This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 53 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 53 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Short-term macro policy issues include: A) Inflation, Unemployment and imbalance in the balance of payments. B) Inflation, increase in production capacity and imbalance in the balance of payments. C) Population growth, increased production capacity and the availability of funds for investment. D) Population growth, increase in production capacity and imbalance in the balance of payments. E) Inflation, increase in production capacity and availability of funds for investment. Show Answer Correct Answer: A) Inflation, Unemployment and imbalance in the balance of payments. 2. Choose the Best Answer.Which inflation is caused by having high demand for a product with few supply? A) Demand-push. B) Demand-pull. C) Cost-pull. D) Cost-push. Show Answer Correct Answer: B) Demand-pull. 3. Choose the right equation that measures GDP using the expenditure approach A) $GDP=L+\left(X-N\right)$. B) $GDP=C+I+G$. C) $GDP=C+I+G+\left(X-N\right)$. D) None of above. Show Answer Correct Answer: C) $GDP=C+I+G+\left(X-N\right)$. 4. This factor of production puts the other factors together so you can actually produce things! A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 5. Assume that in Splendora, planned investment is $ 50 billion, but actual investment is $ 85 billion. Unplanned inventory investment isA) $ 67.5 billion. A) $ 67.5 billion. B) $ 35 billion. C) $ 5 billion. D) -$ 135 billion. Show Answer Correct Answer: B) $ 35 billion. 6. Match this definition with the correct Mixed Economic System: "Private citizens (rather than the government) own the factors of production, and make products mostly based on consumer's wishes." A) Capitalism. B) Communism. C) Socialism. D) I give up. Show Answer Correct Answer: A) Capitalism. 7. Economics is the science of wealth ..... This definition is given by ..... A) Paul samuelson. B) Marshall. C) Adom smith. D) None of above. Show Answer Correct Answer: C) Adom smith. 8. Which of the following leads to unexpected obsolescence? A) Change in demand. B) Natural calamities. C) Change in technology. D) None of these. Show Answer Correct Answer: B) Natural calamities. 9. The benefits can be felt together, can be consumed together, but there can be congestion, sold through the market or directly by the government, including in..... A) Private Goods. B) As if Public. C) Almost Private. D) Public Goods. Show Answer Correct Answer: B) As if Public. 10. During a recession, the Fed should use ..... A) An expansionary policy. B) A contractionary policy. Show Answer Correct Answer: A) An expansionary policy. 11. People who work part time (might be over-qualified for their job) because they cannot find full-time jobs A) CPI. B) Underemployed Workers. C) Discouraged Workers. D) Expansionary Fiscal Policy. Show Answer Correct Answer: B) Underemployed Workers. 12. John's wife got a promotion, so they moved from Atlanta to Dallas. He had to quit his accounting job, so now he is looking for a new accounting job in their new city. John is A) Seasonally unemployed. B) Frictionally unemployed. C) Structurally unemployed. D) Cyclically unemployed. E) Not counted in the labor force. Show Answer Correct Answer: B) Frictionally unemployed. 13. Refers to an increase in the general price level associated with an increase in the cost of production. A) Supply Inflation. B) Cost Push Inflation. C) Imported Inflation. D) Demand Pull Inflation. Show Answer Correct Answer: B) Cost Push Inflation. 14. In the GDP equation, what does the 'I' stand for? A) Intelligent spending. B) Investor spending. C) Incredible spending. D) Investment spending. Show Answer Correct Answer: D) Investment spending. 15. What would you conclude about an economy characterized by increasing gross domestic product (GDP), low unemployment, and increasing inflation? A) This economy is in a slow down. B) The government needs to address the unemployment problem. C) This economy is in the expansion phase of a business cycle. D) The Federal Reserve should expand the money supply. Show Answer Correct Answer: C) This economy is in the expansion phase of a business cycle. 16. On a foreign exchange graph for US dollars, how is the y axis labeled? A) Peso/USD. B) USD/Peso. C) Price Level of USD. D) Exchange rate for USD. Show Answer Correct Answer: A) Peso/USD. 17. What is not included in microeconomics? A) Economies of scale. B) Forms of competition. C) Individual demand. D) The inflation rate. Show Answer Correct Answer: D) The inflation rate. 18. Which worker BEST illustrates the problem of structural unemployment? A) A computer programmer laid off during an economic turndown. B) A steelworker whose skills are no longer marketable. C) A landscaper who can't find a job in the winter. D) A college graduate looking for her first full-time job. Show Answer Correct Answer: B) A steelworker whose skills are no longer marketable. 19. Economic Growth is NOT expected to be impacted by ..... A) Government Policies. B) Demography of an economy. C) Technology Change. D) None of the above. Show Answer Correct Answer: D) None of the above. 20. Paper purchased by a Publication House is an example of ..... A) Intermediate Goods. B) Consumer Goods. C) Capital Goods. D) Both B & C. E) Both A & C. Show Answer Correct Answer: A) Intermediate Goods. ← 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