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WorksheetsEcon Unit 3: Macroeconomics
Total questions: 40
Worksheet time: 40mins
Which of the following goods would be included when calculating the U.S.'s GDP?
A BMW manufactured in Alabama
A bike bought in China
Goodwill clothes
An illegal exotic animal
Which of the following goods would NOT be included in the U.S.'s GDP?
A coffee from Starbucks
A coffee you make at home
Road repairs in Pima County
A Lyft ride
Which is a final good/service?
Concrete mix purchased by a construction company
Pizza toppings at Pizza Hut
Steel purchased by Ford Motors
12 dozen Dunkin Doughnuts
Type of unemployment: People lack skills that the job market demands.
structural
frictional
cyclical
seasonal
Type of unemployment: Computer programmer moves to San Francisco & looks for a job.
structural
frictional
cyclical
seasonal
In an economy like the U.S., when the economy is working properly, the unemployment rate is...
0 - 2%
10 - 12%
8 - 10%
3 - 5%
Unemployment type?: A lawyer leaves her job at a small firm to look for a job at a large firm
structural
frictional
cyclical
seasonal
Unemployment type?: An Umpa Lumpa lost their job at Willy Wonka's Factory during a recession
structural
frictional
cyclical
seasonal
Business failures, decreased consumption, & an increase in unemployment are indicators of...
a recovery
a wartime economy
a recession
prosperity
Full employment means a 0% unemployment rate.
True
False
Fiscal Policy (taxes & gov't spending) is conducted by...
the Treasury department
the Federal Reserve
the IRS
Congress
If the price of goods from Wal-Mart cost more now than in January, inflation has...
decreased
stayed the same
stagnated
increased
1 sign that the economy is in a recession is...
increase in business production
consumer spending drops
consumer spending increases
unemployment drops
Type of unemployment: Sam works for Cool River Tubing. He has to find another job in the winter
structural
frictional
cyclical
seasonal
When inflation occurs, the buying power of the dollar will...
increase
remain stable
decrease
The process the Fed uses to control the supply & availability of money.
fiscal policy
the discount rate
monetary policy
the interest rate
What is the name of the central bank of the U.S.?
Bank of the U.S.
The Federal Reserve
U.S. Congressional Bank
Bank of America
What is the main reason the Fed would raise the interest rate?
loosen credit
encourage job creation
lower the deficit
stop rising inflation
People who have given up looking for work are called?
Discouraged workers
Sad workers
Teen workers
Disabled workers
All of the following are NOT counted in the labor force, EXCEPT FOR...
Prisoners
Active Duty Members
Stay at home parents
An unemployed teacher
What is the largest source of revenue for the federal government?
income tax
corporate tax
war bonds
property tax
Which part of GDP: Your family goes out for dinner tonight.
Consumer Spending
Investment Spending (Business spending)
Government Spending
Exports
Imports
Which part of GDP: Costco builds a new store in Wyoming.
Consumer Spending
Investment Spending (Business spending)
Government Spending
Exports
Imports
Which part of GDP: The AZ Department of Education builds a new school in Tucson.
Consumer Spending
Investment Spending (Business spending)
Government Spending
Exports
Imports
Which part of GDP: Everyone buys the new iPhone, made overseas.
Consumer Spending
Investment Spending (Business spending)
Government Spending
Exports
Imports
Which part of GDP: International students return to American college campuses.
Consumer Spending
Investment Spending (Business spending)
Government Spending
Exports
Imports
Negative externalities are:
Costs imposed on market participants
Costs imposed on 3rd parties
Benefits imposed on 3rd parties
Benefits imposed on market participants
If you drive a car, external costs are imposed on other people who live in the city, such as:
Air pollution
Safe roads
Cost of car insurance
Cost of gas
What positive impacts could a football stadium have?
Trash left after the games
Noise pollution during the games
Football hooligans
It brings money to the local shops & services
Which of the following is NOT a negative externality?
2nd hand smoke
Gassy cows
Herd immunization
Over fishing
What is the GDP for this country?
$2,000 Billion
$3,100 Billion
$2,300 Billion
$1,900 Billion
What is the GDP for this country?
$2,600 Billion
$3,000 Billion
$2,000 Billion
$3,600 Billion
What is the GDP per capita for a country with a GDP of $3,300 billion, & a population of 2 billion people?
$6,400
$1,650 billion
$6,400 billion
$1,650
What is the GDP per capita for a country with a GDP of $8,400 billion, & a population of 42 million people (0.42 billion)?
$20,000
$20,000 billion
$200 billion
$200
Which is considered "good inflation"?
-1% to 0%
1% to 3%
3% to 5%
0%
In which market structure is there the LEAST competition?
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
In which market structure is there the MOST competition?
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
List the four market structures in order from LEAST competitive to MOST competitive.
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
