Macroeconomic Quiz

What is the primary focus of the macroeconomic perspective?

• Individual businesses
• Overall aspects of a national economy
• Local community issues
• International trade relations

Which of the following is NOT one of the major goals of a national economy?

• Stable prices
• Low unemployment
• High inflation
• Economic growth

What does GDP stand for?

• Gross Domestic Product
• General Domestic Price
• Gross Development Plan
• General Development Product

Which statistic indicates the percentage of the labor force that is unemployed?

• Consumer Price Index
• Gross Domestic Product
• Unemployment Rate
• Inflation Rate

What economic challenge was highlighted as a significant issue in the United States?

• Low consumer spending
• High personal and national debt
• High interest rates
• Surplus in trade balance

In January 2010, how many jobs did employment decline by?

• 500,000
• 800,000
• 1,000,000
• 1,200,000

What was the unemployment rate is ideal for the country?

• 4%

• 9%
• 10%
• 11%

What does a decrease in GDP indicate about an economy?

• Economic growth
• Stability
• Decline in production
• Increase in employment

Why is understanding macroeconomic trends important for businesses?

• To increase prices
• To be responsive to the competitive environment
• To reduce costs
• To avoid taxes

How can understanding macroeconomic trends benefit households and consumers?

• By predicting stock prices
• By making informed decisions about personal finance
• By ensuring job security
• By increasing savings rates