This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 198 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 198 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A ..... tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the same dollar amount. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay A) Progressive. B) Income. C) Flat. D) Regressive. Show Answer Correct Answer: D) Regressive. 2. Is an IOU. A paper that the person or government promises to repay the lender. A) Monetary policy. B) Prime rate. C) Bond. D) Check clearing. Show Answer Correct Answer: C) Bond. 3. The IS-LM model represents the ..... equilibrium of the economy. A) General. B) Partial. C) Goods market only. D) Money market only. Show Answer Correct Answer: A) General. 4. ..... is money by government decree, has no alternative value A) Gold standard. B) Specie. C) Barter. D) Fiat money. Show Answer Correct Answer: D) Fiat money. 5. When you buy a game system and games together, this is an example of which economic concept? A) Complements. B) Substitutions. C) Elasticity. D) Economics. Show Answer Correct Answer: A) Complements. 6. Most nations use this as their economic system. A) Market economy. B) Command economy. C) Traditional economy. D) Simple economy. Show Answer Correct Answer: A) Market economy. 7. The consumer price index is a measure of A) Gross domestic product. B) Aggregate suply. C) Aggregate demand. D) Inflation. Show Answer Correct Answer: D) Inflation. 8. Estimate of its total spending and total revenue A) Budget. B) Budget Surplus. C) Budget Deficit. D) CPI. Show Answer Correct Answer: A) Budget. 9. A tax rate is applied to an income range, or A) Progressive Taxes. B) Tax Bracket. C) Other Taxes. D) Tax Credit. Show Answer Correct Answer: B) Tax Bracket. 10. When a country's currency appreciates, its exports ..... A) Double. B) Become cheaper. C) Become more expensive. D) Drop by at least 1/2. Show Answer Correct Answer: C) Become more expensive. 11. The percentage change in the CPI measures the inflation rate A) True. B) False. Show Answer Correct Answer: A) True. 12. October 1st ..... September 30 A) Fiscal Year. B) Physical Year. C) Tax Return. D) Appropriations Bills. Show Answer Correct Answer: A) Fiscal Year. 13. Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model? A) Product Market. B) Factor Market. C) Firms. D) Individuals. Show Answer Correct Answer: A) Product Market. 14. What is the purpose of studying economics? A) To hone your own economic thinking skills. B) So that you can predict something that will happen in the future. C) To understand natural science. D) To analyze the way humans socialize. Show Answer Correct Answer: A) To hone your own economic thinking skills. 15. Which of the following is related to Microeconomics? A) Inflation in the country. B) Unemployment problem. C) National income. D) Income from postal development. Show Answer Correct Answer: D) Income from postal development. 16. Sales Tax is- A) Tax on things you buy or purchase. B) Tax on the house you own. C) Tax take out of your paycheck. D) Tax that you pay once a year on your income. Show Answer Correct Answer: A) Tax on things you buy or purchase. 17. When deciding "what to produce", what is said to be limited? A) Resources. B) Population. Show Answer Correct Answer: A) Resources. 18. The following are the reasons for the difference in the prices of goods consumed and the prices of goods produced, except..... A) Some goods in GDP are not sold to consumers but to companies. B) Some goods in GDP are sold to consumers as well as companies. C) Some GDP goods are sold to the government, as well as to foreigners. D) Some goods purchased by consumers are obtained through import activities. Show Answer Correct Answer: B) Some goods in GDP are sold to consumers as well as companies. 19. A reduction in govt budget deficit affect on steady state level and steady state growth of total output per person A) Increases s.s level, s.s growth rate unchanged. B) Decreases s.s level, s.s growth rate unchanged. C) Increases s.s level, s.s growth rate increases. D) Increases s.s level, s.s growth rate decreases. Show Answer Correct Answer: A) Increases s.s level, s.s growth rate unchanged. 20. Which of the following will cause a shift to the left in the supply of apples? A) Widespread early frost that damages apple trees. B) A new fertilizer that is used for growing apples. C) A tax incentive given by the government to apple growers. D) More farmers deciding to plant apple trees. Show Answer Correct Answer: A) Widespread early frost that damages apple trees. ← 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