#1
Which of the following is a measure of economic growth?
GDP
Unemployment rate
Inflation rate
Consumer spending
#2
What does CPI stand for in economics?
Consumer Price Index
Cost-Price Inflation
Current Price Indicator
Customer Purchase Index
#3
What is the term used to describe the total value of goods and services produced within a country's borders in a specific period?
Gross Domestic Product (GDP)
Net Exports (NX)
Aggregate Demand (AD)
Consumer Price Index (CPI)
#4
Which of the following is NOT a component of aggregate demand (AD) in macroeconomics?
Consumption
Investment
Government Spending
Labor Force Participation
#5
What is the term used to describe a situation where the general level of prices is increasing, leading to a decrease in the purchasing power of money?
Inflation
Deflation
Stagflation
Hyperinflation
#6
What does the Phillips Curve depict in macroeconomics?
The relationship between inflation and unemployment
The relationship between interest rates and inflation
The relationship between GDP and inflation
The relationship between exports and imports
#7
What is the 'Laffer Curve' in economics often used to illustrate?
The relationship between tax rates and government revenue
The relationship between interest rates and investment
The relationship between inflation and unemployment
The relationship between fiscal and monetary policy
#8
What is the economic term for a period of declining economic activity, typically defined by a decrease in GDP for two consecutive quarters?
Recession
Inflation
Boom
Depression
#9
In macroeconomics, what does the term 'crowding out' refer to?
The displacement of private investment due to government borrowing
The increase in consumer spending due to government stimulus
The decrease in inflation due to government intervention
The expansion of the money supply by the central bank
#10
What does the term 'liquidity trap' refer to in macroeconomics?
A situation where monetary policy becomes ineffective due to very low interest rates
A situation where the government defaults on its debt obligations
A situation where inflation rises sharply despite efforts to control it
A situation where exchange rates fluctuate rapidly
#11
What is the primary function of central banks in managing the economy?
Controlling inflation and stabilizing prices
Stimulating economic growth through fiscal policy
Regulating international trade agreements
Promoting social welfare through redistributive policies
#12
What is the economic term for the total amount of money in circulation, including cash, coins, and balances held in checking and savings accounts?
Money Supply
Fiscal Policy
Monetary Policy
Quantitative Easing
#13
What is the economic term for a sustained increase in the average level of prices in an economy?
Inflation
Deflation
Hyperinflation
Stagflation
#14
In economics, what does the term 'ceteris paribus' mean?
All other factors held constant
A decrease in price
An increase in demand
A change in quantity supplied
#15
What is the term used to describe the situation where the value of a country's currency decreases relative to other currencies?
Appreciation
Depreciation
Pegging
Devaluation