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Macro Quiz Review
By Micah Dewey
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Last updated about 1 year ago
17 questions
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Question 1
1.
Goals of Macroeconomics
Economic Growth, Keep Unemployment Low, Keep Inflation Low
Establish Allies, Increase Trade, Distribute Money
Amass Wealth, Grow Cities, Generate New Industries
Strike Fear In Nations, Dominate Global Markets, Crush Enemies
Question 2
2.
What type of unemployment occurs when changes in the market condition push out workers from certain occupations?
Cyclical unemployment
Seasonal unemployment
Frictional unemployment
Structural unemployment
Question 3
3.
What is it called when a worker is unemployed due to their search for better job opportunities?
Frictional unemployment
Cyclical unemployment
Seasonal unemployment
Structural unemployment
Question 4
4.
What type of unemployment results from the business cycle and economic downturn?
Seasonal unemployment
Structural unemployment
Frictional unemployment
Cyclical unemployment
Question 5
5.
If a ski instructor is unable to find work during the summer, they are experiencing what type of unemployment?
Frictional unemployment
Seasonal unemployment
Cyclical unemployment
Structural unemployment
Question 6
6.
What is Gross Domestic Product (GDP)?
The total value of goods a country consumes
The total value of imports and exports
The total value of goods and services a country produces
The total household income in a country
Question 7
7.
What are the four main components of GDP?
Consumption, Investment, Government Spending, Net Exports
Wages, Rent, Interest, Profit
Imports, Exports, Consumption, Savings
Income, Consumption, Population, Wealth
Question 8
8.
Which component of GDP would a new factory construction fall under?
Government Spending
Consumption
Investment
Net Exports
Question 9
9.
Why is it important to measure GDP?
To measure the wealth of individuals
To calculate trade deficits
To understand the size and growth of an economy
To predict stock market trends
Question 10
10.
What is meant by the term 'labor force'?
The total number of people working
The total population of a country
The total number of people eligible to work
The total number of people unemployed
Question 11
11.
What is frictional unemployment?
Unemployment due to people switching jobs or searching for jobs
Unemployment due to economic downturn
Unemployment caused by lack of necessary skills
Joblessness due to a declining industry
Question 12
12.
What groups are excluded from the labor force?
Only the unemployed
Retirees, students, non-citizens, underage, institutionalized people
Workers under 18
Those not currently seeking work
Question 13
13.
What is the difference between the unemployment rate and labor force participation rate?
One measures joblessness, the other measures work-eligible population
Unemployment rate shows percentage of population working
They measure the same thing
Labor force participation counts unemployed
Question 14
14.
What category of GDP would a car manufactured in the U.S. fall under?
Net Exports
Investments
Government Purchases
Consumer Spending
Question 15
15.
Which of the following is categorized as 'Government Spending' in GDP?
Car manufacturing
Purchase of imported goods
Building of public schools
House construction
Question 16
16.
What is included in the 'Consumer Spending' category of GDP?
Building roads
Export of goods
Grocery shopping
Government bonds
Question 17
17.
Which of the following is not a component of GDP?
Government Purchases
Import of goods
Consumer Spending
Investments