Economics - The National Economy
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This is The MCQs of Economics
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Question 1 of 54
1. Question
Macroeconomics is the branch of economics that deals with:
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Question 2 of 54
2. Question
The diagram that shows the income received and payments made by each sector of the economy is the:
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Question 3 of 54
3. Question
Macroeconomic theory that emphasised the theories of Keynes and de-emphasised the classical theory developed as the result of the failure of:
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Question 4 of 54
4. Question
The percentage of the labour force that is unemployed is the:
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Question 5 of 54
5. Question
The index used most often to measure inflation is the:
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Question 6 of 54
6. Question
An index of prices of all domestically produced goods in the economy is the:
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Question 7 of 54
7. Question
It has become conventional classify a recession as a period where national output falls for _____ or more.
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Question 8 of 54
8. Question
The length of a business cycle would be measured from:
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Question 9 of 54
9. Question
Indicate below what is NOT a main macroeconomic goal
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Question 10 of 54
10. Question
Aggregate demand includes only:
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Question 11 of 54
11. Question
Total withdrawals from the circular flow of income include:
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Question 12 of 54
12. Question
Total injection are made up of:
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Question 13 of 54
13. Question
Equilibrium in the circular flow of income occurs when:
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Question 14 of 54
14. Question
There are three ways to measure GDP
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Question 15 of 54
15. Question
Real GDP is nominal GDP measured in constant:
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Question 16 of 54
16. Question
The underground economy consists of:
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Question 17 of 54
17. Question
Purchasing power parity exchange rates are used to:
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Question 18 of 54
18. Question
Two of the major factors contributing to growth are:
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Question 19 of 54
19. Question
According to the classical economists, the only gainers from growth would be:
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Question 20 of 54
20. Question
Aggregate supply is the total amount:
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Question 21 of 54
21. Question
The key issues of macroeconomics are
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Question 22 of 54
22. Question
In an economy measuring (1) total value added (2)total spending on final goods and (3)total factor earning gives the result that
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Question 23 of 54
23. Question
In the circular flow of income, saving is an injection and investment is a leakage
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Question 24 of 54
24. Question
In the economy when a steel producer sells steel to car producer it is regarded as:
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Question 25 of 54
25. Question
Leakages from the circular flow are _____, ______ and _____
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Question 26 of 54
26. Question
Injection into the circular flow are ______ ______ and ______
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Question 27 of 54
27. Question
In the circular flow we would expect leakages to ______ injections
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Question 28 of 54
28. Question
Gross national product adjusts GDP for net property income from abroad
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Question 29 of 54
29. Question
Nominal GNP measures income:
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Question 30 of 54
30. Question
Real GNP measures income
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Question 31 of 54
31. Question
Real GNP is a crude measure of national welfare because it excludes
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Question 32 of 54
32. Question
When we refer to the hidden economy we mean unrecorded income owing to:
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Question 33 of 54
33. Question
In a macroeconomic model without foreign trade or a government aggregate demand is the sum of
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Question 34 of 54
34. Question
The sum of the MPS and MPC is 1
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Question 35 of 54
35. Question
A linear consumption function with a positive slope less than one means that if income increases consumption will:
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Question 36 of 54
36. Question
Short-run equilibrium output means that aggregate demand ______ actual output
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Question 37 of 54
37. Question
If desired spending in the economy exceeds income we would expect:
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Question 38 of 54
38. Question
In equilibrium savings exceed investment
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Question 39 of 54
39. Question
When investment is assumed to autonomous the slope of the AD schedule is determined by the:
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Question 40 of 54
40. Question
The multiplier tells us how much ______ changes after a shift in ______
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Question 41 of 54
41. Question
The multiplier is calculated as
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Question 42 of 54
42. Question
If the MPC is 0.5 the multiplier is:
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Question 43 of 54
43. Question
If as a result of households wish to save more there is a change in equilibrium income and no change in equilibrium saving this is an example of:
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Question 44 of 54
44. Question
Aggregate demand without a foreign sector is the sum of:
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Question 45 of 54
45. Question
If the government increases spending and raises taxes by just enough to finance this increase it will:
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Question 46 of 54
46. Question
Starting from a balanced budget, for a given tax rate, an increasing in income will cause the government budget to:
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Question 47 of 54
47. Question
For given government spending and taxation the government budget deficit will grow in _____ and decline in _____
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Question 48 of 54
48. Question
The government budget is good indicator of fiscal stance
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Question 49 of 54
49. Question
Aggregate demand in an economy trading internationally with a government sector can be written as:
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Question 50 of 54
50. Question
The total multiplier for the economy will reflect:
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Question 51 of 54
51. Question
when the level of income _____ there will be a tendency for the trade balance to improve as imports _____
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Question 52 of 54
52. Question
In an Open economy leakages to imports _____ the value of the multiplier
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Question 53 of 54
53. Question
When an open economy is in equilibrium it means that the trade deficit is zero
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Question 54 of 54
54. Question
Higher export demand _____ output and a higher MPZ _____ output
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