[ Best 25+ ] Macro Economics Concepts MCQ

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Macro Economics Concepts MCQ

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Macro Economics Concepts MCQ

Macro Economics Concepts MCQ

11. The credit of development of macroeconomic approach must go to ________.

A. Dr. Marshall

B. Prof. Pigou

C. Lord Keynes

D. Mrs. Joan Robinson)

12. Macroeconomics does not study _________.

A. whole economy

B. national income

C. aggregate supply

D. product pricing)

13. _________ is the subject matter of Macroeconomics.

A. Growth theory

B. Factory Pricing

C. Market Structure

D. Individual Incomes

14. Micro and Macro approaches are ________.

A. Competitive

B. Alternative

C. Substitutes

D. Complementary

15. For economists, statements about the world are of two types:

A. Assumptions and theories

B. Positive statements and negative statements

C. Positive statements and normative statements

D. Specific statements and general statements

16. The opportunity cost of going to university is:

A. The total spent on food, clothing, books, transportation, tuition, lodging and other expenses

B. Zero for students who are fortunate enough to have all of their university expenses paid by someone else

C. Zero, since a university education will allow a student to earn a higher income after graduation

D. The value of the best opportunity a student gives up to attend university

17. In a market economy:

A. Households decide which firms to work for and what to buy with their incomes

B. Profit and self-interest guide the decisions of firms and households

C. Firms decide whom to hire and what to produc

18. Statistics such as GDP, the unemployment rate, the rate of inflation and the trade balance are:

A. Macro, since they tell us something about the entire economy

B. Neither macro nor micro, but properly in the realm of political science

C. Both micro and macro

D. Micro, since they affect individual households and firms

19. What do you mean by a mixed economy?

A. Modern and traditional industries

B. Public and private sectors

C. Foreign and domestic investments

D. Commercial and subsistence farming

20. “Capitalism” refers to?

A. The use of market

B. Government ownership of capital

C. Private ownership of capital goods

D. Private ownership of homes & cars

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