
CHAPTER 3
Quiz
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Education
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University
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Practice Problem
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes macroeconomics?
Study of individual market transactions
Analysis of firm-level decision-making
Study of the economy as a whole, focusing on variables like GDP and inflation
Pricing strategy for forest products
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the circular flow of income, households provide which of the following to firms?
Finished goods
Government subsidies
Factors of production (land, labor, capital)
Imports
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two main flows in the circular flow of income model?
Government and foreign flows
Input and output flows
Real flows and money flows
Exports and imports
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a component of GDP expenditure?
Consumption expenditure
Depreciation
Net exports
Government purchases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GDP measure?
Income inequality in a country
Total market value of all final goods and services produced in a country in a year
Total population wealth
Environmental sustainability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes net exports?
Total imports minus government spending
Total exports plus domestic consumption
Total exports minus total imports
Only goods traded between companies
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main function of the government in the macroeconomic model?
Only a tax collector
Consumer and producer that regulates through fiscal and monetary policy
Only a price controller
Sole exporter of domestic goods
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