This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 54 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 54 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Johnny gets a job at the local assembly plant. He is NOT currently aligned with a union but once he accepts the job he will have to join, is an example of? A) Closed Shop. B) Open Shop. C) Union Shop. D) Agency Shop. Show Answer Correct Answer: C) Union Shop. 2. Since there is no financial incentive to work in a command economy, workers A) Often create poor quality products. B) Have to manage production on their own. C) Are forced to use old-fashioned manufacturing techniques. D) Have to meet high standards for product safety. Show Answer Correct Answer: A) Often create poor quality products. 3. The difference between how much we sell to other countries and how much we buy from them is known as "Trade Balance." A) True. B) False. Show Answer Correct Answer: A) True. 4. Point "B" represents which phase of the business cycle? A) Peak. B) Trough. C) Recovery. D) Contraction. E) Expansion. Show Answer Correct Answer: A) Peak. 5. ..... carry out Fed policy and oversee banking within its district. A) Financial Institutions. B) Federal Reserve System. C) District banks. D) None of above. Show Answer Correct Answer: C) District banks. 6. Fical policy is ..... or ..... policy used to keep the economy stable or to assist in time of recession. A) Taxing; psychological. B) Spending; stabilizing. C) Spending; taxing. D) Ludicrous; fanciful. Show Answer Correct Answer: C) Spending; taxing. 7. Monetary policy is..... A) All wrong. B) Nothing is true. C) Policies implemented by the government by regulating the money supply and/or changing the demand for money. D) Policies implemented by the government by regulating the state revenue and expenditure budget. E) Policies implemented by the government by regulating the state expenditure budget. Show Answer Correct Answer: C) Policies implemented by the government by regulating the money supply and/or changing the demand for money. 8. Which of the following 3 are the top economic goals for the U.S.? A) Economics Efficiency, Price Stability, Economic Sustainability. B) Price Stability, Economic Equity, Full Employment. C) Economic Equity, Full Employment, Economic Growth. D) Full Employment, Price Stability, Economic Growth. Show Answer Correct Answer: D) Full Employment, Price Stability, Economic Growth. 9. In the goods market, investment decrease causes the IS curve A) Nchanged. B) Shift to the right. C) Shift to the left. D) Shift down. Show Answer Correct Answer: C) Shift to the left. 10. The percentage that GDP grows or shrinks over a period of time shows the present and likely future health of the economy. A) True. B) False. Show Answer Correct Answer: A) True. 11. Inflation is a discussion of currency stability material based on the approach..... A) Closed economy. B) Open economy. Show Answer Correct Answer: A) Closed economy. 12. Who is in charge of fiscal policy? A) Government. B) Federal Reserve. Show Answer Correct Answer: A) Government. 13. The growth of an economy is below its trend rate and it is simultaneously experiencing inflation and a deficit on its balance of trade. All other things being equal, a reduction in the rate of income tax is most likely to lead to a decrease in the A) Inflation rate. B) Level of unemployment. C) Rate of economic growth. D) Balance of trade deficit. Show Answer Correct Answer: B) Level of unemployment. 14. The practice of contracting with an outside company to provide goods or services. A) Outsourcing. B) Insourcing. C) Wages. D) Definitive Wage. Show Answer Correct Answer: A) Outsourcing. 15. The apple company is the macroeconomics A) True. B) False. Show Answer Correct Answer: A) True. 16. The most likely outcome when both aggregate supply and aggregate demandincrease is: A) A rise in inflation. B) Higher employment. C) An increase in nominal GDP. D) None of above. Show Answer Correct Answer: B) Higher employment. 17. The expenditure approach to measuring GDP is done by using data on only A) Consumption expenditure and investment. B) Consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services. C) Consumption expenditure, investment, and government expenditures. D) Wages, rent, interest, and profit. Show Answer Correct Answer: B) Consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services. 18. Which of the following would be counted as investment when calculating gross domestic product? A) The purchase of a used computer by an auto manufacturer. B) The purchase of a share of IBM stock by an employee. C) The construction of a new house. D) The construction of roads by the government. Show Answer Correct Answer: C) The construction of a new house. 19. ..... are a bank's reserves over and above its required reserves. A) Excess Reserves. B) Extra Reserves. C) Required Reserve Ratio. D) Reserve Ratio. Show Answer Correct Answer: A) Excess Reserves. 20. Who is more likely to be hurt by inflation? A) Someone who's salary is increasing. B) Someone who's salary stays the same. Show Answer Correct Answer: B) Someone who's salary stays the same. ← 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