Micro & Macro Economics Quiz

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Tests core econ ideas

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Jenny

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Micro & Macro Economics Quiz


Micro & Macro Economics QuizVersión en línea Tests core econ ideas por Jenny 1 What is the study of individual markets and decision-makers called in economics? a Econometrics b Behavioral economics c Macroeconomics d Microeconomics 2 Which measure reflects overall price levels and inflation in an economy? a Price level/ inflation rate b Interest rate c Unemployment rate d GDP growth rate 3 What does GDP stand for in macroeconomics? a Gross Development Product b Gross Domestic Profit c Gross Domestic Product d General Domestic Product 4 Which curve typically slopes downward as price falls and quantity demanded rises? a Marginal cost curve b Production possibility frontier c Demand curve d Supply curve 5 What is fiscal policy primarily concerned with? a Government spending and taxation b Trade negotiations c Wage regulation d Central bank money supply 6 Which concept explains the total value of all final goods and services an economy can produce at full employment? a Potential output (potential GDP) b Actual output c Real GDP d Nominal GDP 7 Which market structure has a single seller and significant barriers? a Monopoly b Oligopoly c Perfect competition d Monopolistic competition 8 What is the term for a sustained rise in the general price level? a Hyperdeflation b Inflation c Stagflation d Deflation 9 Which macro variable measures unemployment relative to the labor force? a Labor force unemployment rate b Labor productivity c Participation rate d Hour worked per week 10 In microeconomics, which principle explains that buyers and sellers reach equilibrium at a certain price? a Opportunity cost b Pareto efficiency c Market equilibrium d Comparative advantage Feedback 1 Microeconomics focuses on individuals, firms, and markets, not the whole economy. 2 Price level/inflation shows changes in the average price of goods over time. 3 GDP sums the market value of all final goods/services produced domestically. 4 The law of demand states higher price lowers quantity demanded, giving a downward slope. 5 Fiscal policy uses spending and taxes to influence aggregate demand. 6 Potential output represents sustainable long-run productive capacity. 7 A monopoly has one firm controlling the market with high barriers to entry. 8 Inflation is the rate at which price levels rise; deflation is the opposite. 9 Unemployment rate = unemployed / labor force, a key macro indicator. 10 Market equilibrium occurs when quantity supplied equals quantity demanded.

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Micro & Macro Economics Quiz

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Micro & Macro Economics QuizVersión en línea

por Jenny

What is the study of individual markets and decision-makers called in economics?

Which measure reflects overall price levels and inflation in an economy?

What does GDP stand for in macroeconomics?

Which curve typically slopes downward as price falls and quantity demanded rises?

What is fiscal policy primarily concerned with?

Which concept explains the total value of all final goods and services an economy can produce at full employment?

Which market structure has a single seller and significant barriers?

What is the term for a sustained rise in the general price level?

Which macro variable measures unemployment relative to the labor force?

In microeconomics, which principle explains that buyers and sellers reach equilibrium at a certain price?

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