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Macroeconomics Basics Flashcards | StudBud
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Macroeconomics Basics
Macroeconomics Basics
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15 Question quiz on macroeconomics.
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Questions
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Answers
1
In which year did Milton Friedman earn the Nobel prize for Economics?
1945
1990
1976
1967
2
Which term describes generally rising prices?
Inflation
Deflation
Stagflation
hyperinflation
3
Variables which economic models attempt to explain are called?
Endogenous variables
Indivisible variables
Unknown variables
Exogenous variables
4
Your new Porsche purchase in Germany just arrived home, how will this affect U.S. GDP?
Bad investment!
No change in GDP
GDP increases
GDP decreases
5
If inflation is about zero, this means?
Significant price hikes expected
Prices are getting lower
Prices are slowly rising
Prices are stagnant
6
Which factor of production is likely represented by this picture?
Land
Labor
Entrepreneurship
Capital
7
Price and quantity at which supply and demand curve intersect is called this?
Production Possible Curve
Investment
Equilibrium
Stock
8
Which factor of production is not likely visible in this picture?
Capital
I have no idea!
Entrepreneurship
Labor
9
Which term refers to a severe drop in GDP overall over a period of time?
Inflation
Depression
Stagnation
Recession
10
Based on the picture, which grouping makes up the greatest percentage of the Labor Force?
35-54
45-64
25-44
16-34
11
Which economic principle best explains the picture?
Sowing and reaping
Gardening
Socialism
Capitalism
12
All of the following are true regarding "stock" and "flow" except:
Gov't budget deficit is stock, gov't debt is flow
Number losing jobs is flow
amount of investment is flow
A person's wealth is a stock
13
This term refers to the Total Labor Force minus those who are employed? Clue: What remains?
Retired
Net Employed
Unemployed
Non-labor force
14
Economists assume prices adjust to bring these two things into balance?
QuantityDemand = PriceSupply
Quantitysupply = Quantitydemand
Pricesupply = Pricedemand
P = Q1 x S1
15
Measure of the total income of the economy (adjusted for the level of prices)?
GDP
Net GDP
Nominal GNP
Real GDP
