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- 1. Multiple Choice
Macro economics studies long run economic growth and short-run economic fluctuations
True
False
- 2. Multiple Choice
Real GDP totals the dollar value for of all goods and services within border of a given country using their current prices during the year they were produced
True
False
- 3. Multiple Choice
Unemployment is a waste of resources because the economy gives up the goods and services that unemployed workers could have produced if they had been working.
True
False
- 4. Multiple Choice
An example of a macroeconomic policy question would be “Can goverments promote long-run economic growth”?
True
False
- 5. Multiple Choice
A large decline in household income will increase Demand.
True
False
- 6. Multiple Choice
the opportunity cost of a choice is the value of the best alternative forgone.
True
Flase
- 7. Multiple Choice
A decrease in the demand for tomatoes increases the equilibrium price and decreases the equilibrium quantity.
True
False
- 8. Multiple Choice
Which of the following is NOT a topic studied in Macroeconomics
gross domestic product
the unemployment rate
the price of IBM computers
the inflation rate
- 9. Multiple Choice
An increase in the overall price level is known as
recession.
stagflation
deflation
inflation
- 10. Multiple Choice
The unemployment rate equals
labor force/population
unemployed/employed.
(employed- unemployed)/labor force.
(labor force - employed) / labor force.
- 11. Multiple Choice
If the prices of input resources increase, then this event would most likely:
decrease aggregate supply
increase aggregate supply
decrease aggregate demand
increase aggregate demand
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