WorksheetsMacroeconomics
Total questions: 25
Worksheet time: 25mins
When inflation is high the _______________of the dollar decreases
cost value
purchasing power
importance
validity
Which of the following studies economics as a whole?
Microeconomics
Macroeconomics
Both Microeconomics & Macroeconomics
What is GDP?
Gross Domestic Product
Get Duties Prior
Gross Department Power
Gross Duties Peer
It is the study of the nations economy as a whole.
Microeconomics
National economy
National output
Macroeconomics
What would cause AD to decrease?
an increase in taxes
a decrease taxes
an increase in government spending
keeping government spending constant
The belief the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.
Keynesian Economics
Supply-Side Economics
MPS is 20%. Government spends $1 million. How does this affect AD?
Increase by $5 million
Decrease by 20
Decrease by $5 million
Increase by $4 million
The expenditure by households on consumption goods and services.
Business Cycle
Exports of goods and services
Consumption expenditure
Government expenditure on goods and services
The federal government's overall approach to spending and taxes is called
Physical Policy
Fiscal Policy
Money
Monetary Policy
Match the following formulas to their correct term
Tax Multiplier
MPC/MPS
Expenditure (spending) Multiplier
1/MPS
Money Multiplier
1/reserve requirement
Change in prices
(New-old)/Old X 100
The formula C+I+G+X represents (a) .
Gross Domestic Product
Nominal Imports
Nominal Exports
Gross International Product
Taxing & spending to help the economy grow is referred to as
expansionary policy
monetary policy
contractionary policy
budget deficit
Taxing & spending to slow the economy is referred to as
budget surplus
monetary policy
contractionary policy
budget deficit
"The Fed" refers to the....
Federal Bureau of Investigation
Federal Government
Federal Reserve System
Federal Income Tax
Who is in charge of Monetary Policy
The Government
The Federal Reserve System
The states
The Department of the Treasury
Inflation is measured by...
Consumer Price Index (CPI).
Gross National Product (GNP).
Gross Domestic Product (GDP).
Securities & Exchange Commission (SEC).
A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?
inflation
recession
A period of temporary economic decline during which trade and industrial activity are reduced.
World Bank
Recession
Embargo
Pandemic
This is a tax on imports that is used to increase price of foreign products and raise government revenue.
tariff
quota
subsidy
embargo
GDP that is adjusted for inflation
real GDP
nominal GDP
price level
net national product
Which of the following was the most interesting to you, and why?
1. Inflation, 2. Gross Domestic Product (GDP), 3. Unemployment, 4. Fiscal Policy, 5. Monetary Policy, 6. Globalization
What is the primary tool used by governments to control inflation?
A) Monetary Policy
B) Fiscal Policy
C) Trade Policy
D) Industrial Policy
Which of the following is a component of Aggregate Demand (AD)?
A) Consumption
B) Savings
C) Imports
D) Taxes
What does the Phillips Curve illustrate?
A) The relationship between inflation and unemployment
B) The relationship between GDP and interest rates
C) The relationship between supply and demand
D) The relationship between government spending and taxation
Which economic indicator measures the total value of goods and services produced in a country?
A) Consumer Price Index (CPI)
B) Gross Domestic Product (GDP)
C) Unemployment Rate
D) Balance of Trade
