Return to Economics Quiz - Macroeconomics

The​ ​Consumer​ ​Price​ ​Index​ ​(CPI)​ ​can​ ​be​ ​defined​ ​as

• The​ ​market​ ​value​ ​of​ ​all​ ​final​ ​goods​ ​and​ ​services

• A​ ​measure​ ​of​ ​inflation​ ​based​ ​on​ ​the​ ​cost​ ​of​ ​a​ ​fixed​ ​“market​ ​basket”

All​ ​of​ ​these​ ​are​ ​functions​ ​of​ ​money​ ​​EXCEPT

• Medium of exchange

• Store of value

• Commodity money

• unit of measurement

Inflation is measured by...

• Consumer Price Index (CPI).
• Gross National Product (GNP).
• Gross Domestic Product (GDP).
• Securities & Exchange Commission (SEC).

If people are made unemployed because of a fall in aggregate demand this is known as:

• Cyclical unemployment

• Frictional unemployment

• Structural Unemplyment

• Seasonal Unemployment

The Phillips curve shows the relationship between inflation and what?

• Unemployment

• GDP

• Price level

• Inflation

It is the measure of a country's total production of final goods and services in a given period of time.

• Gross National Product

• Gross Domestic Product

• Exports

• Imports

What do you call an economic policy that is designed to influence the aggregate demand in order to control the economy?

• Spending policy

• National policy

• Fiscal policy

• Monetary policy

It is the continuing increase of the general price level in the market.

• Inflation

• Deflation

• Stagflation

• Recession

It is the decrease in the general level of prices of basic commodities.

• Inflation

• Deflation

• Stagflation

• Stagnation

Which of the following scenarios show frictional unemployment?

• John got laid-off from work since the company is not making enough money.

• Jeff cannot find work since most blue collar jobs are already filled.

• Ramon quit his jobs to move to Canada for a better job offer.

• Alberto works as a call center agent after graduating nursing