Social Is Gay

Question 1

Personal Disposable Income is the actual amount of money that the consumers can spend

Answer 1

True

Question 2

Per Capita Income refers to how the national income is divided among all sectors of the economy.

Answer 2

False

Question 3

Income is the money received by an individual as payment for producing goods and services

Answer 3

True

Question 4

Lorenz Curve is a diagram that shows the relationship between population and income received in the economy

Answer 4

True

Question 5

The households supply the factors of production to the business firms.

Answer 5

True

Question 6

He is a French economist who believed in the importance of nature in the economic development

Answer 6

Francois Quesnay

Question 7

Income that is not used for present time or needs

Answer 7

Savings

Question 8

It owns the factors of production and consumer of the finished goods and services.

Answer 8

Households

Question 9

Economy is examined through its entirety. It concerns the aggregate demand and aggregate supply. What branch of economics deals with this study?

Answer 9

Macroeconomics

Question 10

People save money for the future: They deposit their money in the bank because

Answer 10

they believe in the banking institution

Question 11

It is the accumulation of stocks to be used in the expansion of production in the future

Answer 11

Investment

Question 12

It is the normal quantity of goods stored by business firms for future use.

Answer 12

Inventory

Question 13

The consumer of the factors of production and producer of goods and services.

Answer 13

Buisness firms

Question 14

The circular flow of goods and services shows the entire economic activity: To balance the economy, there should be inflows and outflows. Which of the following is an inflow in the economy?

Answer 14

Income

Question 15

The government avoids the double counting of the Gross National Product (GNP) so that the people will know the real productions of the country. Which of the following is not included in the computation of GNP?

Answer 15

Normal Goods

Question 16

Real and nominal GNP are types of GNP. Nominal GNP is always higher than real
GNP because

Answer 16

production is based on current prices

Question 17

The government resore isol GNP is incrensing Some people say it is a sign for the economy to develop.

Answer 17

there is peace and order in the country

Question 18

Gross National Product (GNP) is one of the indicators that measure the economic performance of tha country.

Answer 18

total market value of all the intial goods and services produced in the country for
a given period of time

Question 19

The circular flow of goods and services describes the economic activities of the country. There are inflows like income, consumption, investment of the circular flow.
The savings, subsidy. transfer payment, and goods and services rendered are

Answer 19

Outflow

Question 20

Which is not included in the Factor Income Approach to GNP measurement?

Answer 20

Net Factor Income From Abroad

Question 21

If the GNP is computed PhP598.10 million using the final expenditure approach,
what will be the GNP using the factor income approach?

Answer 21

PhP598.10 milion

Question 22

Which is not included in the Final Exoenditure Aporoach to GNP measurement?

Answer 22

Compensation to Employees

Question 23

The government measures the GNP in order to know the status of the economy production

Answer 23

Investment

Question 24

The measurement of GNP is important The government uses a common unit of
measurement for goods and services.

Answer 24

To measure the numerous commodies produced