Annual GNP growth of 6% poverty reduced by 1% point of the population Balance of payments deficit not in excess of $200 million For a planner, the above are ?
Correct answer: B. target variables
- A. achieved only through socialism
- B. target variables
- C. bound by soft budget
- D. recurrent expenditures
Explanation
These are measurable development objectives: a specified growth rate, poverty reduction, and a maximum balance-of-payments deficit. Such desired outcomes are called target variables, unlike expenditures or budget classifications.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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