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