Objectives and Indicators Flashcards
1
Q
Define GDP
A
The monetary value of a countries GDP goods & services
2
Q
Define inflation
A
Average rise in the cost of goods and services
3
Q
Define unemployment
A
The
4
Q
Define 4 macroeconomic variables
A
5
Q
Define current account of the balance of payments
A
The Value of imports compared to value of exports
6
Q
What is the macroeconomic aim for current account of balance of payments
A
7
Q
What is X >M
A
8
Q
What is X<M
A
9
Q
What does Y,O,E stand of
A
10
Q
A
11
Q
What is XIG
A
12
Q
What is STM
A
13
Q
What do we assume about the circular flow of income
A
14
Q
What is the Output method
A
15
Q
What Is the Income method
A
