ECONOMICS SYLLABUS
OVERVIEW EXAM QUESTIONS
WITH CORRECT ANSWERS 100%
2024
GNI - CORRECT ANSWERS-Total income of a country, accounting for capital
depreciation
National Income Statistics - CORRECT ANSWERS-Data on a country's income,
including market and basic prices
Net Property Income from Abroad - CORRECT ANSWERS-Income received from
foreign consumers, excluding taxes
GDP - CORRECT ANSWERS-Total value of goods and services produced in a country
Depreciation - CORRECT ANSWERS-Fall in value of a country's capital stock over time
Circular Flow of Income - CORRECT ANSWERS-Model showing money flow between
households, firms, and government
Closed Economy - CORRECT ANSWERS-Economy without foreign trade, focusing on
consumption, investment, and government spending
Open Economy - CORRECT ANSWERS-Economy with foreign trade, including exports
and imports in GDP calculation
Aggregate Demand (AD) - CORRECT ANSWERS-Total demand for goods and services
in an economy
Leakages - CORRECT ANSWERS-Money leaving the circular flow of income, including
savings, taxes, and imports
Injections - CORRECT ANSWERS-Money entering the circular flow of income, such as
investment and government spending
Equilibrium - CORRECT ANSWERS-State where leakages equal injections in the
economy
, Disposable Income - CORRECT ANSWERS-Income available after taxes for spending
or saving
Investment - CORRECT ANSWERS-Spending on assets or capital goods for future
returns
Government Expenditure - CORRECT ANSWERS-Spending by the government on
consumption, investments, and transfers
Net Exports - CORRECT ANSWERS-Difference between exports and imports in an
economy
Determinants of AD - CORRECT ANSWERS-Factors influencing aggregate demand,
including consumption, investment, government spending, and net exports
Interest Rates - CORRECT ANSWERS-Affects consumption; lower rates increase
investment and consumption
Income & Wealth - CORRECT ANSWERS-Increase in consumer income leads to
higher consumption and AD
Inflation Expectations - CORRECT ANSWERS-Expected inflation prompts immediate
spending, increasing consumption
Currency Exchange Rate - CORRECT ANSWERS-Rising native currency value
increases imports, decreasing net exports
Real Output - CORRECT ANSWERS-Total production of goods and services in an
economy
AD Curve - CORRECT ANSWERS-Aggregate Demand curve representing level of
output and price
SRAS Curve - CORRECT ANSWERS-Short-Run Aggregate Supply curve showing
output at different price levels
LRAS Curve - CORRECT ANSWERS-Long-Run Aggregate Supply curve indicating full
resource employment
AS & AS Interaction - CORRECT ANSWERS-Equilibrium when Aggregate Demand and
Aggregate Supply intersect
GDP Per Capita - CORRECT ANSWERS-Popular measure for economic comparison,
adjusted for population size
Nominal GDP - CORRECT ANSWERS-Total value of goods/services at current prices
OVERVIEW EXAM QUESTIONS
WITH CORRECT ANSWERS 100%
2024
GNI - CORRECT ANSWERS-Total income of a country, accounting for capital
depreciation
National Income Statistics - CORRECT ANSWERS-Data on a country's income,
including market and basic prices
Net Property Income from Abroad - CORRECT ANSWERS-Income received from
foreign consumers, excluding taxes
GDP - CORRECT ANSWERS-Total value of goods and services produced in a country
Depreciation - CORRECT ANSWERS-Fall in value of a country's capital stock over time
Circular Flow of Income - CORRECT ANSWERS-Model showing money flow between
households, firms, and government
Closed Economy - CORRECT ANSWERS-Economy without foreign trade, focusing on
consumption, investment, and government spending
Open Economy - CORRECT ANSWERS-Economy with foreign trade, including exports
and imports in GDP calculation
Aggregate Demand (AD) - CORRECT ANSWERS-Total demand for goods and services
in an economy
Leakages - CORRECT ANSWERS-Money leaving the circular flow of income, including
savings, taxes, and imports
Injections - CORRECT ANSWERS-Money entering the circular flow of income, such as
investment and government spending
Equilibrium - CORRECT ANSWERS-State where leakages equal injections in the
economy
, Disposable Income - CORRECT ANSWERS-Income available after taxes for spending
or saving
Investment - CORRECT ANSWERS-Spending on assets or capital goods for future
returns
Government Expenditure - CORRECT ANSWERS-Spending by the government on
consumption, investments, and transfers
Net Exports - CORRECT ANSWERS-Difference between exports and imports in an
economy
Determinants of AD - CORRECT ANSWERS-Factors influencing aggregate demand,
including consumption, investment, government spending, and net exports
Interest Rates - CORRECT ANSWERS-Affects consumption; lower rates increase
investment and consumption
Income & Wealth - CORRECT ANSWERS-Increase in consumer income leads to
higher consumption and AD
Inflation Expectations - CORRECT ANSWERS-Expected inflation prompts immediate
spending, increasing consumption
Currency Exchange Rate - CORRECT ANSWERS-Rising native currency value
increases imports, decreasing net exports
Real Output - CORRECT ANSWERS-Total production of goods and services in an
economy
AD Curve - CORRECT ANSWERS-Aggregate Demand curve representing level of
output and price
SRAS Curve - CORRECT ANSWERS-Short-Run Aggregate Supply curve showing
output at different price levels
LRAS Curve - CORRECT ANSWERS-Long-Run Aggregate Supply curve indicating full
resource employment
AS & AS Interaction - CORRECT ANSWERS-Equilibrium when Aggregate Demand and
Aggregate Supply intersect
GDP Per Capita - CORRECT ANSWERS-Popular measure for economic comparison,
adjusted for population size
Nominal GDP - CORRECT ANSWERS-Total value of goods/services at current prices
