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MACRO-ECONOMICS-AAU

Total questions: 77

Worksheet time: 57mins

Name
Class
Date
1.
Lotteries, markets, barter, rationing, and redistribution of income are all methods commonly used to 
 
a)
A allocate scarce resources.
b)
 B collect taxes.
c)
C improve productivity. 
d)
 D invest in education and technology.
2.
Opportunity costs is MOST RELATED which concept? D  absolute advantage
a)
 A price floors
b)
B scarcity 
c)
C elasticity
d)
D absolute advantage
3.
  Competition and free enterprise are most common in which type of economic system? 
a)
A traditional
b)
 B market
c)
C communist
d)
D planned
4.
  Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts or private ownership? D  international
a)
 A. ) market
b)
B.)   command
c)
 C.) traditional 
d)
D.)   international
5.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
6.
Importing more than exporting is
a)
trade surplus
b)
trade deficit
c)
balance of trade
d)
balance of payment
7.
If the US dollar appreciates relative to the Canadian dollar, what is a likely outcome?
a)
trade surplus in US
b)
trade deficit in Canada
c)
trade deficit in both
d)
trade surplus in Canada
8.
An increase in the value of currency is called
a)
appreciation
b)
depreciation
c)
trade surplus
d)
exchange rate
9.
Prices at which currencies are traded is called...
a)
Exchange Currency
b)
Exchange Rate
c)
Foreign Exchange Market
d)
Local Currency Demand
10.
The value of all the final goods and services produced within a nation in a given year.
a)
Gross Domestic Product
b)
per capita GDP
c)
Gross National Product
11.
A product that one country SELLS to another.
a)
import
b)
export
12.
The factories, machines, and technology that people use to make products to sell.
a)
capital goods
b)
human capital
c)
entrepreneurship
13.
An economic system in which the means of production and distribution are privately or corporately owned and developed.
a)
command economy
b)
capitalism
c)
traditional economy
14.

What is GDP per capita?

a)

GDP divided by the value of capital inputs

b)

GDP divided by the population

c)

GDP divided by the number of workers

d)

GDP divided by the number of weeks in the year

15.

Which of the following will increase economic growth

a)

An increase in unemployment

b)

An increase in incomes

c)

An ageing population

d)

Investment in technology

16.

A period of high economic activity and high employment is:

a)

A recovery

b)

A recession

c)

A boom

d)

A slowdown

17.

Which of the following is NOT a consequence of economic growth

a)

Less employment

b)

Pollution

c)

Increased incomes

d)

Improved living standards

18.

Unemployment occurs when

a)

Someone wants a job but can't find work

b)

Someone is able and willing to work but can't find a job

c)

Someone is able to work but does not have employment

d)

Work provided is not sufficient to meet the needs of workers

19.

The rate of unemployment is

a)

How many people are not in work / Total Population x 100

b)

Total Unemployed/Total population x 100

c)

Total unemployed/Workforce x 100

d)

Total unemployed/ (total employed + total unemployed) x 100

20.

During the recession more businesses shut down, causing unemployment. This type of unemployment is:

a)

Seasonal

b)

Frictional

c)

Structural

d)

Cyclical

21.

Identify the consequences of in equality in income

a)

Social unrest

b)

More opportunity

c)

Increase in living standards

d)

Poverty

22.

classification of goods depend on the

a)

consumption of goods

b)

end use

c)

first use

d)

none of these

23.

those goods which satisfy human wants directly are called?

a)

intermediate goods

b)

capital goods

c)

consumer goods

d)

none of these

24.

which of the following is an example of is non durable goods?

a)

milk

b)

bread

c)

both a and b

d)

none of these

25.

which of the following is semi durable good?

a)

radio

b)

clothes

c)

milk

d)

petrol

26.

the impact of an externality is

a)

positive

b)

negative

c)

either positive or negative

d)

nither positive nor negative

27.

