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Economics Review Game
Test Description: Macroeconomic Measures of Performance, consumption, saving, investment, and the multiplier,demand and supply
Instructions: Answer all questions to get your test result.
1) What are the components of GDP
A
Consumer Spending, Government Spending, Investment, and Net Exports
B
Consumption, Government Spending, Investment, and Net Exports
C
Consumer selling, Government Taxes, Inflation, and Net Exports
D
Consumption and Net Exports
2) What is the Law of Demand?
A
To Demand in great amounts is illeagal
B
There is a negative relationship between price and quantity demanded
C
There is no relationship between price and quantity demanded
D
There is a positive relationship between price and quantity demanded
3) The price of hot dogs rises greatly what is the effect on the demand of ketchup
A
The supply of ketchup increases
B
The demand increases
C
There is no effect
D
The demand decreases
4) Which of the following does not shift the Demand for ice cream to the left
A
There is a great emigration of people out of the United States to Paris, France
B
The price of sprinkles decreases
C
The consumer\'s income decreases
D
The price for Frozen Yogurt decreases
5) Which way will the Supply curve of bagels if the price of yeast decreases
A
No shift in supply curve
B
To the right
C
Up
D
To the left
6) Which does not affect Supply
A
Increase on the tax of the good
B
The number of other suppliers decreases
C
The consumer\'s income rises
D
Another good they can make will bring more revenue
7) The Supply Curve shifts to the right due to new technology, while the Demand curve shifts to the left because a substitute good costs less, what does this do to the quantity eq.
A
Increases Quantity
B
Shifts to the left
C
Ambiguous
D
Decreases Quantity
8) Which of the following is not included in GDP
A
government purchase of a plane
B
Housework done as chores
C
investment in future technology
D
Purchase of a house
9) What is the formal for finding Real GDP
A
Nominal GDP- inflation
B
100(Nominal GDP)(Price Index)
C
Change in Nominal GDP + Price Index
D
100(Nominal GDP)/(Price Index)
10) What is the difference between GDP Deflator and CPI
A
CPI includes all goods, GDP includes only the typical consumer's goods
B
CPI includes only the typical consumers goods, GDP includes all goods
C
None of the above
D
CPI is inflation and GDP is a ratio of change
*select an answer for all questions
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