This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 222 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 222 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The population of Country X is 250, 000, and the labor force is 200, 000 persons. If 175, 00 people are employed, what is the unemployment rate? A) 10%. B) 12.5%. C) 20%. D) 80%. E) 87.5%. Show Answer Correct Answer: B) 12.5%. 2. The most common measure of inflation in Australia is: A) Export Price Index (XPI). B) Producer Price Index (PPI). C) Consumer Price Index (CPI). D) Import Price Index (MPI). Show Answer Correct Answer: C) Consumer Price Index (CPI). 3. What is the difference between technical efficiency and economic efficiency? A) Technical efficiency is concerned with the maximum possible output given the resources available, while economic efficiency is concerned with allocating resources to their most valued use. B) Technical efficiency is concerned with minimizing the cost of production, while economic efficiency is concerned with maximizing profits. C) Technical efficiency is concerned with minimizing the use of resources, while economic efficiency is concerned with maximizing the output of goods and services. D) There is no difference between technical efficiency and economic efficiency. Show Answer Correct Answer: A) Technical efficiency is concerned with the maximum possible output given the resources available, while economic efficiency is concerned with allocating resources to their most valued use. 4. All of the ten fastest-growing occupations are service related, most of them in the area of medical services. This would be the ..... Sector A) Primary. B) Tertiary. C) Quaternary. D) Secondary. Show Answer Correct Answer: B) Tertiary. 5. What condition differentiates a market of pure competition from one of monopolistic competition? A) Price. B) Competition. C) Products. D) Firms. Show Answer Correct Answer: C) Products. 6. A market structure where many businesses sell an identical product but compete based on price ..... A) Monopoly. B) Monopolistic. C) Pure or perfect competition. D) Oligopoly. Show Answer Correct Answer: C) Pure or perfect competition. 7. The three major normative macroeconomic goals do not include ..... A) Full employment. B) Price level stability. C) Sustained economic growth. D) High levels of environmental quality. Show Answer Correct Answer: D) High levels of environmental quality. 8. Work that requires advance skills and education A) Featherbedding. B) Labor union. C) Glass ceiling. D) Professional labor. E) Skilled labor. Show Answer Correct Answer: D) Professional labor. 9. Gross domestic product can be greater than net domestic product. A) True. B) Lie. Show Answer Correct Answer: A) True. 10. Which agency is tasked of creating Monetary policy? A) National Economic Development Authority. B) Department of Finance. C) Banko Sentral ng Pilipinas. D) Department of Budget and Management. Show Answer Correct Answer: C) Banko Sentral ng Pilipinas. 11. Which of the following are tools of fiscal policy? A) Taxes and government spending. B) Open market operations and reserve requirement. C) Taxes and open market operations. D) Open market operations and government spending. Show Answer Correct Answer: A) Taxes and government spending. 12. Work that requires specialized skills and training A) Featherbedding. B) Labor union. C) Glass ceiling. D) Professional labor. E) Skilled labor. Show Answer Correct Answer: E) Skilled labor. 13. A graph showing the quantity demanded A) Demand curve. B) Marginal utility. C) Demand. D) None of above. Show Answer Correct Answer: A) Demand curve. 14. Money or Loan Multiplier = A) 1/rr. B) 1/ER. C) 1/DD. D) RR. Show Answer Correct Answer: A) 1/rr. 15. Microeconomics is the study of A) Relatively small-scale units, markets and decisions taken by individuals within an economy. B) Relatively large-scale units, markets and decision taken by groups of individuals within an economy. Show Answer Correct Answer: A) Relatively small-scale units, markets and decisions taken by individuals within an economy. 16. The owners of a corporation are called A) Directors. B) Partners. C) Shareholders. D) Founders. Show Answer Correct Answer: C) Shareholders. 17. Nominal GDP is not a good measure of economic output. Why? A) Nominal GDP does not adjust for price changes over time. B) Nominal GDP does not capture true economic activity. C) Nominal GDP is not able to be used to make international comparisons. D) None of above. Show Answer Correct Answer: A) Nominal GDP does not adjust for price changes over time. 18. The total cost is the market value of the inputs a firm uses in production A) True. B) False. Show Answer Correct Answer: A) True. 19. If the economy is suffering from extremely high rate of inflation, which of the following fiscal policies would be an appropriate strategy for the economy? A) Increase government spending and decrease taxes. B) Decrease government spending and increase taxes. C) Increase government spending with no change in taxes. D) The National Reserve increases the discount rate. E) Decrease taxes with no change in government spending. Show Answer Correct Answer: B) Decrease government spending and increase taxes. 20. What does government provide with the revenue it takes in from taxes? A) Headaches. B) Public goods and services. C) More Congressmen. D) Greater control of the media. Show Answer Correct Answer: B) Public goods and services. ← 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