When is a working-age individual identified as unemployed?
When they did not work during the reference week and are available for work.
What does the unemployment halo include?
Intermediate situations between unemployment, employment, and inactivity.
Name some situations included in the unemployment halo.
Reduced hours, training, labour market withdrawal, voluntary reduced work, and undeclared work.
What is the BIT rule for classifying someone as employed?
Working at least 1 hour during the reference week.
How does the BIT employment rule affect measured unemployment?
It tends to minimize measured unemployment.
What is the formula for the BIT unemployment rate?
In the BIT unemployment rate formula, what does represent?
The number of BIT unemployed people.
In the BIT unemployment rate formula, what does represent?
The number of employed people.
What is a national accounts base?
A period with unchanged concepts, sources, classifications, processing, and reference year.
Since when have French national accounts been published annually?
Since 1949.
How long does a national accounts base generally last in France?
About 5 years.
What changes did the 2010 base introduce in French national accounts?
It expanded investment to include military equipment, databases, and R&D expenditure.
What is retropolation in national accounts?
Extending the new base into the past by recalculating older series.
When is the provisional version of national accounts for year n published?
In year n+1.
When is the semi-final version of national accounts for year n published?
In year n+2.
When is the final version of national accounts for year n published?
In year n+3.
What is the European System of Accounts?
It is the European framework for harmonizing national accounting concepts, classifications, and measurement.
From which year were bases aligned with international accounting recommendations?
From 1971 onward.
Which international systems influenced the bases defined from 1971 onward?
The System of National Accounts and the European System of Accounts.
What does national accounting record?
All operations during the year involving agents in France's economic territory within a balanced framework.
When were the Physiocrats active?
During the 17th and 18th centuries.
Why did the Physiocrats advocate laissez-faire?
Because they considered the economy governed by natural mechanisms.
Why did Boisguilbert place agriculture at the center of economic activity?
Because it influenced industry and the rest of the economy.
According to Boisguilbert, what causes underconsumption and falling farmers' incomes?
Excessive taxes and obstacles to trade.
What economic effects follow from underconsumption according to Boisguilbert?
Rising agricultural stocks, lower farmer consumption, and falling industrial sales.
What tax policy did Boisguilbert propose to restore farmers' incomes?
Reducing tax rates while broadening the tax base.
What trade policy did Boisguilbert suggest to clear agricultural stocks?
Liberalizing grain trade toward deficit regions or abroad.
What does an economic circuit represent?
Relationships among economic agents.
What does an economic circuit describe?
Exchanges between economic agents.
Which agents and markets are in the simplified economic circuit?
Households, firms, public administrations, product markets, and factor markets.
How are social benefits and subsidies paid?
Directly to beneficiaries without passing through markets.
What do taxes and social contributions finance?
Public administrations and social security.
What is an aggregate in economics?
A quantity measured at a global level.
Give an example of an aggregate.
National consumption or national investment.
What data does national accounting collect to monitor?
Production, household consumption and saving, firm investment, public budget balance, and foreign exchange balance.
What defines a resident agent in economics?
Having a centre of economic interest in the territory for one year or more.
What time and spatial frameworks does national accounting use?
The calendar year and France’s economic territory.
How do national accountants and macroeconomic theories differ in approach?
National accountants work ex post; macroeconomic theories test explanations and guide policies.
According to Keynesian approach, what effect does higher aggregate demand have?
It raises production and reduces unemployment by requiring more hiring.
Who developed the Keynesian approach linking aggregate demand to employment?
John Maynard Keynes, 1883-1946.
How does the liberal approach propose to reduce unemployment?
By lowering taxes on capital to increase profitability and production.
Test your knowledge with 20 questions on Macroeconomics and National Accounts.
1. Under the standard definition, which person is classified as unemployed during a reference week?
2. Which situation best illustrates the unemployment halo?
Review the complete course in the study sheet for Macroeconomics and National Accounts.
See study sheet →Import your course and AI generates flashcards in 30 seconds.
Flashcard generator