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Understanding National Income Measurement and Aggregate Demand

Learn about measuring national income, aggregate demand, and economic objectives with a focus on growth, employment, stability, and distribution. Discover methods for calculating national income and differentiating between real and nominal GDP in this microeconomics exam review.

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Understanding National Income Measurement and Aggregate Demand

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  1. HL2 ECONOMICS: MICROEXAM14TH September 2010 Measuring National Income Aggregate Demand

  2. Micro Exam (2) Tuesday 14th September Measuring National Income • Draw Circular Flow Model. Explain all features (eg: What is a leakage/injection) • Macro Economic Objectives for Government: • Economic Growth • Employment • Price Stability • Income Distribution • External Stability

  3. Micro Exam (2) TTuesday 14th September • Three Methods for Measuring National Income • Output / Income / Expenditure. • Expenditure Model Calculation (Canada example used in class) • C + I + G + (X-M) • What is Net National Product • Difference between Real GDP and Nominal GDP.

  4. Micro Exam (2) Tuesday 14th September Aggregate Demand • Refer to MC Questions provided at wikipage. • Although these questions are in MC form, they will not appear in MC form in the exam. • 10 questions out of the 46 questions will appear on the exam. Which 10??? • Monetary and Fiscal Policy – they are gems!!.

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