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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
steady economic growth
B
stable prices
C
paying off the national debt
D
full employment
2) The sum of Consumer Spending, Investment, Government Spending, and Net Exports is:
A
Consumer Price Index
B
North American Free Trade Agreement
C
National Deficit
D
Gross Domestic Product
3) Which of the following is used to compare the strength of economies:
A
UGA
B
COLA
C
GDP
D
CPI
4) What does the Consumer Price Index measure?
A
the Stock Market
B
Inflation
C
Unemployment
D
Contraction
5) Unanticipated inflation hurts people with:
A
fixed incomes
B
COLA's
C
growth stocks and other investments
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
Structural unemployment occurs due to the delay between one job and your next job
C
Cyclical unemployment occurs due to the flow of the business cycle
D
Unemployment only counts people who are seeking employment - not couch potatoes
7) Which of the following is NOT correct about the business cycle?
A
the GDP grows during and Expansion
B
Recession occurs during a Contraction for a few months
C
Recovery occurs during a Trough for several months
D
Peaks occur after a Recovery
8) What serves as a medium of exchange, standard of value, and store or value?
A
money
B
stocks
C
credit unions
D
taxes
9) The Federal Reserve System has all the following EXCEPT:
A
a Congressional Committee
B
Federal Open Market Committee
C
12 District Banks
D
Board of Governors
10) During a period of economic growth which of the following is likely occurring:
A
the business cycle is contracting
B
inflation is rising and employment is rising
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 Discount Rate
B
change the interest on the Required Reserves
C
buy or sell on the securities on the open market operations.
D
change 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
lower taxes and/or increase government spending
C
sell government bonds
D
follow tight money policies
13) The national debt increases whenever:
A
Congress passes a law
B
the government has budget surpluses
C
taxes raises the government revenue above the budgeted expenditures
D
the government has budget deficits
14) Which of the following attempt to keep prices stable and employment full:
A
fiscal and monetary policy
B
transfer payments and the UFO
C
CPI and real GDP
D
credit unions and labor unions
15) Which Monetary Tool buys or sells government bonds:
A
discount rate
B
interest on required reserves
C
the amount of required reserves
D
federal open market committee
*select an answer for all questions
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