UMUC econ201 quiz 1 and 2 latest 2015QuestionQuestion 1.Macroeconomic topics do not usually include:a)the profit maximizing decisions of an individual manufacturer.b)economic growth.c)the rate of inflation.d)therate of unemployment.Question 2.When nations desire a healthy macroeconomy, they typically focus on three goals,one of these being:a)low inflationb)balanced budgetc)prudent monetary policyd)assuring competition between firmsQuestion 3.If macroeconomics looks at the economy as a whole, it focuses on which of thefollowing?a)the division of laborb)householdsc)business firmsd)unemployed peopleQuestion 4.In the ______________, households receive goods and services and pay firms forthem.a)goods and services marketb)labor marketc)financial capital marketd)savings marketQuestion 5.Which of the following is included in the calculated Gross Domestic Product?a)Farmer Freddie sells his second tractor to his son.b)Suzanne buys a love seat and chair for $85 at the yard sale on the corner.c)A local ice cream store sells $17,000 worth of cones and sundaes on July 1.d)Mr. Farklebuys a used lawn mower from his neighbor, Mr. Sparkle.Question 6._______________, which can be approximated by the growth of gross domesticproduct, ultimately determines the prevailing standard of living in a country.a)Inflationb)Trade balancec)Economic growthPreview Mode
This document has 9 pages. Sign in to access the full document!