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Multiple Choice Quiz
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1
Which of the following is a key question of macroeconomics?
A)Why do output and employment sometimes fall, and how can unemployment be reduced?
B)What are the sources of price inflation, and how can it be kept under control?
C)How can a nation increase its rate of economic growth?
D)All of the above.
2
The measure of the market value of all final goods and services produced in a country during a year is called:
A)total product.
B)gross domestic product.
C)total domestic product.
D)none of the above.
3
Which of the following is GDP measured in actual market prices?
A)Actual GDP
B)Potential GDP
C)Nominal GDP
D)Real GDP
4
Which of the following is GDP calculated in constant or invariant prices?
A)Actual GDP
B)Potential GDP
C)Nominal GDP
D)Real GDP
5
Which of the following represents the maximum amount the economy can produce while maintaining price stability?
A)Actual GDP
B)Potential GDP
C)Nominal GDP
D)Real GDP
6
The unemployment rate is:
A)the total number of people unemployed in the economy.
B)the percentage of the population that is unemployed.
C)the percentage of the labor force that is unemployed.
D)none of the above.
7
The labor force is:
A)equal to the size of the population.
B)equal to the size of the adult population.
C)all individuals employed or unemployed and seeking a job.
D)none of the above.
8
_______ occurs when prices decline.
A)Inflation
B)Hyperinflation
C)Deflation
D)Economic growth
9
A rise in the price level of more than a thousand percent per year is called:
A)price growth.
B)hyperinflation
C)deflation
D)a recession.
10
Which of the follow is not a goal of macroeconomic policy?
A)A stable or gently rising price level.
B)A high and growing level of national output.
C)Inflation over 1000% per year.
D)High employment with low unemployment.





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