Intro to Macroeconomics
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12 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    The microeconomic concept of 'quantity' can be said to have the macroeconomic equivalent of...

    answer choices

    GDP

    Aggregate demand

    Economic growth

    Recession

  • Question 2
    30 seconds
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    Q.

    The following are considered leakages from the circular flow of income, EXCEPT...

    answer choices

    savings

    taxes

    borrowing

    imports

  • Question 3
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    Q.

    The most commonly used measure of a country's national income is ...

    answer choices

    GNP

    GDP

    real GDP

    CPI

  • Question 4
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    Q.

    The gross national product (GNP) equals ...

    answer choices

    NNP - depreciation

    GDP - inflation

    GDP + net national income from abroad

    GDP - net national income from aborad

  • Question 5
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    Q.

    In discussing the business cycle, an 'expansion' is often referred to as ...

    answer choices

    peak

    recovery

    pre-peak

    contraction

  • Question 6
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    Q.

    A positive output gap exists when ...

    answer choices

    The long run potential GDP shifts outward

    The production possibilities curve moves inward

    actual GDP is greater than potential GDP

    actual GDP is less than potential GDP

  • Question 7
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    Q.

    There are several arguments as to why the Aggregate Demand curve is downward sloping, including all of these EXCEPT...

    answer choices

    The wealth effect

    The inflation rate effect

    The interest rate effect

    The international trade effect

  • Question 8
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    Q.

    Aggregate demand is simplified with which of these equations?

    answer choices

    C + I + G - (X - M)

    C + I + G - (X + M)

    C + I + G + (X + M)

    C + I + G + (X - M)

  • Question 9
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    Q.

    All the following changes to the AD components are likely to effect investment EXCEPT:

    answer choices

    Changes in interest rates

    Changes in the level of income taxes

    Technological change

    Changes in foreign income levels

  • Question 10
    30 seconds
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    Q.

    The short run aggregate supply would shift with a change to all of the following EXCEPT ...

    answer choices

    wage rates

    the cost of raw materials

    changes in business taxes

    supply shocks (e.g., bad weather)

    no exception - all of the above would shift the short run aggregate supply

  • Question 11
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    Q.

    It is possible for an economy to produce beyond it's long run aggregate supply because ...

    answer choices

    it can find more resources

    it can "dip into" its natural unemployment rate to hire people who may be temporarily unemployed

    it can figure out how to produce more efficiently

    it can use a different measure to account for production

  • Question 12
    30 seconds
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    Q.

    Referring to the Keynesian curve, in the 'Keynesian Range' ...

    answer choices

    real GDP is low, price level is constant, and unemployment is high

    real GDP is high but falling, price level is falling, and unemployment is rising

    real GDP is rising, price level is rising, and unemployment is falling

    real GDP is at its peak, price level consistently rises, and unemployment is low

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