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Macroeconomics
Macroeconomics
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#macroeconomics
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1
When does a trade deficit occur ?
imports of goods > export of goods
import of goods < export of goods
import of goods = export of goods
tax income > import of goods
2
The workforce of an economy
Federal agency
Government
Human resources
Business sector
3
How many federal reserves do we have?
12
13
9
10
4
The sources of the government's funding doesn't include:
Investments
New borrowing
Printing money
Taxes
5
What's the phase of the business cycle when the GDP increases?
a peak
a trough
an expansion
a recession
6
Orange farms was hit by a tornado, so they can't supply a usual amount which creates a _____.
Market Failure: Allocation of goods is not efficient
Monopoly: Exclusive control of a trade or service
Demand-side market failure: Unable to raise revenue for cost
Supply-side market failure: Under allocation of supply
7
The unemployment rate is the
Relationship between unemployment and inflation
NRU: the natural rate of unemployment
Percentage of the Labor force UNEMPLOYED
Percentage of the Labor force EMPLOYED
8
Rivalry is a characteristic of ___ .
a private good
a public good
a recession
a tax
9
What is the full name of GDP?
good demanded by people
great depression
great determined personal growth
gross domestic product
10
What is the difference between consumer goods (CoG) and capital goods (CaG)
CoG are cheaper than CaG
CoG satisfy wants directly, CaG indirect by aiding product.
CoG have to be bought, CaG are for free
CoG and CaG are the same
11
Define Productivity
an economic measure of output per unit of input
a person or company, that makes or supplies goods for sale
a person who purchases goods and services for personal use.
12
Non-excludable is a characteristic of __ .
an expansion
a tax
a public good
a private good
13
Which of the following is not a type of unemployment?
frictional
cyclical
nominal
structural
14
Which of the following is not an example of a natural resource?
Water
Wood
Refined oil
Metal ores
15
Who is hurt by Inflation?
Flexible-Income receivers, Savers, Debtors
Creditors, Consumers, Households
Debtors, Banks, Consumers
Fixed-Income receivers, Savers, Creditors
16
A act or use for which a consumer, firm, or government is willing to pay is called ___ .
a trade
volunteer work
GDP
a service
17
What are interests ?
a payment made just for taxes
a payment made for the use of money
a payment made just for credits
a payment made just for banks
18
The total demand for final goods and services within an economy at a given time.
Surplus
Supply
Demand
Defecit
19
Which of the following isn't an objective of macroeconomics?
increased revenue
price level stability
full employment
economic growth
20
Unexpected changes in demand (aggregate demand) or supply (aggregate supply) are known as __ ?
recession
shocks
inflation
deficits
21
The three functions of money are
Medium of exchange, unit of account and tore of value
Liquidity, store of value, and gifting
Liquidity, unit of account, and gifting
Medium of exchange, unit of account, and store of value
22
Rate of return is ______ related to price
proportionaly
inversely
Not
exponentially
23
Which of the following is not an ideal solution for tackling water shortages?
drilling large number of deep bore wells
controlling water pollution
controlling population growth
consevin water in irregation
24
What is the meaning of utility of an economic point of view ?
being able to produce more and more goods
working without breaks
being utilized the hole work day
satisfaction a consumer gains by the consumption of goods
25
What does the government spend the most money on?
Social security
Healthcare
Military
Public work projects
26
Equilibrium price is given if ?
the quantity demand equals the quantity supplied
the consumer surplus and the producer surplus are equal
the quantity demanded is higher than the quantity supplied
the output price is equal the purchase price
27
Money is...
Any item generally accepted to sellers in exchange for goods
Collateral: Assets lenders keep if buyer fails to pay.
The comparison of marginal benefits or marginal costs
A normal good which consumption increases as income increase
28
The fundamental reason people must chose which goods to buy and consume is because of
the great abundance of free resources
scarcity
people engaging in exchange
specialization
29
Total supply of goods and services produced within a country's economy
Demand
Supply elasticity
Aggregate Supply
Opportunity cost
30
Which macroeconomic term is explaining the tradeoff between inflation and unemployment?
Philips Curve
Production Possibilities Curve
Long Run Aggregate Supply Curve
Say's Law
31
Which of the following is NOT a financial asset?
Inventory
A loan
A bond
A stock
32
What does C.P.I. mean?
Consumer personal income
Consumer price inflation
Consumer price index
none of the above
33
The US banking sector uses a _ banking policy, allowing banks to keep a portion of the deposits
monetary
fiscal
fractional
reserve
34
A surplus occurs when the quantity supplied is less than the quantity demanded.
True
False
35
An opportunity cost is whatever must be given up to get something else.
False
True
36
Which of the 4 econ. resources includes all manufactured aids used in producing goods&services?
Labor
Capital
Land
Entrepreneurial Ability
37
Definition of Macroeconomics
Study of the economy as a whole or aggregate of the economy
Economic wants exceed society’s productive capacity
The study of the individual consumer, firm, or market
Purposeful behavior to increase utility
38
Which government policy concerns taxes and spending?
fiscal policy
monetary policy
39
when interest rates decrease, imports ___ and exports ___ .
increase/decrease
decrease/decrease
decrease/increase
increase/increase
40
The total public debt is more relevant to an economy than the public debt as a % of GDP
False
True
41
Gov't increasing spending/lower taxes, forms a_in the budget. Adding the past shortages is the_
Shortage/Debt
Deficit/Budget Deficit
Deficit/Debt
Surplus,/Debt
42
What does it mean when a consumer (C.) has a "purposeful" behavior?
C. are purposeful in saving money
C. are purposeful in deciding what goods&service to sell
C. are purposeful in deciding what goods&services to buy
C. are purposeful in investing money
