Economic Issues

Question 1

refers to the increase in the production of goods and services over a certain period of time

Answer 1

Economic Growth

Question 2

measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Answer 2

Gross Domestic Product (GDP)

Question 3

counts all the output of the residents of a country; an alternative concept of GDP

Answer 3

Gross National Product (GNP)

Question 4

sums the “value-added” at each stage of production, where value-added is defined as total sales less the value of intermediate inputs into the production process

Answer 4

Production approach

Question 5

adds up the value of purchases made by final users (For example, the consumption of food, televisions, and medical services by households; the investments in machinery by companies; and the purchases of goods and services by the government and foreigners.)

Answer 5

Expenditure approach

Question 6

sums the incomes generated by production For example, the compensation employees receive and the operating surplus of companies (roughly sales less costs).

Answer 6

Income approach

Question 7

This refers to the amount of goods and services produced in the country valued at constant prices.

Answer 7

Real GDP

Question 8

Economic growth involves a step in which a the difference in the new and old ______ is computed first.

Answer 8

GDP

Question 9

What year did the great depression start

Answer 9

1929

Question 10

What economic problem happened in many parts of the world in 2020?

Answer 10

Recession

Question 11

This accounts for the total value of production by the residents in a country

Answer 11

GNP

Question 12

An approach to computing for GDP where the total sales less the value of intermediate inputs into the production process is being accounted.

Answer 12

Production/Value Added Approach

Question 13

An approach to computing for GDP where consumption, investment, government spending and net exports are being added.

Answer 13

Expenditure Approach

Question 14

It is the percentage change in the value of all of the goods and services produced in a nation during a specific period of time, as compared to an earlier period

Answer 14

Economic Growth Rate

Question 15

Even before the pandemic, economic growth in the Philippines was usually driven by:

Answer 15

Private Consumption

Question 16

A statistical tool that is used to adjust GDP from nominal to constant prices.

Answer 16

Price Deflator

Question 17

Measures the change in a nation’s gross domestic product (GDP)

Answer 17

Economic Growth Rate

Question 18

Three of the major concerns of macroeconomics

Answer 18

Output Growth, Inflation, Unemployment

Question 19

2 Main Sources of Economic Growth

Answer 19

Increase in Resources, Increase in the productivity of existing resources

Question 20

the rate of increase in prices over a given period of time; the overall increase in prices or the increase in the cost of living in a country

Answer 20

Inflation

Question 21

The cost of this basket at a given time expressed relative to a base year

Answer 21

Consumer Price Index (CPI)

Question 22

the percentage change in the CPI over a certain period

Answer 22

Consumer Price Inflation

Question 23

focuses on the underlying and persistent trends in inflation by excluding prices set by the government and the more volatile prices of products, such as food and energy, most affected by seasonal factors or temporary supply conditions.

Answer 23

Core Consumer Inflation

Question 24

Falling of Prices

Answer 24

Deflation

Question 25

High Inflation

Answer 25

Hyperinflation

Question 26

is the proportion of families/individuals with per capita income/expenditure less than the per capita poverty threshold to the total number of families/individuals.

Answer 26

Poverty Incidence

Question 27

The proportion of families/individuals with per capita income/expenditure less than the per capita food threshold to the total number of families/ individuals

Answer 27

Subsistence Incidence

Question 28

(T/F) The subsistence incidence in the country is higher that its poverty incidence.

Answer 28

False

Question 29

The region which generates highest subsistence incidence in Philippines

Answer 29

ARMM

Question 30

This is a specified peso amount considered to be the minimum level of resources necessary to meet the basic needs of a family unit.

Answer 30

Poverty Threshold

Question 31

Other term for subsistence poor

Answer 31

Food Poor / Extremely Poor

Question 32

Other term for food poverty line

Answer 32

Subsistence / Food Threshold

Question 33

How many years of progress in the country have been erased due to COVID 19?

Answer 33

4 Years

Question 34

s=(f/n) x 100

Answer 34

Subsistence Incidence

Question 35

p = (q/n) x 100

Answer 35

Poverty Incidence

Question 36

Refers to the number of individuals who are FOOD POOR

Answer 36

Magnitude of Food Poor

Question 37

Refers to the number of individuals who are INCOME POOR

Answer 37

Magnitude of Poor

Question 38

Food Threshold / (FE/TBE Ratio)

Answer 38

Poverty Threshold

Question 39

GDP2 - GDP 1 / GDP 1

Answer 39

Economic Growth Rate