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Unit 3 Macroeconomics Review

Quiz by Georgia Powell

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22 questions
Show answers
  • Q1
    Which of the following describes the goals of macroeconomics?
    Steady economic growth, stable prices and full employment
    Stable prices, steady economic growth & lower taxes
    Steady economic growth, lower taxes and reduction of trade deficits
    Stable prices, full employment & reduction of trade deficits
    30s
  • Q2
    Gross domestic product is a method for calculating how much a country produces by adding which four spending categories?
    Wages, rent, interest & profit
    Consumption, investment, government and net exports
    Consumption, Investment, Government & Business Expenditures
    Consumption, interest rates, government & net exports
    30s
  • Q3
    What is inflation?
    A rise in the price level
    No changes in the price level
    A decrease in the price level
    Fluctuations in the price level
    30s
  • Q4
    Comparing real GDP between two consecutive years is MOST useful in determining which economic measurement?
    Economic growth
    Equilibrium price
    Equity
    Exchange rates
    30s
  • Q5
    In an economy, when the price level falls, consumers and firms buy more goods and services. How is this relationship represented?
    Aggregate demand curve
    Business cycle
    Aggregate supply curve
    Equilibrium GDP
    30s
  • Q6
    What economic term refers to the percentage of people who want to work, but are unable to find employment?
    Work rate
    Employment rate
    Unemployment rate
    Inflation rate
    30s
  • Q7
    Concern about an international crisis has caused consumers to save their money and postpone big purchases. What is the immediate effect on aggregate demand, price level and aggregate supply?
    Aggregate demand will decrease, price level decreases and unemployment decreases
    Aggregate demand will decrease, lowering both real GDP and price level
    Aggregate supply will decrease, raising the price level and lowering real GDP
    Aggregate supply will increase, prices will decrease and real GDP will increase
    30s
  • Q8
    What is the purpose of the market basket?
    To compare prices of goods between competing stores
    To compare prices of goods between years to calculate the consumer price index
    To determine gross domestic product
    To advertise new products for companies
    30s
  • Q9
    What happens to people living on a fixed income when there is rapid inflation in a country?
    They must get second jobs to make ends meet
    They benefit because their paycheck buys more goods & services
    They aren't affected
    They're purchasing power is decreased and therefore they're hurt
    30s
  • Q10
    Which situation below is MOST negatively affected by unanticipated inflation?
    Farmers with fixed rate mortgates
    Convenience stores that sell staple goods
    Banks that loaned money at a fixed rate
    Businesses that profit from credit sales
    30s
  • Q11
    In January, Bob is laid off from his job during a business cycle contraction. Which statement is TRUE?
    Bob is cyclically unemployed
    Bob is frictionally unemployed
    Bob is structurally unemployed
    Bob is seasonally unemployed
    30s
  • Q12
    Which person is considered frictionally unemployed?
    Jennifer, whose skills are no longer needed
    Jimmy whose parents shut down the family farm
    Jake who has recently entered the labor force
    Jill who is a full time college student
    30s
  • Q13
    In the business cycle, what is a contraction or a recesssion?
    Increase of productiviy
    Increase of money
    Business growth
    Slowing down of business
    30s
  • Q14
    What is the best description of a trough in the business cycle?
    People losing jobs, businesses closing
    Lowest point in the economy
    Top of the expansion
    New jobs opening up, economy improving
    30s
  • Q15
    What is the primary role of money in the economy?
    It provides a mechanism to assist foreign trade
    It helps set interest rates at financial institutions
    It serves as a medium of exchange for goods & services
    It identifies prices in various markets.
    30s

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