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Macroeconomics "DBQ":):)

Total questions: 71

Worksheet time: 1hrs 9mins

Name
Class
Date
1.
The lowest point of output in a recession, before a recovery begins
a)
trade deficit
b)
depression
c)
trough
d)
recovery
2.
All of the following are points on the business cycle EXCEPT
a)
Peaks
b)
Troughs
c)
Expansion
d)
GDP
3.
The HIGHEST Point in business cycle
a)
Peak
b)
Trough
c)
Contraction
d)
Recession
4.
What is the formula for GDP?
a)
C + I + G + (X-M)
b)
C + I + G / (X-M)
c)
C + I + G + (population)
d)
C + I + G + (M-X)
5.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
6.
Which letter represents the Contractionary (Recession) Phase?
a)
A
b)
B
c)
C
d)
D
7.
Where on the business cycle would you find the highest unemployment?
a)
A
b)
B
c)
C
d)
D
8.
What can the government do to give a boost to a slowing economy? 
a)
raise taxes
b)
lower taxes
c)
increase interest rates
9.
What is inflation?
a)
rise in all prices
b)
rise in most prices
c)
rise in some prices
d)
rise in general prices
10.
What type of unemployment did people experience during the Great Depression?
a)
Seasonal
b)
Structural/Technological
c)
Cyclical
d)
Frictional
11.
A literary editor leaves her job in New York to look for a new job in San Francisco.
a)
Frictional
b)
Cyclical
c)
Structural
d)
Not counted
12.
Which of the following is not an economics indicator discussed in class?
a)
Presidential Policy
b)
Inflation 
c)
Gross Domestic Product
d)
Unemployment
13.
In the business cycle, growing G.D.P. and inflation are signs of a recession.
a)
True
b)
False
14.
is a way to illustrate how a regular group of goods and services changes over time.​
a)
Consumer Price Index
b)
Final Goods 
c)
Market Basket
d)
Durable Goods
15.
Which of these is the BEST definition of GDP?
a)
a description of the quality of life in a nation
b)
average value of production of intermediate goods
c)
a collection of all government assets that could earn money
d)
market value of all goods and services produced in a country
16.
The federal government uses government spending and tax rates to help control recessions and encourage economic activity. This is called
a)
fiscal policy
b)
monetary policy
c)
supply-side economics.
d)
open market operations.
17.
The process by which the Federal Reserve controls the supply, availability, and cost of money in order to keep the economy stable is
a)
fiscal policy
b)
monetary policy
c)
interest rate
d)
reserve requirement
18.
What is the name of the "central bank" of the United States?
a)
Bank of the U.S.
b)
The Federal Reserve
c)
U.S. Congressional Bank
d)
The Federal Bank of America
19.
Which pairs of operations BEST fit with fiscal policy?
a)
government spending and taxation
b)
taxation and open market operations
c)
discount rate and government spending
d)
open market operations and discount rate
20.
If the federal government wants to encourage businesses and consumers to spend more money, it would MOST LIKELY
a)
increase the tax rate.
b)
decrease the tax rate.
c)
increase the reserve requirement.
d)
decrease government spending on goods and services.
21.
All​ ​of​ ​these​ ​are​ ​functions​ ​of​ ​money​ ​​EXCEPT 
a)
Medium of exchange 
b)
Store of value
c)
Commodity money
d)
Standard of value 
22.

Which term is used to describe a situation where most people who are looking for work are able to find a job?

a)

Full employment

b)

Seasonal unemployment

c)

Frictional unemployment

d)

Cyclical unemployment

23.

Gross Domestic Product is a method for calculating how much a country produces by adding which four spending categories?

a)

Wages, Rent, Interest, Dividends

b)

Consumption, Investment, Government, Business Revenues

c)

Consumption, Interest Rates, Government, Net Exports

d)

Consumption, Investment, Government, Net Exports

24.

Which of these is MOST LIKELY to occur after the government increases taxes?

a)

Annual deficits increase

b)

The national debt increases

c)

Consumer spending decreases

d)

Government programs decrease

25.

