This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Macroeconomics – Quiz 60 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Macroeconomics Quiz 60 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. NDP at factor cost = A) Net domestic product at market price-indirect tax. B) Net Domestic Product at market price+ Subsidies. C) Net Domestic Product at market price at market price-Net indirect tax. D) Net Domestic product at market price + Depreciation. Show Answer Correct Answer: C) Net Domestic Product at market price at market price-Net indirect tax. 2. Anything that is legally accepted payment for goods and services. A) Money. B) Dividends. C) Markets. D) Economy. Show Answer Correct Answer: A) Money. 3. FICA taxes are A) U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare. B) U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare. C) U.S. federal payroll taxes imposed on both employees and employers to fund Social Security. D) U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare. Show Answer Correct Answer: A) U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare. 4. In a closed economy with no government, aggregate expenditure is A) Consumption plus investment. B) Saving plus investment. C) Consumption plus the MPC. D) MPC + MPS. Show Answer Correct Answer: A) Consumption plus investment. 5. Where do factors of production (land, labor, etc) come from in the circular flow model? A) Factor Market. B) Product Market. C) Firms. D) Individuals. Show Answer Correct Answer: D) Individuals. 6. Which of the following is an intermediate good? A) Machine. B) Car. C) Mobile. D) Sugar cane in a sugar Mill. Show Answer Correct Answer: D) Sugar cane in a sugar Mill. 7. Who is in charge of the Federal Reserve? A) The Illuminati. B) The Board of Governors. C) U.S. Congress. D) The President of the United States. Show Answer Correct Answer: B) The Board of Governors. 8. Research and Development or R&D, is spending to create and implement new ..... A) Technologies. B) Infrastructure. C) Depreciation. D) GDP. Show Answer Correct Answer: A) Technologies. 9. Tangible possessions such as real estate, cars, and farm animals is known as? A) Federal Tax. B) Property Tax. C) Livestock. D) A Job. Show Answer Correct Answer: B) Property Tax. 10. Capital refers to ..... A) The "gifts of nature" or natural resources not created by human effort. B) People with all their efforts and abilities. C) The tools, equipment, and factories used in production of goods and services. D) Individuals who start a new business or bring a product to market. Show Answer Correct Answer: C) The tools, equipment, and factories used in production of goods and services. 11. TRUE or FALSE:Results from the Harmonised European Time Use Survey indicate that in major EU countries, men and women are now as equally likely to do housework on any given day. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 12. Which of the following leads to depreciation? A) Normal wear and tear. B) Damages due to floods. C) Damages due to market-crash. D) None of these. Show Answer Correct Answer: A) Normal wear and tear. 13. What is cyclical unemployment? A) Seasonal unemployment. B) Frictional unemployment. C) Structural unemployment. D) Cyclical unemployment. Show Answer Correct Answer: D) Cyclical unemployment. 14. Government regulates certain industries. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 15. Which of the following statements exemplifies the concept of structural unemployment? A) New entrants into the labor force have trouble finding jobs. B) Workers leave their current jobs to find better jobs. C) Workers are laid off because aggregate demand has declined. D) Workers are fired because consumers have reduced their total expenditures. E) Workers are fired because their skills are no longer in demand. Show Answer Correct Answer: E) Workers are fired because their skills are no longer in demand. 16. For a very long time tropic land has had inflation of 12%. Suddenly it's inflation rate drops to 4%. The drop in the inflation rate A) Could be due to slower money supply growth.We would expect unemployment to be higher. B) Could be due to slower money supply growth. We would expect unemployment to be lower. C) Could be due to higher money supply growth. We would expect unemployment to be hired. D) Could be due to hire money supply growth. We would expect unemployment to be lower. E) Could be due to slower money supply girl. We would expect employment to be higher. Show Answer Correct Answer: A) Could be due to slower money supply growth.We would expect unemployment to be higher. 17. Costs that may be incurred by individuals or companies that require them to notify customers of increases in the prices of goods they sell as a result of inflation are..... A) Shoe Leather Cost. B) Menu Cost. C) Tax Cost. D) Inconvenience Measurement of Economic Transactions. Show Answer Correct Answer: B) Menu Cost. 18. A change in the demand for apples could result from any of the following except A) A change in the number of buyers. B) Increased preferences for fresh fruit consumption for health reasons. C) A change in the price of an apple. D) A change in the price of a banana. Show Answer Correct Answer: C) A change in the price of an apple. 19. Computers made in China are used by students in Texas. A) Import. B) Export. Show Answer Correct Answer: A) Import. 20. The infant industry argument is based on: A) The idea that competitive pressure from established foreign firms would encourage the infant industry's prospects for future growth. B) The idea that failure to shelter these infant industries tends to lead to political instability. C) The idea that small firms must be protected. D) The idea that the industry is not yet ready to compete with established foreign. Show Answer Correct Answer: D) The idea that the industry is not yet ready to compete with established foreign. ← 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