Macroeconomics: Economic Measurements Unit Test

The circular flow model examines interactions between which two groups? households and firms households and consumers firms and producers firms and government

households and firms

Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Check all that apply. cyclically unemployed domestically unemployed frictionally unemployed structurally unemployed still employed unemployed

structurally unemployed unemployed

The aim of the study of macroeconomics is to examine the interactions between individual producers and consumers. the behavior of factors affecting the economy. the relationship between supply and demand. the economy's viability.

the behavior of factors affecting the economy.

In macroeconomics, the economy can best be understood through the use of money. models. pricing. debates.

models.

Which best describes what injector factors bring to an economic system? factors of production imports consumers money

money

This graph shows changes in GDP and the unemployment rate in the United States in recent years. In what year would someone looking for work have had the hardest time finding a job? 2008 2009 2011 2012

2009

Which unemployment rate do most economists consider to be acceptable in the United States? 0 percent 5 percent 10 percent 20 percent

5 percent

Which statement best describes why a government's actions are important in macroeconomics? Check all that apply. Government controls industry through policy. Government is both a consumer and a producer. Government can prevent changes and challenges. Government can use policy to influence the economy. Government can accurately predict economic trends.

Government controls industry through policy. Government is both a consumer and a producer. Government can use policy to influence the economy.

These circle graphs show information about Bolivia's workforce. Which statement best summarizes the information on these graphs? Many Bolivians are farmers, but the agriculture sector does not produce much in terms of GDP. Industry in Bolivia has grown very important to that country's economy in recent years. Bolivia is investing large sums of money in education in an effort to encourage economic growth. Bolivia must depend on agriculture if it intends to have a healthy economic future.

Many Bolivians are farmers, but the agriculture sector does not produce much in terms of GDP.

Which best describes the purpose served by economic models within an economic system? Models identify patterns. Models determine the business cycle. Models control change. Models define global demand.

Models identify patterns.

In microeconomics, what occurs when equilibrium is reached? Prices decline. Prices increase. Prices are set. Prices fluctuate.

Prices are set.

In microeconomics, price helps determine both quantity supplied and quantity demanded. Which other factors can impact each by causing a shift to occur? Quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product. Quantity supplied is determined by production costs, and quantity demanded is determined by producer behavior. Quantity supplied is determined by consumer behavior, and quantity demanded is determined by aggregate demand. Quantity supplied is determined by producer behavior, and quantity demanded is determined by desire for the product.

Quantity supplied is determined by production costs, quantity demanded is determined by desire for the product.

A long-run equilibrium occurs when long-run aggregate supply and aggregate demand meet. What does having long-run equilibrium indicate about a society? The society's supply and demand have stagnated. The society is using all of its resources efficiently. The society's needs are being fully met. The society is not using all of its resources effectively.

The society is using all of its resources efficiently.

Which best describes why taxes and savings are considered leakage factors? They take money out of households. They take money out of the economic system. They take money out of the economic sectors. They take money out of the financial sector.

They take money out of the economic system.

The graph shows data for the years 2010 through 2012. Which might be a better title for this graph? Total Exports for the United States and China Trade Between China and the United States Unemployment in the United States and China The History of International Trade

Total Exports for the United States and China

When economists determine that a nation's GDP has declined, they can point to this as a sign of economic shrinkage. economic growth. low unemployment. poor leadership.

economic shrinkage.

Which body or group is most able to use money to influence the economy? government suppliers firms producers

government

Which describes a factor that limits economic growth? making investments developing technology engaging in trade having low internal demand

having low internal demand

Which best describes what occurs in the product market? the exchange of labor for capital the exchange of goods and services for factors of production the exchange of goods and services for money the exchange of money for factors of production

the exchange of goods and services for money

The aggregate is a type of economic system. the total number of goods demanded or supplied. a form of revenue. the total profit made on sales.

the total number of goods demanded or supplied.