Circular Flow
WW2 Trivia
GDP
Economic Growth
Macro Concepts
Macroeconomic Terms
100
Consumers receive these two things from producers
Income (wages), and goods/services (products)
100
The nickname for the invasion of Normandy on June 6th 1944
D-Day
100
GDP stands for
Gross Domestic Product
100
Why is real GDP a better measure of economic growth than nominal GDP?
It factors in inflation, and gives a more clear view of whether more goods/services are produced in an economy.
100
100 Each: What are the Three types of consumption
Durable, non-durable goods, and services
100
The measure of price increases of products in the economy, year over year
Inflation
200
Flows of resources and goods and services
Real flows
200
The leader of Italy during WW2
(Benito) Mussolini
200
Only this type of good and service "counts" toward GDP totals
Final goods/services
200
For 200 Each (up to 3 - there are more than 3 correct answers)
How can a country increase economic growth?
Improving supply of Land, Labour, Capital
Improving technology/innovation (productivity)
Population increase
Participation increase
Injection into the circular flow
Reducing leakages from circular flow
Other acceptable answers
200
When a country imports more than it exports, it has a trade d______
deficit
200
People looking for work as a proportion of the total labour force
Unemployment rate
300
Sector that produces goods and services such as education, defence, and health
Government Sector
300
The event that brought the United States into the war
Bombing of Pearl Harbour (Hawaii)
300
The largest category of GDP
Consumption
300
What is the optimal rate of growth for a developed economy such as Australia?
3%-3.5%
300
Two factors that influence consumer expenditure
Disposable income
Interest rates
Expectations
Household confidence
Stock of wealth
government policy
300
The measure of the average individual's contribution to Gross Domestic Product of a country
GDP per capita
400
Flows of money in and out of the economy are called
Injections and leakages
400
Auschwitz, and many other concentration camps were built in this occupied country.
Poland
400
2 flaws with using GDP to measure the success of a country's economy
Inflation can make GDP look bigger even without more productivity
Unpaid/black market labour doesn't count
Doesn't factor inequality
400
Two potential costs of rapid economic growth
negative externalities (pollution, unsustainable consumption, etc)
high inflation
increased inequality
400
The most important factor affecting consumer expenditure
Income
400
Investor confidence is often referred to in terms of two different animals. One of these animals has a prominent statue on Wall Street in NYC. What two animals are these?
Bull & Bear
500
In economics, which of the following is an example of investment expenditure?
(a) households purchase shares on the stock exchange
(b) firms purchase government securities
(c) firms purchase new capital equipment
(d) firms make compulsory contributions to superannuation funds
(a) Households purchase shares on the stock market
500
The Australian soldiers who were encircled in the deserts of North Africa during WW2 were given this nickname by German propaganda, which compared them to rodents scurrying around.
The Rats of Tobruk
500
Full GDP formula
GDP = C + I + G + (X-M)
500
Which of these options (1-4) on the PPF below would provide the most economic growth?
4 - Option 4 provides the most capital goods for the economy, which will increase future capacity for economic growth
Option 2 is further to the right, but is beyond the capacity of the economy.
500
Australia's GDP in 2023 (USD)
~$1.77 Trillion USD
~$1,770,000,000,000
500
Two consecutive quarters of negative GDP growth
Recession