This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 251 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 251 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Almost all variation in living standards is attributable to differences in countries A) Population growth rates. B) Productivity. C) Systems of public education. D) Taxes. E) Degree of taxation. Show Answer Correct Answer: B) Productivity. 2. This is a measure of the value of all the goods and services produced within an area during a given period of time. A) Aggregate. B) Gross Domestic Product (GDP). C) Inflation Rate. D) Unemployment Rate. E) GDP Annual Growth Rate. Show Answer Correct Answer: B) Gross Domestic Product (GDP). 3. How much it costs to borrow money or how much you earn when you save money. A) Economic Growth. B) Trade Balance. C) Interest Rates. D) Monetary Policy. Show Answer Correct Answer: C) Interest Rates. 4. What type of economy is the United States? A) Pure Command Economy. B) Traditional Economy. C) Pure Market Economy. D) Mixed Economy. Show Answer Correct Answer: D) Mixed Economy. 5. Many older Americans have trouble finding jobs because they lack needed skills. What type of unemployment would this be considered? A) Seasonal Unemployment. B) Cyclical Unemployment. C) Frictional Unemployment. D) Structural Unemployment. Show Answer Correct Answer: D) Structural Unemployment. 6. The least amount of money you can pay on a credit card per month. A) Credit Limit. B) Minimum Payment. C) Annual Percentage Rate. D) Opportunity Cost. Show Answer Correct Answer: B) Minimum Payment. 7. What does the model of supply and demand illustrate? A) The relationship between the quantity of pizza demanded and the price of pizza. B) The relationship between the quantity of pizza supplied and the price of pizza. C) The equilibrium price and quantity of pizza. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. A ..... bank is an institution that oversees and regulates the banking system and controls the monetary base. A) Central. B) Federal. C) Regulatory. D) Commercial. Show Answer Correct Answer: A) Central. 9. NX= A) Y-(C+I+G). B) Y+(C+I+G). C) Y-C+I+G. D) Y-(C+I+T). Show Answer Correct Answer: A) Y-(C+I+G). 10. Policies involving government intervention to overcome market failure. For example, higher government spending on education, housing and transport infrastructure A) Fiscal policy. B) Monetary policy. C) Supply-side policies (free market). D) Supply-side policies (interventionist). Show Answer Correct Answer: D) Supply-side policies (interventionist). 11. Over the economic cycle the government will only borrow for capital spending and not to fund current spending A) The golden rule (Gordon Brown 1997). B) The normal times rule (George Osborne 2015). C) The sustainable investment rule (EU). D) The arbitrary household budget fallacy rule (Post-Keynesians). Show Answer Correct Answer: A) The golden rule (Gordon Brown 1997). 12. GDP evaluated at current market prices is called as ..... A) Real GDP. B) Total GST. C) Nominal GDP. D) Aggregate Demand. Show Answer Correct Answer: C) Nominal GDP. 13. A tax where people with less income/wealth pay a higher percentage of that income/wealth than people with more income/wealth. Sales tax and Gas taxes are examples of this. A) Fiscal policy. B) Monetary policy. C) Progressive tax. D) Proportional tax. E) Regressive tax. Show Answer Correct Answer: E) Regressive tax. 14. The part of the Business Cycle where unemployment is at its lowest is called: A) Recovery. B) Trough. C) Recession. D) Boom. Show Answer Correct Answer: D) Boom. 15. Which of the following is not true about the limitations of GDP as a measure of welfare? A) Household productions are not included in GDP. B) Health and life expectancy is not considered in GDP. C) Leisure time is not measured in GDP. D) Marketable transactions are not accounted in GDP. Show Answer Correct Answer: D) Marketable transactions are not accounted in GDP. 16. ..... is the amount of output that can be achieved with a given amount of factor inputs. A) Total Factor Productivity. B) Growth Accounting. C) Disaggregate Factor Productivity. D) Increasing Returns Productivity. Show Answer Correct Answer: A) Total Factor Productivity. 17. When the Government saves more than it spends A) Budget. B) Budget Surplus. C) Budget Deficit. D) Price Level. Show Answer Correct Answer: B) Budget Surplus. 18. Public debt is also known as ..... A) Public services. B) Public management. C) Public expenditure. D) Public borrowing. Show Answer Correct Answer: D) Public borrowing. 19. Products that we usually use/consume together. A) Complements. B) Substitutes. C) Related goods. D) Pairs. Show Answer Correct Answer: A) Complements. 20. An recent college graduate just entering the work force and searching for a job would be experiencing ..... unemployment. A) Structural. B) Cyclical. C) Seasonal. D) Frictional. Show Answer Correct Answer: D) 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