COMMON SENSE ECONOMICS. Answers are provided at the end of the test. Part 1 – Practice Questions / Multiple Choice.
The basis of mainstream economic theory is _____. (Points: 5) scarcity and control of resources social welfare ethical use of resources aprotection of workers’ rights 2. What is the difference between Microeconomics and Macroeconomics? Multiple Choice Questions On MacroeconomicsThe basis of mainstream economic theory is _____. (Points: 5) scarcity and control of resources social welfare ethical use of resources aprotection of workers’ rights 2. What is the difference between Microeconomics and Macroeconomics? (Points: 5) macroeconomics operates on a smaller scale microeconomics operates on a larger scale microeconomics includes measures like CPI and GDP that are not included in macroeconomics macroeconomics focuses on the economy as a whole 3. Other things being equal, a decrease in supply results in a(n) _____. (Points: 5) increase in equilibrium price and a decrease in equilibrium quantity increase in equilibrium quantity and a decrease in equilibrium price decrease in equilibrium quantity and a decrease in equilibrium price decrease in demand 4. Opportunity costs are _____. (Points: 5) non-parameterized monetary costs the value of what is given up to gain something else physical asset costs expense costs, including depreciation factors 5. In general, if the population in an area increases, the demand for a normal good will _____. (Points: 5) decrease increase stay the same cycle around its long-term mean 6. All other things being equal, in the long run, an increase in aggregate supply results in _____. (Points: 5) a shortage a surplus an increase in prices a decrease in prices 7. The labor force includes: (Points: 5) The total population age 16 or older Only those working between the age of 16 and 65 Unemployed people age 16 and older who are not actively seeking employment Employed and officially unemployed persons age 16 and older 8. What is the relationship between unemployment and recession? (Points: 5) There is no relationship. The two variables are not related; one will not have an effect on the other. Unemployment will continue to decline in the long run even if there is a recession. Unemployment will increase soon after a recession begins. Bells and whistles for preschool worksheets. Unemployment will decrease soon after a recession begins. In the long run, an increase in capital typically _____. (Points: 5) increases output decreases output displaces labor has no effect on the economy, since markets are perfectly elastic 10. The Federal Reserve _____. (Points: 5) is the central bank of the United States is the government’s organizational structure for fiscal policy controls the exchange rate for the US dollar controls imports and exports for US goods 11. What is meant by disposable income? Multiple Choice Questions For The Monkey's Paw(Points: 5) It is money that one can take home from a paycheck after taxes are withheld It is one’s gross pay before taxes are taken out It is extra money one has to spend on purely utilitarian necessity items It is all the money that one saves from each paycheck 12. M1 includes_____. (Points: 5) currency, available credit card limits, and demand deposits currency, demand deposits, and traveler’s checks gold, foreign currency reserves, and US Treasury Bills and Notes gold, oil, strategic commodities, and capital goods 13. The CPI _____. Multiple Choice Questions In Economics With Answers In Gujarati![]() (Points: 5) measures the cost of inputs to producers is the Coast/Productivity Index measures the Cost to Producers of Intermediate goods is used to measure inflation in the USA 14. (Points: 5) is the Gross Domestic Price index measures the total output of final goods and services produced in the US in a given year measures the cost of inputs to factories in a given year measures the unemployment rate 15. Inflation results in _____. (Points: 5) 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 16. The federal government’s attempts to regulate the economy through government spending and taxation is known as _____ policy. (Points: 5) fiscal monetary IRS Congressional 17. Other things being equal, when the Federal Reserve increases the money supply at a rate below the GDP growth rate _____. (Points: 5) prices will tend to decrease prices will tend to increase prices will tend to remain the same None of the above 18. If a government sells its own currency and buys another country’s currency (Points: 5) its own currency will not change in value it. • Tell us some more • Upload in Progress • Upload failed. Please upload a file larger than 100x100 pixels • We are experiencing some problems, please try again. • You can only upload files of type PNG, JPG, or JPEG. • You can only upload files of type 3GP, 3GPP, MP4, MOV, AVI, MPG, MPEG, or RM. • You can only upload photos smaller than 5 MB. • You can only upload videos smaller than 600MB.
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