This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 177 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 177 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Small or weak industries can be made more competitive by the government giving them a ..... to help offset their costs. A) Subsidy. B) Quota. C) Embargo. D) Tariff. Show Answer Correct Answer: A) Subsidy. 2. Which of the following is the best definition of a household's total saving? A) An injection into the circular flow of income. B) Contributions to a pension fund for retirement. C) Money placed in bank and building society accounts. D) That part of disposable income not spent on consumption. Show Answer Correct Answer: D) That part of disposable income not spent on consumption. 3. "Government has implemented GST" . That refers to A) Positive Macroeconomics. B) Normative Macroeconomics. Show Answer Correct Answer: A) Positive Macroeconomics. 4. Are discouraged workers included in the unemployment rate? A) Yes. B) No. Show Answer Correct Answer: B) No. 5. What 2 types of inflation are there? A) Demand pull and cost push. B) Demand pull and supply glut. C) Supply glut and demand side. D) Supply inflation and demand inflation. Show Answer Correct Answer: A) Demand pull and cost push. 6. If the Consumer Price Index was 170 in one year and 180 in the next year, then the rate of inflation is approximately: A) 5.5 percent. B) 5.9 percent. C) 6.3 percent. D) 7.2 percent. Show Answer Correct Answer: B) 5.9 percent. 7. Which of the following is NOT a Phase? A) Expansion. B) Contraction. C) Neutral. D) Peak. E) Trough. Show Answer Correct Answer: C) Neutral. 8. The opportunity cost of an item is A) The number of hours needed to earn money to buy the item. B) What you give up to get that item. C) Usually less than a dollar value of the item. D) The dollar value of the item. E) The sunk cost of an item. Show Answer Correct Answer: B) What you give up to get that item. 9. Most important job of the FED A) Controlling Inflation. B) Controlling Deflation. C) Controlling Monetary Policy. D) Controlling Stock Prices. Show Answer Correct Answer: C) Controlling Monetary Policy. 10. Is it possible for a nation to run budget deficits and still have its debt/GDP ratio fall? A) No. B) Maybe. C) Not sure. D) Yes . Show Answer Correct Answer: D) Yes . 11. The federal minimum wage increases by $ 1 today. What happens to the supply of hamburgers today? A) Increase in Supply. B) Decrease in Supply. C) No change in supply. D) None of above. Show Answer Correct Answer: B) Decrease in Supply. 12. Percentage rate of increase in the price index per period. A) Inflation rate. B) Rate. C) Deflator. D) Real GDP. Show Answer Correct Answer: A) Inflation rate. 13. The method of measuring national income through Gross National Income or GNI is called: A) National Treasury Accounting. B) Gross Income Accounting. C) National Income Accounting. D) National Government Accounting. Show Answer Correct Answer: C) National Income Accounting. 14. Scarcity A) Limited quantities of resources to meet unlimited wants. B) The actual amount of a good or service consumers are willing to buy at some specific price. C) Y-axis. D) Y-axis. Show Answer Correct Answer: A) Limited quantities of resources to meet unlimited wants. 15. Define inflation tax! A) A reduction in the value of money held by the public caused by inflation. B) An increase in the value of money held by the public. C) Deflation. D) The disinflation of deflation. Show Answer Correct Answer: A) A reduction in the value of money held by the public caused by inflation. 16. Which of these is an economic indicator used to tell how an economy is doing? A) Equilibrium price. B) Consumer price index. Show Answer Correct Answer: B) Consumer price index. 17. Rather than implementing a tax liability based on the individual or entity's ability to pay, the government assesses tax as a percentage of the asset that the taxpayer purchases or owns. A) Regressive. B) Proportional. C) Flat. D) Progressive. Show Answer Correct Answer: A) Regressive. 18. Sum of consumer spending, investment spending, government spending, and net exports A) GDP. B) Real GDP. C) Capital gains. D) None of above. Show Answer Correct Answer: A) GDP. 19. The economy's aggregate price index, equal to the ratio of nominal GDP to real GDP. A) GDP. B) GNP Deflator. C) Deflator. D) GDP deflator. Show Answer Correct Answer: D) GDP deflator. 20. The biggest factor in income inequality is A) Wealth and Education. B) Where they live. C) Family history. D) None of above. Show Answer Correct Answer: A) Wealth and Education. ← 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