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The amount of goods and services that can be purchased by the population of a country. Usually measured by the inflation-adjusted (real) income per head of the population, this term is known as
- Standard of Consumption
- Standard of savining
- standard of living
- None of These
- N/A
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Answer: C Explanation: -
The quantity of goods and services produced from each hour of a worker or factor of production’s time is called
- Investment
- productivity
- consumption
- None of These
- N/A
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Answer: B Explanation: -
An increase in the overall level of prices in the economy
- Deflation
- Inflation
- Over Production
- None of These
- N/A
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Answer: B Explanation: -
The representation of reality which facilitates understanding of how something works this term in known as
- Model
- Equation
- Experience
- Mathedology
- N/A
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Answer: A Explanation: -
A variable whose value is determined within the model is called
- Exogenous variable a
- Endogenous variable a
- Independent variable a
- All of these
- N/A
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Answer: B Explanation: -
A variable whose value is determined outside the model
- Exogenous variable a
- Independent variable a
- Endogenous variable a
- None of These
- N/A
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Answer: A Explanation: -
A Latin term which used to note when other factors that might affect outcomes are assumed to be constant is known as
- Ceteris paribus
- Assumption
- Endogenous variable a
- All of these
- N/A
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Answer: A Explanation: -
The conclusions, consequences or explanations can be drawn based on the evidence provided by the model is called
- Conclusion
- Inference
- Result
- All of these
- N/A
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Answer: C Explanation: -
An assumption, a tentative prediction, explanation, or supposition for something is called:
- Model
- Assumption
- Hypothesis
- None of These
- N/A
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Answer: C Explanation: -
The act of formulating general concepts or explanations by inferring from specific instances of an event or behaviour is called:
- Conclusion
- Generalization
- Result
- All of these
- N/A
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Answer: B Explanation: