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Macroeconomics Quiz 97 (30 MCQs)

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1. One of the major assumptions of the classical economist school is .....
2. The concept of the "invisible hand" only applies to a very small part of the free market.
3. Text book purchased by a students.
4. The ..... is the fraction of bank deposits that a bank holds as reserves.
5. Monetary policy is BEST described as .....
6. T/F:Inflation is defined as an increase in general price level of all goods and services.
7. In early America, a traditional market structure existed when
8. Which of the following is true if the economy is producing at the full-employment level of output?
9. GDP includes goods and services .....
10. Total spending in the economy is most likely to increase by the largest amount if which of the following occur to government spending and taxes? Taxes (1)-Government Spending (2)
11. Fiscal policy refers to what power of the federal government?
12. A yard and lawn landscaper requires enough mechanical skill or training to run a lawn mower. This type of job falls under the category of .....
13. These are actions by the Federal Reserve to manage the money supply.
14. How does operating at a deficit impact future federal budgets?
15. Who is considered as father of modern macroeconomics?
16. Inflation which is considered to be the "greases the wheels" of labor markets is.....
17. In the United States, a healthy economy should have an unemployment rate of 4-6%.
18. Who controls fiscal policy?
19. If the supply and demand curves intersect at a price of $ 20 then any price above that would result in a(n):
20. The key word "transaction" describes with which role of money?
21. Bobby earns 23, 258.45 pesos per month. He has a total monthly contribution or 857.50 pesos to SSS, pag-ibig, and PhilHealth. How much is his Taxable income?
22. In the long run, a sustained increase in growth of the money supply relative to the growth rate of potential real output will most likely
23. Which one of the following is a correct statement?
24. The rule of 70 indicates that a 6% annual increase in the potential level of real GDP would lead to the potential output doubling in about ..... years.
25. TRUE or FALSE:Suppose that logging on a hillside above a town has exposed the town to the threat of flooding. A flood would cause $ 10 million in damage to the town but they decide to build a small dam for $ 2 million. Using the maintenance cost approach, the value of the flood-prevention environmental services provided by the trees that were logged is $ 2 million.
26. Improving the standard of living and overall production from quarter to quarter, year to year and generation to generation in the economy is the focus of economic
27. A demand for a product or resource because of its contribution to the final product. Workers with higher productivity tend to earn higher wages.
28. Which of the following is NOT the objective of macroeconomics from the ISlamic point of view?
29. Europe and North America enter a period of recovery from a recession. Other things remaining the same, the impact on the UK economy is most likely to be
30. WHO BENEFITS AND WHO LOSES WHEN UNEXPECTED INFLATION OCCURS?
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