This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 138 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 138 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Total National Income (TNI) consists of Employee Income (KEM), Government Income (KG), Entrepreneur Income (KE) and..... A) Farmer's Income (KM). B) Corporate Income (KK). C) Income of OFWs (KO). D) Government Revenue (KP). Show Answer Correct Answer: B) Corporate Income (KK). 2. Which of the following is a cause of hyperinflation? A) Rapid growth of real gross domestic product. B) Rapid growth of the money supply. C) Unanticipated decrease in aggregate demand. D) Unanticipated increase in aggregate supply. E) Unanticipated rise in real interest rates. Show Answer Correct Answer: B) Rapid growth of the money supply. 3. Unemployment Rate formula A) (Unemployed/ Labor force) * 100. B) (Employed/ Unemployed) * 100. C) (Labor force/ Employed) * 100. D) None of above. Show Answer Correct Answer: A) (Unemployed/ Labor force) * 100. 4. Cami chose to purchase a new sweater for $ 40. Her tradeoffs include A) The $ 40. B) The pants or shoes she could have purchased with the $ 40. C) The purse she purchased to go with the sweater. D) The movie she was late too because she was shopping. Show Answer Correct Answer: B) The pants or shoes she could have purchased with the $ 40. 5. The federal minimum wage increases by $ 1 today. How is it reflected in a graph that shows the supply of fast food laborers? A) Curve shifts to the right. B) Curve shifts to the left. C) Movement along the curve to the left. D) Movement along the curve to the right. Show Answer Correct Answer: B) Curve shifts to the left. 6. When Ford decides to produce more hybrid cars that run on both gas and electricity, it directly answers the ..... question. A) What. B) How. C) For whom. D) Why. Show Answer Correct Answer: A) What. 7. The three main economic resources are: A) Land, labor, and stocks. B) Land, labor, and capital. C) Land, capital, and bonds. D) Land, labor, and money. Show Answer Correct Answer: B) Land, labor, and capital. 8. Real GDP totals the dollar value for of all goods and services within border of a given country using their current prices during the year they were produced A) True. B) False. Show Answer Correct Answer: B) False. 9. Raising or lower the ....., or how much cash a bank has to keep on hand, is a tool of monetary policy. A) Open market operation. B) Discount rate. C) Reserve requirement. D) Dunkin' donuts. Show Answer Correct Answer: C) Reserve requirement. 10. The velocity of money is affected by which of the following? * A) How quickly the treasury prints new money. B) If a consumer makes purchases with large bills or smaller bills. C) If workers are paid weekly, bi-weekly, or monthly. D) If a consumer uses a payment plan to purchase something or pays outright. Show Answer Correct Answer: C) If workers are paid weekly, bi-weekly, or monthly. 11. ..... refers to the total value of final goods and services which all the sectors of an economy are planning to buy at a given level of income during a period of one accounting year. A) Aggregate demand. B) Aggregate supply. Show Answer Correct Answer: A) Aggregate demand. 12. Sometimes a nation will not trade with a nation who creates products using child labor because they believe in protecting A) Domestic Jobs. B) National Defense. C) Human Rights. D) The Environment. Show Answer Correct Answer: C) Human Rights. 13. Which of the following terms refers to the average increase of prices across and economy in a given month or year? A) Hyperinflation. B) Deflation. C) Unemployment. D) Inflation. Show Answer Correct Answer: D) Inflation. 14. Deflation is likely due to menu costs A) True. B) False. Show Answer Correct Answer: B) False. 15. The equilibrium price of a good occurs if the A) Quantity of the good demanded equals the quantity of the good supplied. B) Quantity of the good demanded is greater than the quantity of the good supplied. C) Quantity of the good demanded is less than the quantity of the good supplied. D) Demand for the good is greater than the supply of the good. E) Price of the good seems reasonable to most buyers. Show Answer Correct Answer: A) Quantity of the good demanded equals the quantity of the good supplied. 16. Which cause of economic growth would involve the least cost for present and future generations of a country's population? A) Increased exploitation of a country's mineral resources. B) Investment financed by borrowing from abroad. C) Investment financed by high rates of domestic savings. D) Technological innovations in productive processes. Show Answer Correct Answer: D) Technological innovations in productive processes. 17. Keynesian Theory Is What? A) Sticky wages prevents wages from falling. Government should take policy action. B) Price levels change the purchasing power which also effects spending. C) Price levels and economy will fix itself without government involvement. D) Price levels increase, so lenders need to charge higher interest rates. This then decreases investment spending. Show Answer Correct Answer: A) Sticky wages prevents wages from falling. Government should take policy action. 18. When taxes are increased, disposable income ....., and hence, consumption ..... A) Increases; increases. B) Increases; decreases. C) Decreases; increases. D) Decreases; decreases. E) Stays the same. Show Answer Correct Answer: D) Decreases; decreases. 19. Workers who are unemployed because they lack the skills needed by employers are called A) Frictionally unemployed. B) Cyclically unemployed. C) Seasonally unemployed. D) Structurally unemployed. Show Answer Correct Answer: D) Structurally unemployed. 20. The total number of units of a good or service companies/ firms are willing to sell at a given price A) Supply. B) Quantity supplied. C) Quantity demanded. D) Shortage. Show Answer Correct Answer: B) Quantity supplied. ← PreviousNext →Related QuizzesEconomics QuizzesMacroeconomics Quiz 1Macroeconomics Quiz 2Macroeconomics Quiz 3Macroeconomics Quiz 4Macroeconomics Quiz 5Macroeconomics Quiz 6Macroeconomics Quiz 7Macroeconomics Quiz 8Macroeconomics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books