Inflation can erode one's purchasing power. So how can an investor hedge against inflation?

a)

Cut down all the unnecessary expenses and keep the money at home.

b)

Lower the tax rate of investment

c)

Invest the money in an instrument that can generate higher return than the inflation rate

d)

None of the answer is correct

28.

What makes a currency become stronger?


I) Interest rate

II) Economy health

III) Foreign investment

IV) Government or central bank intervention

a)

I, II , III

b)

I , II , IV

c)

II, III , IV

d)

I , II , III , IV

29.
"The Fed" refers to the....
a)
Federal Bureau of Investigation
b)
Federal Government
c)
Federal Reserve System
d)
Federal Income Tax
30.
What is an action of monetary policy?
a)
reduce taxes
b)
changing reserve requirements
c)
increase spending
d)
borrow money for deficit
31.
What happens to the money circulation, when the FED orders a tight money policy?
a)
more money is put out into circulation
b)
less money is put into circulation
c)
circulation stays the same
d)
interest rates rise
32.
In a recession, the Fed would likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of the money in the economy
33.

Represents how goods, services, and money move through our economy.

a)

Circular Flow Diagram

b)

Supply Curve

c)

Demand Curve

d)

Supply and Demand Curve

34.

A minimum price consumers are required to pay for a good or service.

a)

Price Ceiling

b)

Market Clearing Price

c)

Equilibrium

d)

Price Floor

35.

A maximum price consumers are required to pay for a good or service.

a)

Price Ceiling

b)

Equilibrium

c)

Market Clearing Price

d)

Price Floor

36.

Business organization owned by two or more persons who agree on a specific division of responsibilities and profits.

a)

Partnership

b)

Coperation

c)

Sole Proprietorship

d)

Monopoly

37.

A legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firms debts.

a)

Corporation

b)

Partnership

c)

Sole Proprietorship

d)

Limited Partnership

38.

A market in which a single seller dominates.

a)

Monopolistic Competition

b)

Monopoly

c)

Oligopoly

d)

Perfect Competition

39.

A market structure in which a few large firms dominate a market.

a)

Oligopoly

b)

Monopoly

c)

Monopolistic Competition

d)

Perfect Competition

40.

The word 'macro" was means

a)

Small

b)

Large

c)

definit

d)

All the above

41.

What is the study of production, employment, prices and policies on a nationwide scale?

a)

Inflation

b)

Macroeconomics

c)

Pyschological pricing

42.

Lack of skills is the reason a person is unemployed

a)

Traditional unemployment

b)

Cyclical unemployment

c)

Structural unemployment

d)

Frictional unemployment

43.

In between job is the reason a person is unemployed

a)

Traditional unemployment

b)

Cyclical unemployment

c)

Structural unemployment

d)

Frictional unemployment

44.

In a business cycle, which phase typically follows a trough?

a)

Expansion

b)

Contracton

c)

Peak

d)

Recession

45.

Microeconomics studies individuals, Macroeconomics studies...

a)

macros

b)

individual decisions

c)

economic aggregates

d)

lots of little details

46.

Per-capita GDP is...

a)

Things / Stuff

b)

Population / GDP

c)

GDP / Population

d)

I don't know, I wasn't listening. I'm really sorry.

47.

There is only one way of calculating GDP.

a)

True

b)

False

48.

Which is NOT a way of calculating GDP?

a)

Expenditure

b)

Output

c)

Production

d)

Income

49.

The GDP of country A is 30 billion USD and country B is 20 billion USD.


Which do you expect will have the higher standard of living?

a)

A

b)

B

50.

The GDP per-capita income of A is 30,000 USD/yr, and B is 50,000 USD/yr.


Which do you think has the higher standard of living?

a)

A

b)

B

51.

FCU owns 10,000 slave students, all working in a coal mine. Each student produces 1 ton of coal per year. 1 ton of coal is worth 10 USD.


What is FCU's GDP?

a)

10,000

b)

100,000

c)

1,000

d)

I want to go home...

