Last Updated 10 Jul 2021

Macroeconomic GDP

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Economics studies

Question 1

How society manages its scarce resources social welfare ethical use of resources protection of workers' rights?

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Question 2

GAP Is the Gross Domestic Price Index

  • Measures the market value of all final goods and services produced in the U. S. In a given year
  • Measures the cost of inputs to factories in a given year
  • Measures the unemployment rate

Question 3

Inflation results in

  • A general decrease in the price level
  • An increase in the number of goods that are manufactured during a given year by mommies firms
  • An increase in the purchasing power of money

Question 4

Unemployment rate is calculated as the ratio of

  • Number of unemployed to the number of employed workers
  • Number of unemployed workers to the population.
  • Number of unemployed to the adult population.
  • Number of unemployed to the labor force.

Question 5

Everything else held constant, when the price of a product increases

  • The quantity demanded decreases
  • The quantity demanded increases
  • The quantity supplied decreases
  • The quantity supplied stays the same.

Question 6

When the demand of a product increases?

  • The equilibrium price and quantity will decrease
  • The equilibrium price and quantity will increase
  • The equilibrium price will decrease and the equilibrium quantity will increase.

Question 7

In free and competitive markets, shortages always lead to

  • Lower prices
  • Heeler prices
  • No change in prices
  • Any of the above

Question 8

Business cycles are measured by fluctuations in

  • Prices
  • Currency exchange rate
  • Real GAP
  • Trade Deficit

Question 9

Recessions usually cause

  • Inflation
  • Hyperinflation
  • Unemployment

Question 10

Inflation usually leads to

  • Higher economic growth
  • Higher interest rates
  • More productivity

Question 11

When a country experiences high economic growth, the main cause usually is

  • Higher productivity
  • Higher wages
  • Lower interest rates
  • Higher currency value

Question 12

The largest component of a country's GAP is

  • Private investment
  • Government spending
  • Private consumption

Question 13

If more workers Join the labor force of a country, the unemployment rate tends to

  • Increase
  • Decrease
  • Stay the same

Question 14

Most inflation episodes are caused by

  • Oil price increases
  • Droughts Increases in aggregate spending
  • Heeler interest rates

Question 15

Government budget deficits tend to

  • Increase interest rates
  • Decrease interest rates
  • Decrease prices

Question 16

If the U. S. Central bank increases the money supply at a higher rate

  • Aggregate spending tends to increase
  • The value of the dollar tends to decrease
  • Prices tend to increase
  • All of the above

Question 17

If tax rates on interest-rate earnings were decreased

  • Savings would decrease
  • Savings would increase
  • Demand for loans would increase
  • Tax evasion would increase

Question 18

A depreciation of the U. S. Dollar most likely would

  • Increase imports
  • Increase exports

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