Macro Quizziz

What is Macroeconomics

• Studies individual

  economic units in detail

  such as household, a firm,

  and a government.

• Studies the aggregate

  behavior of the entire

  economy.

• Studies of wages, or

  income of labour

• The study of individual

  parts of economy

Which one of the following statements is true?

• Prices and quantities in individual markets are determined by the government.
• In the factor markets, labour is owned by businesses and supplied to households.
• In the factor markets, businesses supply labour in return for money repayments.
• Households supply labour to businesses in return for wages and salaries.

Project X produces RM10000 in revenue for a month. Project X also incurs a cost of RM10200. Thus the net benefit is

• 10,000

• 10,200

• 200

• (200)

The unemployment rate in Malaysia is 4 % in 1997. This statement belongs to

• domestic economics

• international economics

• macroeconomics

• microeconomics

What is the meaning of recession

• period during which aggregate

  output declines and indicates lower demand

  fewer output. Laid off workers and create

  unemployment crisis.

• period during which aggregate

  output expands. Total employment, total

  production and sales will experience growth in

  real terms.

• lowest point of a business cycle,

  where the business is operating at below

  capacity and unemployment is at a high level.

• highest point of a business cycle, where

  the business is producing at almost full capacity

  and the economy is at almost full employment.

In Islamic economics, Social justice can attain its objective via, EXCEPT:

• Satisfaction of all human basic needs

• The implementation of zakat

• Removal of all major hardship and discomfort

• neglecting the quality of life, morally and materially.

_________ refers to the current price in the market through the forces of demand and supply.

• Factor Cost

• Inflation

• Market Price

• Current Price

Which of the following are the problems in capitalist economic system? 

• Each individual employed.

• The gap between the poor and the rich keep increasing.

• Individual doesn’t have freedom to choose.

What characterizes a command economy (select all that apply)

• Government makes the decisions

• Markets relied-upon to perform allocations

• Reallocation of resources according to need

• All

The three major macroeconomic goals do not include

• full employment

• price level stability

• sustained economic growth

• high levels of environmental quality