Special Class- Review Quiz in Economics 9

Branch of economic studies that focuses on the study of the totality of the economic condition of the entire society.

(a)  

Occurs when there is a withdrawal of money from the economy resulting in a reduction in national income.

• Leakages

• Injections

• Inflow

• Pump Priming

French economist whom is the proponent of "Tableau Economique" also known as the Economic Circular Flow Model

• John Maynard Keynes

• Francois Quesnay

• Abraham Maslow

• Dr. Eli Remolona Jr.

What is the missing part of the Economic Circular Flow?

(a)  

What is the missing part of the Economic Circular Flow?

(a)  

Total market value of goods and services created within the country

• Value-Added Approach

• Gross Domestic Product (GDP)

• Expenditure Approach

• Gross National Product (GNP)

Total market value of goods and services created by a country and income received from outside the country during a year.

• Value-Added Approach

• Gross Domestic Product (GDP)

• Expenditure Approach

• Gross National Product (GNP)

It is the sum of all incomes of workers, employees, entrepreneurs, corporations, and government within a year to know the economic performance of the country.

• Value-Added Approach

• Factor Income Approach

• Expenditure Approach

• Net Factor Income from Abroad

How to get the Gross National Product (GNP) using the Value-Added Approach?

• Agriculture + Industry + Services

• Agriculture + Industry + Services + Net Factor Income from Abroad (NFIA)

• Agriculture + Investment + Services + Net Factor Income from Abroad (NFIA)

• Agriculture + Investment + Services

How to get the Gross National Income (GNP) using the Factor Income Approach?

• Personal Consumption + Corporate Income + Government Spending + Depreciation + Indirect Business Tax

• Personal Income + Corporate Income + Government Income + Capital Consumption Allowance + Indirect Business Tax

• Household Income + Business Income + Government Income + Depreciation + Statistical Discrepancy