Economics Flashcards
Really tiff to the. Prior to the colonization of India by Great Britain, which of the following best describes Indian output as a share of global output today?
Less
The service sector is one of the most thriving portions of the Indian economy. What is currently the biggest impediment to the growth of this sector?
Lack of skilled manpower
The year ____Was a crucial turning point for India. The world realized that Indian software engineers could compete in modern industries and Indians themselves became more confident in their abilities.
2000
To demand curves pass through the same point, the curve that is flatter will have _____.
A higher elasticity
In the United States, how is inflation volatility (especially during 1900 to 1950) best characterized?
Highly volatile
Which group may benefit from higher than expected inflation?
Borrowers
What was the earliest known impetus for measuring economic output?
The British wanted to assess Irish ability to pay taxes
Which of the following presents the most valid cause of inaccuracy in economic growth measurement?
The definition of an intermediate goods can be vague.
If the velocity of money is constant, changes in which of the following will mirror changes in the nominal GDP?
Money supply
Compare the following: an increase in income will have the same direction effect on the demand for peanut butter (a normal good) as______.
A price decrease in jelly (a complement)
Narrowing the market definition (for example from soda to Pepsi) Will have the same effect on the price elasticity of demand for a good as _________
Lengthening the time horizon
The act of collecting data to carry out empirical economic research that produces facts is referred to as_____.
Positive economics
