E(mily)con
Red
What is Emily's favourite colour?
What is an advantage of using national income statistics?
Expenditure = Output = Income
What does the circular flow model show?
The average price level of all goods and services
What is on the y-axis of a macro diagram?
Giffen good
What good has a positive PED and a negative YED
Denmark
Where has Emily never lived?
If the factor income sent abroad is greater than the factor income earned from abroad
When would GDP be a greater value than GNP?
What part of the circular flow model measures the flow of factors of production (land, labour, capital, enterprise)?
The realGDP/output of the economy
What is measured on the x-axis in a macro diagram?
How do taxes correct the market failure caused by negative externalities of consumption?
Cambridge
Which University did Emily study at?
GDP adjusted for effects of production on the environment
What is Green GDP?
What is one injection?
The total value of all final goods and services within an economy
How do we define GDP?
(HL, 4x points): 3rd degree price discrimination
What form of price discrimination involves selling a good to different consumers at different prices depending on their differing PEDs?
Natalie
What is the name of Emily's sister?
Income Distribution
What does GDP per capita NOT show?
Because they are a leakage/withdrawal
Why do we take away imports when using the expenditure approach to calculate GDP?
The total value of all final goods and services in an economy adjusted to take into account the impact of inflation
What is real GDP?
The Substitution Effect
What is one reason that the demand-curve is downward-sloping?
What is the name of Emily's cat?
Jigme Khesar Namgyel Wangchuck
What is the name of Bhutan's current King?
They represent any provider of any of the four factors of production, who also engages in consuming goods and services but is not the producer of them.
What do households represent in the Circular Flow Model?
Who is the father of modern macroeconomics?
The EU ETS
What is an example of an existing carbon trading market?