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Macroeconomics
Test Description: Macroeconomics Review
Instructions: Answer all questions to get your test result.
1) Diffrence between Real and Nominal GDP is
A
That real GDP is always smaller than Nominal GDP
B
Change in price level from base year to current year
C
None of the above.
D
Measured by excluding some of the sectors
2) GDP is market value of all the final goods
A
Produced by all factors of production
B
All of the above
C
Produced domestically
D
Produced by domestic factors of production
3) When comparing nation's economic position with other one should see its
A
None of the above
B
GDP
C
Currency in circulation
D
Per Capita GDP
4) Verticle intercept of consumption function indicates
A
None of the above
B
Consumption at zero level of income
C
Al included
D
Average propensity to consume
5) In the consumption function c=a+by
A
Slope of the function
B
MPC
C
none of the above
D
y is intercept
6) In Keynesian Framework Income is measured along
A
45 degree line
B
Verticle axis
C
Horizontal axis
D
All are correct
7) If investment is exogenous to the Income determination model it can be shown as
A
Verticle line
B
None of the above
C
Horizontal line
D
All of the above
8) In a closed economy GDP equals
A
All of the above
B
C+I+G
C
C+I+X+N
D
C+I
9) Which of the following is a central issue in macroeconomics?
A
none of the above
B
the effect of excise taxes on consumers' buying patterns
C
the deregulation of the banking industry
D
inflation of prescription drug prices
10) Which of the following is NOT an issue in macroeconomics?
A
the determination of prices in the agricultural sector
B
the relationship between inflation and unemployment
C
issues relating to the balance of payment
D
the possible effect of budget deficit increases on the level of investment
11) In studying growth theory
A
we assume that all inputs are fully employed
B
all of the above
C
we focus on the very long run
D
we ignore recessions and booms
12) In the very long run
A
the position of the AS-curve depends on the degree of consumer confidence
B
the position of the AS-curve essentially determines the level of output
C
the position of the AD-curve is affected by changes in efficiency improvements
D
the position of the AD-curve depends on the productive capacity of the economy
13) The position of the long-run AS-curve is determined by
A
monetary policy
B
consumer confidence
C
the full-employment level of output
D
fiscal policy
14) Potential GDP is
A
equal to nominal GDP adjusted for inflation
B
none of the above
C
always greater than actual GDP
D
the level of GDP if unemployment is zero
15) Increases in the rate of inflation
A
generally do not occur in periods of high growth in money supply
B
generally are inversely related to the output gap
C
always coincide with a decrease in the unemployment rate
D
are more pronounced in periods of recession
16) What is the difference between GDP and GNP?
A
GNP does not account for depreciation (capital consumption allowances)
B
GNP does not include government transfer payments but GDP does
C
GNP includes payments to domestically owned factors of production abroad
D
GNP includes indirect taxes but GDP does not
17) Which of the following transactions has no direct effect on this year's GDP?
A
an unemployed worker gets his unemployment benefits
B
you sell your holdings of Microsoft stocks
C
none of the above directly affects GDP
D
you buy a two year old car from your neighbor
18) Assume a German tourist buys a Mexican beer in a pub in Houston. How will the U.S. GDP be affected?
A
U.S. GDP will be unaffected, since a foreigner buys a foreign product
B
U.S. GDP will increase by the value added at the Houston pub
C
U.S. GDP will increase, but only by the sales tax assessed on the beer
D
U.S. GDP will decrease since the beer has to be imported from Mexico
19) Real GDP per capita is defined as
A
nominal GDP per capita minus depreciation
B
real GDP minus capital consumption allowances
C
real GDP divided by the population
D
the fraction of real GDP devoted to capital investment
20) Depreciation is
A
the difference between real and nominal GDP
B
another word for capital consumption allowances
C
the difference between GNP and GDP
D
the difference between private domestic saving and private domestic investment
*select an answer for all questions
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