Final Macroeconomics quiz

Trade between two countries can be useful if cost ratios of goods are:

• Undetermined

• Decreasing

• Equal

• Different

A tariff is:

• A tax on domestic goods and services

• A limit on the number of foreign goods leaving a county

• A tax on foreign goods and services

• A limit on the number of foreign goods entering a country

The socially optimal rate of growth is:

• Where the marginal social benefit = the marginal social cost

• Total social costs are minimized

• Negative

• Zero

If the quantity of a good produced is not the same as the socially optimal quantity, there will be

• deadweight loss

• fines imposed by the government

• no equilibrium

• both a positive and negative externality

Unions can lead to different wages in a business because:

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Which of the following is another term for the Net National Product at factor cost?

• Personal Income

• Gross National Product

• Net Domestic Product

• National Income

Which of the following term is opposite to Inflation?

• Deflation

• Desolation

• Hyperinflation

• Stagflation

Which one of the following services are included in the Secondary Sector?

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Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.

• Entrepreneurs

• Resources

• Services

• Human Resources

A budget in which the receipts of the government exceed its expenditure is called-

• Surplus budget;

• Balanced budget;

• None of the above.

• Deficit budget;