Economics Production

Question 1

What are the Measurements of a nation’s Production?

Answer 1

Gross domestic product (GDP)
Gross national product (GNP)

Question 2

What is GDP?

Answer 2

GDP Is the total dollar value at the current price of all final goods and services produced within a country over a given year

Question 3

What is GNP?

Answer 3

GNP Is the total dollar value at the current price of all final goods and services produced by a country over a given year

Question 4

What is the productivity of a nation’s economy?

Answer 4

The governments of a nation play a major role in its economic output.

Which includes the total output, unemployment, and economic growth.

Question 5

What is the Macroeconomics Policy?

Answer 5

There are two policies
Fiscal policy
Monetary policy

Question 6

What is the Monetary Policy?

Answer 6

The actions of a central bank, Bank of Canada, currency board or other regulatory committee, that determines the size and rate of growth of the money supply which in turn, affects interest rates

Question 7

What are Examples of Monetary Policy Tools?

Answer 7

Interest rate
Currency
Open market operations for money supply

Question 8

What is the Fiscal Policy?

Answer 8

A government adjusts its levels of spending in order to monitor and influence a nation’s economy

Question 9

What are Examples of Fiscal Policy Tools?

Answer 9

Taxes
Spending

Question 10

What is Laissez Faire?

Answer 10

An economic theory from the 18th century that is strongly opposed to any government intervention in business affairs