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Economics EOCT Review #3 - Macroeconomics For High School
Test Description: This review is for the updated Georgia EOC Test based on the new GSE standards of 2017. This review will focus on Macroeconomics.
Instructions: Answer all questions to get your test result.
1) Which is NOT a goal of Macroeconomics?
A
stable prices
B
paying off the national debt
C
steady economic growth
D
full employment
2) The sum of Consumer Spending, Investment, Government Spending, and Net Exports is:
A
North American Free Trade Agreement
B
Consumer Price Index
C
Gross Domestic Product
D
National Deficit
3) Which of the following is used to compare the strength of economies:
A
GDP
B
COLA
C
UGA
D
CPI
4) What does the Consumer Price Index measure?
A
Unemployment
B
Contraction
C
the Stock Market
D
Inflation
5) Unanticipated inflation hurts people with:
A
COLA's
B
growth stocks and other investments
C
fixed incomes
D
many tax breaks
6) Which statement below is NOT correct about unemployment?
A
Seasonal unemployment occurs due to the weather's seasonal changes
B
Unemployment only counts people who are seeking employment - not couch potatoes
C
Structural unemployment occurs due to the delay between one job and your next job
D
Cyclical unemployment occurs due to the flow of the business cycle
7) Which of the following is NOT correct about the business cycle?
A
Recession occurs during a Contraction for a few months
B
Peaks occur after a Recovery
C
the GDP grows during and Expansion
D
Recovery occurs during a Trough for several months
8) What serves as a medium of exchange, standard of value, and store or value?
A
credit unions
B
taxes
C
money
D
stocks
9) The Federal Reserve System has all the following EXCEPT:
A
12 District Banks
B
Federal Open Market Committee
C
a Congressional Committee
D
Board of Governors
10) During a period of economic growth which of the following is likely occurring:
A
inflation is rising and employment is rising
B
the business cycle is contracting
C
taxes are high and employment is low
D
the Fed is carrying out tight money policies
11) Which tool of the Fed is used the least often because it has lots of influence on the economy?
A
change the Required Reserves
B
change the Discount Rate
C
buy or sell on the securities on the open market operations.
D
change the interest on the Required Reserves
12) To stimulate growth in the economy, the government's Fiscal Policy is oftentimes to:
A
print and distribute lots of additional cash
B
sell government bonds
C
lower taxes and/or increase government spending
D
follow tight money policies
13) The national debt increases whenever:
A
the government has budget deficits
B
Congress passes a law
C
taxes raises the government revenue above the budgeted expenditures
D
the government has budget surpluses
14) Which of the following attempt to keep prices stable and employment full:
A
credit unions and labor unions
B
CPI and real GDP
C
fiscal and monetary policy
D
transfer payments and the UFO
15) Which Monetary Tool buys or sells government bonds:
A
discount rate
B
federal open market committee
C
the amount of required reserves
D
interest on required reserves
*select an answer for all questions
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