This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 248 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 248 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Mr. MacLean got really excited one day when he got his mail. In it he saw a cheque from Co-op giving him some money back. He got this back because Co-op is at: A) Web-based. B) Corporation. C) Partnership. D) Cooperative. Show Answer Correct Answer: D) Cooperative. 2. An individual has a ..... in producing a good or service if the opportunity cost of producing the good or service is lower for that individual than for other people. A) Absolute Advantage. B) Comparative Advantage. C) Productive Efficiency. D) Allocative Efficiency. Show Answer Correct Answer: B) Comparative Advantage. 3. Which of the following is true of money? A) The use of money discourages specialization and trade. B) Money must take the form of paper and coins. C) Moneymakes it possible for societies to barter and trade withi one another. D) Money acts as a medium of exchange. Show Answer Correct Answer: D) Money acts as a medium of exchange. 4. The equilibrium aggregate price level and level of aggregate output occur when A) The aggregate demand and aggregate supply curve intersect. B) Real domestic output is at its maximum level. C) There is full employment. D) The exports are equal to import. Show Answer Correct Answer: A) The aggregate demand and aggregate supply curve intersect. 5. Monthly salary:45, 387.92Monthly contributions:SSS:581.30Pag-ibig fund:100.00PhilHealth:230.00 How much is the Annual Tax Due? A) 63, 427.86. B) 63, 429.86. C) 63, 428.86. D) 63, 430.86. Show Answer Correct Answer: B) 63, 429.86. 6. Included in the macro actors are: A) Household. B) Producer. C) All true. D) Other countries. E) Government. Show Answer Correct Answer: C) All true. 7. The Federal Reserve uses ..... to regulate the economy. A) Monetary Policy. B) Fiscal Policy. Show Answer Correct Answer: A) Monetary Policy. 8. The ..... allows banks that fall short of the reserve requirement to borrow funds from banks with excess reserves. A) Federal Funds Market. B) Open Market. C) Closed Market. D) Reserve Market. Show Answer Correct Answer: A) Federal Funds Market. 9. The flow of land, labor, capital and entrepreneurship would be best represented from ..... to ..... A) Household to Product Market. B) Firms to Households. C) Household to Factor Market. D) Firms to Factor Market. Show Answer Correct Answer: C) Household to Factor Market. 10. Describe the effects of cost-push inflation A) PL increases (PL2>PL1) and employment increases (Y2>Yf). B) PL decreases (PL2Yf). C) PL increases (PL2>PL1) and employment decreases (Y2 D) PL decreases and employment decreases (Y2 Show Answer Correct Answer: C) PL increases (PL2>PL1) and employment decreases (Y2 11. In March 2018, 5, 000 US residents were employed and 3, 000 were unemployed. Find the unemployment rate. A) 60 %. B) 62.5 %. C) 50 %. D) 37.5%. Show Answer Correct Answer: D) 37.5%. 12. Which of the following best describes the cause of crowding out? A) Competition between the government and private borrowers for loanable funds results in an increase in interest rates. B) Increases in the costs of inputs lead to decreases in domestic production. C) The Federal Reserve's open-market operations decrease the amount of funds banks have available for lending. D) Reductions in the government's budget deficit lead to fewer Treasury bonds being issued. E) The scarcity of funds forces Congress to decrease spending on critical public works programs. Show Answer Correct Answer: A) Competition between the government and private borrowers for loanable funds results in an increase in interest rates. 13. Carla discovers a time capsule in her backyard. Inside is a $ 50 bill printed in 1980. She is surprised to learn that it is still good! This statement describes which function of money? A) Store of value. B) Unit of account. C) Sentimental value. D) Medium of exchange. Show Answer Correct Answer: A) Store of value. 14. The short run aggregate supply would shift with a change to all of the following EXCEPT ..... A) Wage rates. B) The cost of raw materials. C) Changes in business taxes. D) Supply shocks (e.g., bad weather). E) No exception-all of the above would shift the short run aggregate supply. Show Answer Correct Answer: E) No exception-all of the above would shift the short run aggregate supply. 15. The social security tax is 6.2% on employees' income earned below $ 113, 000. Is this tax progressive, regressive or proportional? A) Progressive. B) Regressive. C) Proportional . D) None of above. Show Answer Correct Answer: C) Proportional . 16. Physical capital A) Limited quantities of resources to meet unlimited wants. B) A graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good. C) Producing in a way that best uses all of the economy's resources. D) All human-made goods that are used to produce other goods and services; tools and buildings. Show Answer Correct Answer: D) All human-made goods that are used to produce other goods and services; tools and buildings. 17. To construct GDP, exports: A) And imports must be subtracted. B) And imports must be included. C) Must be subtracted and imports must be included. D) Must be included and imports must be subtracted. Show Answer Correct Answer: D) Must be included and imports must be subtracted. 18. Disinflation is A) A decrease in the general price level. B) A decrease in the rate of inflation, but the prices of goods and services are still rising. C) A sustained increase in the general price level. D) A decrease in the rate of economic growth but it remains positive. E) A rate of negative economic growth. Show Answer Correct Answer: B) A decrease in the rate of inflation, but the prices of goods and services are still rising. 19. Inflation is one of problems of macroeconomics goal. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 20. A recent high school graduate has never searched for a job before. She does not know what she is qualified to do. She turns down a job at a factory, hoping for better-paying work. What kind of unemployment is she experiencing? A) Cyclical. B) Frictional. C) Structural. D) Institutional. Show Answer Correct Answer: B) Frictional. ← 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