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Macroeconomics Introduction 2023 Flashcards | StudBud
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Macroeconomics Introduction 2023
Macroeconomics Introduction 2023
31 terms
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SKEMA Business School. BBA Brazil
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
Inflation is :
A decline in the general level of economic activity.
An increase in the general price level.
A decline in the general price level.
An increase in the general level of economic activity.
2
The Production Possibility Frontier shows
Scarcity, trade offs, opportunity cost, and efficiency.
How entrepreneurship can grow an economy.
Production factors and technology of an economy
Land, labor, human capital, physical capital, entrepreneur
3
What is the meaning of the term "ceteris paribus"?
"the economics surveys prove it's true"
“other things remaining the same”
"for sure the economics science would say it's so"
"and hope all other things remain the same"
4
What is the function of the opportunity cost ?
To show how much are you earning
To help the government with its debts
To evaluate different investment alterns
To demostrate business profits
5
The aggregate supply curve has a positive slope
False
True
6
What are the economic agents in Macroeconomics?
God only knows
GDP, Business Cycle, Inflation
Households, Businesses, Government
CPI, GDP, INSS, AS, AD
7
What is Macroeconomics?
The study of the economy and it's scarce resources.
The study of how to make the firm more profitable.
The study of the economy in total or aggregate.
The study of the firm and its environments.
8
What is a price ceiling?
the maximum quantity of demand for a good or service
the minimum price a good or service can be priced
the maximum price a good or service can be priced
the minimum quantity of demand for a good or service
9
Does not characterize the Free Market
All exchanges are voluntary
Both sides expect to gain
The government sets some prices
Trades are positive-sum exchanges
10
It isn't a characteristic of land
The gift of nature
Passive factor
Mobile Factor
Limited quantity
11
The aggregate demand curve has a positive slope
False
True
12
Of these groups, who is most impacted by inflation?
people who are debt free
people on a fixed income
members of unions
people who receive periodic raises
13
Macroeconomics focuses on things like _____.
the number of iPhones imported from USA.
the cost of a University offering a new course.
government policies that should be adopted.
salaries that Bradesco gives to new graduates..
14
opportunity cost
earning the best profit possible
cost of selling a business to begin another
cost of operating a business
cost of choosing one opportunity or investment over another
15
What is the usual result of setting a price ceiling on rents?
People can find apartments but cannot afford them
Houses are broken up into apartments to meet demand
construction jobs increase
More people want to rent apartments than are available
16
Which indicator should we use to find out if a country's economy has grown?
Price Index
HDI
Real GDP
Nominal GDP
17
Which of the following citizens is most likely to be affected by high inflation?
A factor worker
A Shopkeeper
A retired grandmother on a fixed income
A doctor with a suburban practice
18
If the Federal Reserve prints more money, what will happen to inflation?
unpredictable
decreases
increases
stays the same
19
What is the income for an entrepreneur who provides the idea to produce a good or service?
Rent
Wage
Profit
Interest
20
What is Inflation + Nominal Interest Rate?
Real interest rate
Government Payments
Taxes
Exports
21
Define unemployment
The number of people not actively looking for a job, but are able to work
The number of people able/willing to work but unable to find a paying job
The number of people unable to find a paying job
22
Any point on the Production Possibility Frontier shows
Scarcity of resources
Underutilization of resources
Growth of resources
Efficient use of resources
23
Economics is a social science that studies the allocation of...
government policies and economic decisions
money, GDP and inflation only
scarce resources
money resources
24
What is the income for a landowner who provides land to produce a good or service?
Rent
Profit
Interest
Wage
25
Factors of Production are...
LAND-FIRE-SKY-WATERS
LAND-LABOUR-MONEY-ENTREPRENEURSHIP-AI
LAND-LABOUR-CAPITAL-ENTERPRENEURSHIP-ENERGY
LAND-LABOUR-CAPITAL-ENTREPRENEURSHIOP-TECNOLOGY
26
What causes inflation?
An increase in the amount of money in circulation
A drop in the amount of money in circulation
The business cycle
Depreciation
27
A price floor creates a...
Surplus
Shortage
28
The fundamental reason people must chose which goods to buy and consume is because of
people engaging in exchange
the great abundance of free resources
specialization
scarcity
29
What is the income for a bank who provides capital to produce a good or service?
Wage
Profit
Interest
Rent
30
Which of the sentences is not a characteristic of a good economist?
Sees only what immediately strikes the eye.
Inquires what the effect of the policy will be on all groups
Looks at the longer and indirect consequences.
inquires what the long-run effects of that policy will be.
31
What is income for a worker who provides labor to produce a good or service?
Interest
Profit
Rent
Wage
