The total quantity of goods and services produced (or supplied) in an economy in a given period is ?

Related Mcqs:

1. Which term is used for the total net value of all goods and services produced in a country in specified period of time ?

   A. National income
   B. Public income
   C. Local income
   D. Gross income

2. In an economy measuring (1) total value added (2)total spending on final goods and (3)total factor earning gives the result that ?

   A. 3>2>1
   B. 3=2=1
   C. 3<2<1
   D. any measure can be larger or smaller than any other

3. The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ?

   A. Pareto goods
   B. public goods
   C. private goods
   D. free goods

4. The total demand for goods and services in an economy is known as_____________?

   A. gross national product.
   B. national demand.
   C. economy-wide demand
   D. aggregate demand

5. Aggregate demand is the total demand for all goods and services in an economy from ?

   A. the household and government sectors
   B. the household sector.
   C. all sectors of except the rest of the world
   D. all sectors of the economy including the rest of the world.

6. S = Savings, I = domestic investment, X = exports of goods and services, and M = imports of goods and services Which of the following is true ?

   A. S – I = X = M
   B. S + I = X + M
   C. S = I – (X+M)
   D. S-I = X/M

7. Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are ?

   A. market prices
   B. sticky prices
   C. fixed prices
   D. regulatory prices

8. If the quantity of money demanded exceeds the quantity of money supplied then the interest rate will ?

   A. change in a certain direction
   B. remain constant
   C. fall
   D. rise

9. Total planned OR desired spending in the economy as a whole within a given period is called_____________?

   A. pent-up demand
   B. aggregate demand
   C. elastic demand
   D. excess demand

10. An index of prices of all domestically produced goods in the economy is the ?

    A. wholesale price index (WPI)
    B. Consumer price index (CPI)
    C. GDP deflator
    D. Producer price index (PPI)