Please remember that your 2nd ECO101 test is scheduled on Monday, 29 September 2003 at Room 8A1 and 8A2, 8:00 pm - 9:30
pm. You will be tested on the following items.
- Definition of national income.
- GNP, GDP, NNP, PI (personal income), DPI (disposable personal income), market price and factor cost.
- Measuring national income (expenditure, income, and output approaches.
- Problems in calculating national income.
- Uses of national income.
- Business cycles.
- The four phases of business cycles - depression, recession, recovery, and economic boom.
- Unemployment - definition and calculation.
- Types of unemployment.
- Types of inflation.
- Calculation of inflation rate.
- Effects of inflation - gainers and losers.
- International trade.
- Differences between domestic and international trade.
- Advantages of international trade.
- Tools of protectionism.
- Reasons for protectionism.