Over a three year period, the United States experienced an increase in the real GDP, low inflation, and a declining unemployment rate. For this period, the United States

a)

was in an economic trough

b)

was in a stagnant economic period

c)

appeared to be entering a recession

d)

was in the middle of an economic peak

26.

What is the difference between real and nominal GDP?

a)

Real GDP = adjusted for inflation; Nominal GDP = not adjusted for inflation

b)

Nominal GDP = adjusted for inflation; Real GDP = not adjusted for inflation

c)

They are the same thing

27.

A recession is....

a)

A short term downfall of economic activity

b)

A long term downfall of economic activity

c)

A general increase in economic activity

28.

A depression is...

a)

A short term downfall of economic activity

b)

A long term downfall of economic activity

c)

A general increase in economic activity

29.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
30.
The Board of Governors is appointed by the
a)
vice president
b)
president
c)
Fed
d)
state governors
31.

Fiscal policy aims to influence the economic activity through the use of

a)

money supply and interest rate.

b)

exchange rate.

c)

government spending and taxation.

d)

direct and indirect taxation.

32.

To promote higher economic growth, the best way is to

a)

decrease government spending and increase taxation.

b)

decrease government spending and decrease taxation.

c)

increase government spending and decrease taxation.

d)

increase government spending and increase taxation.

33.
Congress cutting taxes is an example of ....
a)
Fiscal Policy
b)
Monetary Policy
34.

During which phase of the business cycle is production the lowest and unemployment the highest?

a)

Peak

b)

Trough

c)

Expansion

d)

Contraction

35.

The ups and downs that the nation's economy goes through are officially referred to as

a)

expansion

b)

the business cycle

c)

a roller coaster

d)

economic madness

36.
How many Federal Reserve Districts are in the U.S?
a)
9
b)
12
37.

#4 on the business cycle is an example of: contractionary policy or expansionary policy? Remember, this is to SLOW down growth.

a)

Contractionary

b)

Expansionary

38.

#2 on the business cycle is an example of: contractionary policy or expansionary policy? This is the increase growth.

a)

Contractionary

b)

Expansionary

39.
Columbia and Mexico both produce wine and cars under conditions of constant opportunity costs. Columbia will have a comparative advantage in car production if:
a)
it can produce more cars than Mexico.
b)
the opportunity cost of car production is lower in Columbia than in Mexico.
c)
its labor productivity in car production is greater than Mexico's.
d)
it can produce more wine than Mexico.
40.
During a recession, which of the following is likely to occur?
a)
an increase in real wages
b)
an increase in production
c)
and increase in the GDP growth rate
d)
an increase in the unemployment rate
41.
Which of the following would NOT be considered part of the labor force?
a)
Tyler, a banker who feels he is overqualified for his job.
b)
Savana, who is unemployed but has attended  three job interview in the last month.
c)
Ricky, who has a part-time job but wants a full-time job.
d)
Garrett, a stay-at-home dad.
42.
What is the size of the Labor Force?
Unemployed (Looking for job) = 20
Retired = 5
Prison = 2
School (full time, not looking for job) = 10
Employed = 180
Unemployed (not looking for job) = 20
a)
180
b)
200
c)
220
d)
237
43.
If you live on a fixed income, how will you be affected by inflation.
a)
You are hurt because your purchasing power has decreased.
b)
You are helped because your purchasing power has increased.
c)
You are helped because interest rates rise.
d)
You are hurt because interest rates rise.
44.
How does this agreement negatively affect the U.S. economy?  Use the information below to answer the question. 
Under the North American Free Trade Agreement (NAFTA), the last restrictions on U.S.–Mexican agricultural trade were removed in 2008. Between 2007 and 2008, the value of agricultural exports to Mexico increased by 23%, and the value of imports from Mexico increased by 26% for the main commodities that had been subject to those restrictions.
a)
U.S. consumers will pay higher prices for Mexican products.
b)
U.S. farmers will experience more competition
c)
U.S. agricultural production will become less efficient.
d)
U.S. foreign relations with Mexico will suffer.
45.
Computers made in China are used by students in Texas.
a)
import
b)
export
46.
Baseball bats made in Kentucky are used by baseball players in Japan.
a)
import
b)
export
47.
If I am better at all types of production, I have the ______ in all forms of production.
a)
Comparative advantage
b)
Specialization
c)
Absolute advantage
d)
developed nation
48.
A trade agreement between 27 countries of with the same currency and open trade between those nations.
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
49.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
50.
This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.
a)
tariff
b)
quota
c)
subsidy
d)
embargo
51.

