macroeconomic GDP
Question 1
1. Economics studies _____.
How society manages its scarce resources
social welfare
ethical use of resources
protection of workers' rights
5 points
Question 2
1. GDP ______
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
5 points
Question 3
1. 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 domestic firms
A decline in the purchasing power of money
An increase in the purchasing power of money
5 points
Question 4
1. 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.
5 points
Question 5
1. 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.
5 points
Question 6
1. 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 increase and the equilibrium quantity will decrease.
The equilibrium price will decrease and the equilibrium quantity will increase.
5 points
Question 7
1. In free and competitive markets, shortages always lead to _____
Lower prices
HIgher prices
No change in prices
Any of the above
5 points
Question 8
1. Business cycles are measured by fluctuations in ______
Prices
Currency exchange rate
Real GDP
Trade Deficit
5 points
Question 9
1. Recessions usually cause _______
Inflation
Hyperinflation
Lower money supply
1. Economics studies _____.
How society manages its scarce resources
social welfare
ethical use of resources
protection of workers' rights
5 points
Question 2
1. GDP ______
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
5 points
Question 3
1. 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 domestic firms
A decline in the purchasing power of money
An increase in the purchasing power of money
5 points
Question 4
1. 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.
5 points
Question 5
1. 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.
5 points
Question 6
1. 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 increase and the equilibrium quantity will decrease.
The equilibrium price will decrease and the equilibrium quantity will increase.
5 points
Question 7
1. In free and competitive markets, shortages always lead to _____
Lower prices
HIgher prices
No change in prices
Any of the above
5 points
Question 8
1. Business cycles are measured by fluctuations in ______
Prices
Currency exchange rate
Real GDP
Trade Deficit
5 points
Question 9
1. Recessions usually cause _______
Inflation
Hyperinflation
Lower money supply