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Macroeconomics Quiz
Test Description: Macroeconomics quiz over GDP
Instructions: Answer all questions to get your test result.
1) What was barcelona's GDP in 2014?
A
1 billion dollars
B
10 million dollars
C
170 million dollars
2) What is efficiency?
A
the property of society getting the most it can from its scarce resources
B
its how a person excels in the economy
C
the study of how well something works
3) What are Marginal Changes?
A
small ways to change society for the better
B
small adjustments to changes in jobs
C
small incremental adjustments to a plan of action
4) what is Barcelona's rank among livable cities in the world?
A
125th most livable
B
14th most livable
C
1000th most livable
5) What is Market Economy?
A
when the market is consistent and the economy is growing
B
how the market flourishes and downfalls in the economy
C
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in mark
6) What is Market Failure?
A
when there is no money in our market and there is a recession at hand
B
when the market fails
C
a situation in which a market left on its own fails to allocate resources efficiently
7) What is Market Power?
A
the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
B
when the market controls the government
C
when the market has complete control over the economy
8) What are opportunity costs?
A
when an individual can have an opportunity to buy whatever they want
B
When theres an opportunity for a cost to be lowered
C
whatever must be given up to obtain some item
9) What is scarcity?
A
when there is not enough money in the economy
B
the limited nature of society's resources
C
whatever must be given up to obtain some item
10) Where does Barcelona gets their main imports from?
A
Asia/India
B
North America
C
South America
11) What are Barcelona's main exports?
A
Machinery
B
light bulbs
C
cotton
12) what is Barcelona's government type?
A
laissez-fair
B
mayor-council
C
independent government
13) Whats a demand curve?
A
a graph of the relationship between the price of a good and the quantity demanded
B
when the demand for something goes away
C
when the need for a product curves
14) What is equilibrium?
A
when the stock market is balanced
B
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
C
a state in which opposing forces or influences are balanced
15) What is supply and demand
A
the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good balance
B
when you are giving out something but you need something back in return
C
when you barrow something and have to give it back
16) What is a market?
A
a store full of food
B
a group of buyers and sellers of a particular good or service
C
the money in the economy
17) What is a supply curve?
A
when the supply is going up and down
B
a graph of the relationship between the price of a good and the quantity supplied
C
when there is a need for supply then a sudden change to not need that supply anymore
18) What is Gross domestic product?
A
The total market value of all final goods and services produced annually, within the boundaries within a country
B
when product is made and sold in the home country
19) What is investment?
A
spending on capital equipment, inventories, and structures, including household purchases of new housing
B
a sacrifice of money to get more in the future
C
when you put all of your money into a stock
20) What is consumption?
A
buying goods
B
spending by households on goods and services, with the exception of purchases of new housing
C
when you eat food
*select an answer for all questions
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