INTERNATIONAL TRADE is...

a)

the exchange of goods, and services across international borders or territories

b)

the exchange of capital, goods, and services

c)

the exchange of capital, goods, and services across international borders or territories

d)

the exchange of goods across international borders or territories

52.

The president Trump has enacted tariff barriers China against China and a lot of people worried that China might retaliate and enact the same tariff barriers? This event involving:

a)

Trade war

b)

A misallocation of recources

c)

The national security

d)

The national of domestic jobs

53.

Which is NOT an example of a trade barrier?

a)

Tariff

b)

NAFTA

c)

Embargo

d)

Quota

54.

When the government places a tax on an imported good to protect a domestic good.

a)

Protective tariff

b)

Subsidy

c)

Comparative Advantage

d)

Quota

55.

What cost determines if countries trade or not

a)

Exchange Cost

b)

Comparative Cost

c)

Inflation Cost

d)

Opportunity Cost

56.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 
57.
This is a tax on imports that is used to increase price of foreign products and raise government revenue. 
a)
tariff
b)
quota
c)
subsidy
d)
embargo
58.
The measure of how much one currency is worth in relation to another.
a)
change rate
b)
exchange rate
59.
When a country exports more than it imports.
a)
trade surplus
b)
trade deficit
60.
An excess of imports over exports.
a)
trade surplus
b)
trade deficit
61.
Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.
a)
free trade
b)
protectionism
c)
balance of trade
62.
The dollar weakens.
a)
appreciate
b)
depreciate
63.

How is an exchange rate determined in the money market?

a)

The forces of supply and demand

b)

Government/the Federal Reserve Bank

c)

Whatever sellers of goods are willing to take

d)

Investors decide the value of the currency they wish to invest

64.

Why do changing exchange rates help one country and hurt the other?

a)

One side loses purchasing power and the other gains it

b)

Takes money away from one side and gives it to the other

c)

Causes war between the two countries

d)

One country's government introduces tariffs to protect local industries

65.

If the US $ were to appreciate in relation to the Euro, what effect would this have?

a)

European consumers would have more purchasing power in US

b)

US consumers can buy more European goods and services for fewer $$

c)

US consumers can buy more English goods and services for fewer $$

d)

European tourists to the US will spend more $$

66.

If the Mexican Peso depreciates in relation to the Chinese Yuan, how is Mexico affected?

a)

Mexico has less purchasing power in Chinese currency

b)

Mexico benefits from increased purchasing power

c)

Mexico would have more Chinese investors

d)

They would be invaded by China

67.
What happens when a nation’s currency depreciates?
a)
Its products become more expensive to other nations
b)
Its products become cheaper to other nations and exports may increases
c)
Nothing
d)
It halts all trade
68.
When Mataeo buys Euros through _________________________, he will use his U.S. dollars to pay for them.
a)
A. the foreign exchange market
b)
B. the currency exchange market
c)
C. a floating exchange market
d)
D. foreign currency market
69.
 A strong dollar leads to 
a)
cheaper imports.
b)
more expensive imports.
c)
no change in international prices.
d)
cheaper exports.
70.

If one US dollar equals .5 British Pounds, you would receive ___ British Pounds if you exchanged $15.

a)

1.5

b)

7.5

c)

5

d)

15

71.

If one Canadian Dollar is worth 1.06 US dollars, you would receive ___ US dollars if you traded 100 Canadian dollars.

a)

100

b)

106

c)

160

d)

150

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