Contents
#1. Who is known for defining macroeconomics as the study of the economy as a whole, including factors like inflation, unemployment, and economic growth?
#2. Gross National Product (GNP) includes:
#3. Which of the following is an example of a transfer payment that is not included in GDP calculations?
#4. If the price of a good falls and the quantity consumed increases, what is happening to the consumer's marginal utility and marginal cost?
#5. A characteristic of monopolistic competition is:
#6. In economics, luxury cars, high-end fashion, and fine dining are often classified as:
#7. Which market structure typically results in the highest level of consumer choice and the lowest prices?
#8. Which of the following is a microeconomic concept?
#9. What is the profit-maximizing level of output for a firm in perfect competition?
#10. What is a supply curve?
#11. If the cross-price elasticity of demand for two goods is positive, it indicates that these goods are:
#12. What is disposable income?
#13. If the supply of a good is perfectly elastic, what does it mean?
#14. What is the formula for calculating GDP using the expenditure approach?
#15. What is Net Domestic Product (NDP)?
#16. The study of fiscal policy, monetary policy, and international trade policy is part of:
#17. National income accounting measures the value of:
#18. When a percentage change in price leads to more than percentage change in quantity demand is called _____:
#19. The income elasticity of demand measures:
#20. If the price elasticity of supply is less than 1, the supply is considered:
#21. Which of the following is NOT included in the calculation of GDP?
#22. Which of the following is a component of GNP?
#23. Who formulated the Law of Demand, which states that all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa?
#24. Which market structure is characterized by a single seller with significant control over price and product?
#25. In the expenditure approach to calculating GDP, which component represents spending by businesses on capital goods like machinery and equipment?
#26. Which of the following is a limitation of GDP as a measure of economic well-being?
#27. If a good is considered a superior good, what happens to its demand when consumer incomes increase?
#28. Which of the following topics is typically studied in microeconomics?
#29. If firms in a perfectly competitive market are earning economic profits in the long run, what will happen to the price in the industry?
#30. What does the price elasticity of supply measure?
#31. In the calculation of GDP using the expenditure approach, what does "X - M" represent?
#32. Real GDP is:
#33. Who developed the concept of "perfect competition"?
#34. Which of the following is NOT a characteristic of perfect competition?
#35. Which of the following is a key feature of the income approach to measuring GDP?
#36. Which of the following represents the total income earned by all factors of production in an economy?
#37. If the price elasticity of supply is greater than 1, the supply is considered:
#38. If a consumer continues to consume a good even when the marginal utility is zero, what can be inferred?
#39. What is elasticity of demand?
#40. What does GNP stand for?
#41. The study of consumer choices, utility maximization, and individual demand falls under the domain of:
#42. If the price elasticity of supply is equal to 1, the supply is considered:
#43. In perfect competition, what type of information is available to both buyers and sellers?
#44. The law of supply states that, all else being equal:
#45. Macroeconomics focuses on studying:
#46. Which type of relationship exists between the prices of complementary goods and their demand?
#47. What does microeconomics study?
#48. In the long run, a perfectly competitive firm will earn:
#49. If a country's GDP grows by 3% from one year to the next, which of the following statements is true?
#50. What is the primary goal of calculating GNP?
Results
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