8 min read
This study guide covers key macroeconomic concepts including the circular flow model, Gross Domestic Product (GDP) (nominal vs. real, calculation using the expenditure approach), inflation and the Consumer Price Index (CPI), the business cycle and its phases, and unemployment (labor force, types of unemployment). It also provides practice questions and exam tips focusing on GDP calculations, real vs. nominal GDP, inflation, CPI, business cycle phases, and different unemployment types.
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Question 1 of 10
In the circular flow model 🔄, which direction does money primarily flow?
Counter-clockwise, from firms to households
Clockwise, representing payments, wages and income
Randomly, without a set direction
Both clockwise and counter-clockwise equally