Multiple Choice Questions

If macroeconomics looks at the economy as a whole, it focuses on which of the following?
  • the macroeconomy
  • good and services market
  • unemployed people
  • government spending
Which of the following best describes a fiscal policy tool?
  • government spending
  • Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
  • government
  • a decrease in the unemployment rate
The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending.
  • government spending
  • low inflation
  • government
  • labor market
In which of the following countries will the national government have the greatest influence with respect to the nation's economy?
  • Cuba
  • economy
  • a decrease in the unemployment rate
  • Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected __________ doesn't change.
  • economy
  • Cuba
  • the macroeconomy
  • circular flow diagram
Which of the following is most likely a topic of discussion in macroeconomics?
  • government spending
  • Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
  • a decrease in the unemployment rate
  • Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:
  • the macroeconomy
  • low inflation
  • government spending
  • government
Which of the following best characterizes the circular flow of income?
  • a decrease in the unemployment rate
  • Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
  • government spending
  • Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
In a discussion of economics, which of the following would exert the most influence on an individual firm's decision to hire workers?
  • the macroeconomy
  • unemployed people
  • low inflation
  • market-oriented economy
In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.
  • the macroeconomy
  • labor market
  • good and services market
  • division of labor
Macroeconomics primarily examines:
  • flow of goods, services, and payments between households and firms.
  • both (a) and (b) are correct(a) households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses.(b) businesses receive revenues from households in exchange for providing goods and services and use those revenues to buy inputs from households.
  • broad issues such as national output, employment and inflation.
  • Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
Which of the following statements most likely lies within the realm of macroeconomics?
  • government spending
  • Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
  • Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
  • a decrease in the unemployment rate
Specialization:
  • flow of goods, services, and payments between households and firms.
  • a decrease in the unemployment rate
  • broad issues such as national output, employment and inflation.
  • can lead to an increase in overall production.
The circular flow diagram of economic activity is a model of the:
  • microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
  • Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
  • flow of goods, services, and payments between households and firms.
  • Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
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Multiple Choice Questions
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