Question 15

Per capita

Answer 15

Per person or head

Question 16

Monetary sector

Answer 16

Loaning from banks to start a business

Question 17

Bangko sentral ng pilipinas (BSP)

Answer 17

Regulates money supply, growth and stability should be properly matched.

Question 18

Money supply

Answer 18

Matched with level of investment, production, income

Question 19

Fiscal sector

Answer 19

Government allocates scarce resources
(Taxes and other government stuff)

Question 20

External sector

Answer 20

Trading and stuff

Question 21

Gold standard

Answer 21

Currency has a value direct to gold

Question 22

Theory of absolute advantage

Answer 22

Greater efficiency of a country

Question 23

Theory of comparative advantage

Answer 23

Efficiency of producing a good compared to another using the same resources

Question 24

Balance of payment (BOP)

Answer 24

Summary of a countrys economic transaction with the rest of the world

Question 25

overall BOP position

Answer 25

Summary of the performance of external transactions

Question 26

Gross international reserve (GIR)

Answer 26

Accumulation of foreign exchange from BOP surplus.
Key to analyze growth prospects for the economy