52.

Which is NOT a component of expenditure based GDP?

a)

S = Surplus

b)

C = Consumption

c)

I = Investment of new physical capital

d)

G = Government expenditure

e)

X = Exports

53.

An expansionary monetary policy will lower interest rates and...

a)

raise inflation.

b)

lower inflation.

c)

decrease liquidity.

d)

cause mortgage defaults.

54.

An expansionary policy is...

a)

fiscal.

b)

monetary.

c)

either fiscal or monetary.

d)

neither fiscal nor monetary.

55.

Define Fiscal Policy

4 lines
56.

Labour Productivity is best defined as

a)

How much over time workers put in

b)

How hard people work

c)

The output generated per worker

d)

The value of work produced

57.

Purchasing Power Parity (PPP) tries to measure...

a)

something in Peru.

b)

the effective spending power of foreign currency.

c)

the foreign currency exchange rate.

d)

who has more wealth.

58.

The amount of goods and services ALL buyers in the economy are willing/able to sell at all the possible price price levels.

a)

Aggregate Supply

b)

Aggregate Demand

c)

Consumption

d)

Investment

59.

The amount of goods and services ALL buyers in the economy are willing/able to buy at all the possible price levels.

a)

Aggregate Supply

b)

Aggregate Demand

c)

Investment

d)

GDP

60.

Dollar value of all goods and services purchased by the various agencies of the United States.

a)

Government Spending

b)

GDP Per Capita

c)

Imports

d)

Exports

61.

Dollar value of all goods and services produced in the United States and shipped to other countries MINUS the value of the goods and services imported from other countries.

a)

Standard of Living

b)

Inflation

c)

Net Exports

d)

Consumption

62.

Dollar value of all goods and services purchased by households.

a)

Investment

b)

Consumption

c)

Government Spending

d)

Net Exports

63.

Currency value of all final goods and services produced within a country's borders divided by the population.

a)

Standard of Living

b)

Real GDP

c)

Exports

d)

GDP Per Capita

64.

Goods and services produced in other countries, then brought to the United States in exchange for currency.

a)

Exports

b)

Imports

c)

GDP

d)

Investment

65.

Goods and services produced in the United States, then sent to other countries in exchange for currency.

a)

Exports

b)

Imports

c)

GDP

d)

Investment

66.

Intangible concept that seeks to represent a country's level of economic prosperity. Correlates with GDP Growth

a)

Standard of Living

b)

GDP Per Capita

c)

Real GDP

d)

GDP

67.
Type of Economy that is half command and half market
a)
Traditional
b)
Command
c)
Market 
d)
Mixed
68.
If the supply of a good is higher than the demand, what happens to the price?
a)
It stays the same
b)
Price goes down
c)
Price goes up
d)
It's FREE!!
69.
An increase in competition would have what effect on price?
a)
Price goes up
b)
Price stays the same
c)
Price goes down
d)
It explodes
70.

_____________ are things that people make or use to satisfy their needs and wants.

a)

Goods

b)

Services

c)

Producers

d)

Consumers

71.

________________ are activities that satisfy people’s needs and wants.

a)

Goods

b)

Services

c)

Needs

d)

Wants

72.

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

a)

Producers

b)

Services

c)

Goods

d)

Resources

73.

________________ are people who use services or buy goods.

a)

Producers

b)

Resources

c)

Pretty

d)

Consumers

74.

_______________ resources are materials that come from nature.

a)

Special

b)

Natural

c)

Human

d)

Capital

75.

Basic things humans need to survive

a)

need

b)

want

c)

import

d)

demand

76.

Extras that make life more enjoyable

a)

want

b)

need

c)

producer

d)

savings

77.

Which of these examples is a service?

a)

Mr. Farr sells guitars.

b)

Mr. Swenson gives art supplies to consumers.

c)

Coach provides lessons for different sports.

d)

Ms. Miller writes books.

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