Macroeconomics Quiz: Question Preview (ID: 28108)

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What is consumption?
a) spending by households on goods and services, with the exception of purchases of new housing
b) when you eat food
c) buying goods

What is investment?
a) spending on capital equipment, inventories, and structures, including household purchases of new housing
b) when you put all of your money into a stock
c) a sacrifice of money to get more in the future

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

What is a supply curve?
a) a graph of the relationship between the price of a good and the quantity supplied
b) when the supply is going up and down
c) when there is a need for supply then a sudden change to not need that supply anymore

What is a market?
a) a group of buyers and sellers of a particular good or service
b) a store full of food
c) the money in the economy

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

What is equilibrium?
a) a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
b) a state in which opposing forces or influences are balanced
c) when the stock market is balanced

what is Barcelona's government type?
a) laissez-fair
b) mayor-council
c) independent government

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

What are Barcelona's main exports?
a) Machinery
b) cotton
c) light bulbs

What is scarcity?
a) whatever must be given up to obtain some item
b) the limited nature of society's resources
c) when there is not enough money in the economy

Where does Barcelona gets their main imports from?
a) Asia/India
b) North America
c) South America

What are opportunity costs?
a) whatever must be given up to obtain some item
b) when an individual can have an opportunity to buy whatever they want
c) When theres an opportunity for a cost to be lowered

What is Market Failure?
a) a situation in which a market left on its own fails to allocate resources efficiently
b) when the market fails
c) when there is no money in our market and there is a recession at hand

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 has complete control over the economy
c) when the market controls the government

What is Market Economy?
a) an economy that allocates resources through the decentralized decisions of many firms and households as they interact in mark
b) how the market flourishes and downfalls in the economy
c) when the market is consistent and the economy is growing

what is Barcelona's rank among livable cities in the world?
a) 125th most livable
b) 14th most livable
c) 1000th most livable

What are Marginal Changes?
a) small incremental adjustments to a plan of action
b) small adjustments to changes in jobs
c) small ways to change society for the better

What was barcelona's GDP in 2014?
a) 170 million dollars
b) 10 million dollars
c) 1 billion dollars

What is efficiency?
a) the property of society getting the most it can from its scarce resources
b) the study of how well something works
c) its how a person excels in the economy

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