$$ \text{Unemployment Rate} = \frac{\text{Number of Unemployed}}{\text{Labor Force}} \times 100 $$

Question 1

Which of the following best describes opportunity cost?

Accepted Answer

The value of the next best alternative forgone when a choice is made.

Question 2

Which of the following is a macroeconomic topic?

Accepted Answer

The unemployment rate in the entire country.

Question 3

What is the main tool of fiscal policy?

Accepted Answer

Taxation and government spending.

Question 4

If technology improves in the production of computers, what happens to the supply curve for computers?

Accepted Answer

The supply curve shifts to the right.

Question 5

Which of the following best defines scarcity in economics?

Accepted Answer

Unlimited wants and limited resources.

Question 6

Suppose actual GDP is less than potential GDP. Which of the following best describes this situation?

Accepted Answer

A recessionary gap.

Question 7

If the Federal Reserve wants to slow inflation, which of the following actions should it take?

Accepted Answer

Raise interest rates.

Question 8

Which equation correctly calculates the unemployment rate?

Accepted Answer

$$ 	ext{Unemployment Rate} = \frac{	ext{Number of Unemployed}}{	ext{Labor Force}} 	imes 100 $$

Question 9

Which metric is commonly used to measure productivity in the economy?

Accepted Answer

GDP per worker

Question 10

What is a likely adverse result of a price ceiling set below equilibrium price?

Accepted Answer

A shortage of goods.

Question 11

The natural rate of unemployment includes which of the following?

Accepted Answer

Frictional and structural unemployment.

Question 12

What happens to aggregate demand when consumer prices increase, according to the wealth effect?

Accepted Answer

Aggregate demand decreases.

Question 13

Which of the following is NOT one of the four factors of production?

Accepted Answer

Money

Question 14

In economics, what signal is used to allocate scarce resources?

Accepted Answer

Prices

Question 15

If you receive a raise in your pay, what is the likely effect on your net income?

Accepted Answer

Net income increases, but taxes/withholdings may affect the amount.

Question 16

Which of the following best defines Gross Domestic Product (GDP)?

Accepted Answer

The total market value of all final goods and services produced within a country in a given year.

Question 17

If the Federal Reserve wants to increase investment, which of the following actions should it take?

Accepted Answer

Lower interest rates.

Question 18

A shortage occurs in a market when:

Accepted Answer

Quantity demanded exceeds quantity supplied at a given price.

Question 19

Which of the following best describes an inflationary gap?

Accepted Answer

Actual GDP exceeds potential GDP.

Question 20

Which of the following would shift the demand curve for wine to the right?

Accepted Answer

An increase in consumer income (assuming wine is a normal good).

Macroeconomics Final Exam Study Guide: Key Concepts and Applications

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