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Macroeconomics Quiz Flashcards | StudBud
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Macroeconomics Quiz
Macroeconomics Quiz
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Answers
1
Fiscal policy can "step on the gas" for a nations economy by:
Raising Taxes and increasing Infrastructure Program Expenditures
Cutting Taxes and Increasing Infrastructure Program Expenditures
Raising Taxes and Cancelling Infrastructure Program Expenditures
Cutting Taxes and Cancelling Infrastructure Program Expenditures
2
A shortage occurs when the Market Demands are not met by the current production.
False
True
3
What are the four factors that Households contribute to the Factor Market?
Land, Ability, Funding, Management
Land, Labor, Capitol, Leadership
Land, Labor, Investments, Leadership
Land, Labor, Capital, Entrepreneurship
4
Unemployment is like a Capital Good that is left unused.
False
True
5
The Law of Diminishing Marginal Utility says that as additional product is consumed the consumer receives less utility.
True
False
6
It can sometimes be difficult to calculate inflation because of the changes experienced by goods over time.
True
False
7
What creates value?
A price tag.
Scarcity.
Somone being willing to exchange their time for it.
Shining brilliance, like the shimmer of gold or the sparkles of diamonds.
8
Equilibrium can occur, simultaneously, at more than one place on the graph at any given time.
True
False
9
The "Law of Demand" states that there is an Inverse Relationship between Price and Quantity Demanded.
True
False
10
The formula to calculate GDP is:
GDP = C + G + I + (X - M)
GDP = C + G + I - (X - M)
GDP = C + B + I + (X - M)
GDP = C + G + L + (X - M)
11
What happens to the Demand for a product when the price of the product decreases?
It stays the same, but the quantity demanded decreases
Demand shifts to the left
It stays the same, but the quantity demanded increases
Demand shifts to the right
12
When making decision about who to loan money to, creditors consider the ability for the loan to be repaid via income.
False
True
13
Disequilibrium is:
Unplottable.
Above the Equilibrium (Surplus)
Below the Equilibrium (Shortage)
Answers A and B
14
A common measurement of an Economy's health is the GDP.
True
False
15
The three different approaches can each come up with different results and still be correct.
False
True
16
Capital Goods are:
Stored in the U.S. Capital.
Bought for consumption by the consumer.
Goods used in the production process.
Sold on the Consumer Market
17
Money must be: Durable, Divisible, Uniform, Scarce, Acceptable, and:
Plottable
Political
Potable
Portable
18
Which of these is NOT one of the 5 Shifters of Demand:
Expectations
Changing Price of Alternative
Preferences
Changing Price of Resources
19
Which of these is NOT one of the 5 Shifters of Supply:
Number of Producers
Taxes
Expectations
Number of Consumers
20
The total of Exports minus Imports can NOT be a negative number.
True
False
21
In the United States, the Unemployment rate is measured by:
the Bureau of Land and Storage
a man named Bill
the Bureau of Localities and States
the Bureau of Labor and Statistics
22
A plumber spends their time plumbing and not practicing law, or other professions, this creates:
Hesitation
Sanitation
Dramatization
Specialization
23
The unemployment rate is calculated with the formula
Employed / (Unemployed + Employed)
Unemployed / (Not in Labor Force + Employed)
Unemployed / (Unemployed + Employed)
Unemployed / (Unemployed + Employed + Not in Labor Force)
24
Scarcity can be defined as:
When there is no T.P. in the grocery store.
A Greek philosopher of Economics.
Limited means to fulfill unlimited wants and needs.
A feeling of dread just less than being scared.
25
Opportunity cost is:
When you purchase the option to do something.
A potential benefit sacrificed for another benefit.
A new video game coming out Q1 of 2022.
The cost of doing business.
26
Tariffs are typically paid by:
The tax payers of the Importing country
The tax payers of the Exporting country
The consumers of the Exporting country
The consumers of the Importing country by price increases
27
In the calculation of GDP, the "M" stands for "Imports"
True
False
28
What happens to the Supply for a product when the price increases?
Supply shifts to the right.
Supply shifts to the left.
Supply stays the same, but the quantity supplied decreases.
Supply stays the same, but the quantity supplied increases.
29
Comparative advantage helps countries know:
Nothing, it is a completely useless metric for macroeconomics.
How much more powerful their military is over another.
Where their GDP ranks in comparison with other nations.
What goods they should produce and what goods they should trade for.
30
Surplus occurs when the Market is incentivized to produce more than demanded.
True
False
31
Supply and Demand can NOT be charted on the same graph.
False
True
32
The "Law of Supply" states that there is a NOT Direct Relationship between Price and Quantity Supplied.
False
True
33
Unemployment affects:
The friends and family of the person that is unemployed
All the above
The person that is unemployed
The community of the person that is unemployed
34
The two alternatives to calculate GDP are:
Income Approach, and Comparative Advantage Approach
Imports/Exports Approach, and Value Added Approach
Income Approach, and Value Added Approach
Income and Outgo Approach, and Year-Over-Year Approach
35
Inflation is:
Gradual and Continual increase in prices
Gradual and Continual decrease in prices
Gradual changes in prices
Sharp changes in increased pricing
36
Inflation is always a bad thing!
False
True
37
It is important for nations to monitor their economic health so that they can decide:
What fiscal and monetary policies to implement
On important regulations
What other nations they can trade with
There is no need to monitor a nation's economic health
38
The three categories of persons used by the BLS are:
Employed, Unemployed, Too Old
Employed, Unemployed, Too Young
Employed, Unemployed, Not in the Labor Force
Employed, Underemployed, Unemployed
39
Human Capital is:
The value of workers' experience and skills.
People that live in Washington D.C.
Products bought on the consumer market.
The people that purchase finished goods.
40
This is:
An old model no longer used.
A Cyclical Flow chart that shows how businesses make money.
The ramblings of a lunatic.
The Circular Flow chart that shows products and markets of an economy.
