MACRO ECON [ACTUAL EXAM ] LATEST VERSION
[QUESTIONS AND ANSWERS] DETAILED AND VERIFIED FOR
GUARANTEED PASS- LATEST UPDATE 2025 GRADED A
(BRAND NEW!!)
3. Because of their relatively small national economies, which of the following is most
likely considered to be the most important factor for Belgium, Korea, and Canada to
take full advantage of specialization?
A. division of labour
B. international trade
C. economies of scale
D. command economy - CORRECT ANSWER ✔✔✔✔✔ b
4. In a _______________________, most economic decisions about what to produce,
how to produce it, and for whom to produce it are made by buyers and sellers
A. market-oriented economy
B. macroeconomy
C. microeconomy
D. command economy - CORRECT ANSWER ✔✔✔✔✔ A
5. Which of the following is generally accepted as a valid criticism of the production of
useful goods and services
A. government involvement
B. the black market
C. environmental pollution--
D. economic freedom - CORRECT ANSWER ✔✔✔✔✔ c
7. If macroeconomics looks at the economy as a whole, it focuses on which of the
following?
A. households
B. business firms
C. unemployed people
D. the division of labor - CORRECT ANSWER ✔✔✔✔✔ c
8. In the ______________, households receive goods and services and pay firms for
them
A. labor market
B. financial capital market
C. goods and services market--
D. savings market - CORRECT ANSWER ✔✔✔✔✔ c
, 9. When nations desire a healthy macroeconomy, they typically focus on three goals,
one of these being:
A. labor market
B. financial capital market
C. goods and services market
D. savings market - CORRECT ANSWER ✔✔✔✔✔ c
10. The basic difference between macroeconomics and microeconomics is
A. microeconomics concentrates on individual markets while macroeconomics focuses
primarily on international trade.
B. microeconomics concentrates on the behaviour of individual consumers while
macroeconomics focuses on the behaviour of firms.
C. microeconomics concentrates on the behaviour of individual consumers and firms
while macroeconomics focuses on the performance of the entire economy.----
D. microeconomics explores the causes of inflation while macroeconomics focuses on
the causes of unemployment - CORRECT ANSWER ✔✔✔✔✔ c
11. Which of the following is most likely a topic of discussion in macroeconomics
A. an increase in the price of a hamburger
B. a decrease in the production of DVD players by a consumer electronics company
C. an increase in the wage rate paid to automobile workers
D. a decrease in the unemployment rate - CORRECT ANSWER ✔✔✔✔✔ D
Specialization
A. leads to greater self-sufficiency.
B. can lead to an increase in overall production.---
C. allows workers to develop skills by working on a large number of tasks
D. is always the result of an inefficient use of resources - CORRECT ANSWER
✔✔✔✔✔ b
13. In a market-oriented economy, the amount of a good that is produced is primarily
decided by the interaction o
fA. all consumers.
B. buyers and sellers.
C. producers and input suppliers.
D. producers and government planning committees - CORRECT ANSWER ✔✔✔✔✔
b
14. Which of the following statements most likely lies within the realm of
macroeconomics
A. An increase in the price of automobiles will lead to a decrease in the quantity of
automobiles demanded.
B. Due to process innovations in computer chip manufacturing, the market supply of
computers increased.
C. Due to an economic recession, manufacturing firms began implementing layoffs of
their workforces.---
[QUESTIONS AND ANSWERS] DETAILED AND VERIFIED FOR
GUARANTEED PASS- LATEST UPDATE 2025 GRADED A
(BRAND NEW!!)
3. Because of their relatively small national economies, which of the following is most
likely considered to be the most important factor for Belgium, Korea, and Canada to
take full advantage of specialization?
A. division of labour
B. international trade
C. economies of scale
D. command economy - CORRECT ANSWER ✔✔✔✔✔ b
4. In a _______________________, most economic decisions about what to produce,
how to produce it, and for whom to produce it are made by buyers and sellers
A. market-oriented economy
B. macroeconomy
C. microeconomy
D. command economy - CORRECT ANSWER ✔✔✔✔✔ A
5. Which of the following is generally accepted as a valid criticism of the production of
useful goods and services
A. government involvement
B. the black market
C. environmental pollution--
D. economic freedom - CORRECT ANSWER ✔✔✔✔✔ c
7. If macroeconomics looks at the economy as a whole, it focuses on which of the
following?
A. households
B. business firms
C. unemployed people
D. the division of labor - CORRECT ANSWER ✔✔✔✔✔ c
8. In the ______________, households receive goods and services and pay firms for
them
A. labor market
B. financial capital market
C. goods and services market--
D. savings market - CORRECT ANSWER ✔✔✔✔✔ c
, 9. When nations desire a healthy macroeconomy, they typically focus on three goals,
one of these being:
A. labor market
B. financial capital market
C. goods and services market
D. savings market - CORRECT ANSWER ✔✔✔✔✔ c
10. The basic difference between macroeconomics and microeconomics is
A. microeconomics concentrates on individual markets while macroeconomics focuses
primarily on international trade.
B. microeconomics concentrates on the behaviour of individual consumers while
macroeconomics focuses on the behaviour of firms.
C. microeconomics concentrates on the behaviour of individual consumers and firms
while macroeconomics focuses on the performance of the entire economy.----
D. microeconomics explores the causes of inflation while macroeconomics focuses on
the causes of unemployment - CORRECT ANSWER ✔✔✔✔✔ c
11. Which of the following is most likely a topic of discussion in macroeconomics
A. an increase in the price of a hamburger
B. a decrease in the production of DVD players by a consumer electronics company
C. an increase in the wage rate paid to automobile workers
D. a decrease in the unemployment rate - CORRECT ANSWER ✔✔✔✔✔ D
Specialization
A. leads to greater self-sufficiency.
B. can lead to an increase in overall production.---
C. allows workers to develop skills by working on a large number of tasks
D. is always the result of an inefficient use of resources - CORRECT ANSWER
✔✔✔✔✔ b
13. In a market-oriented economy, the amount of a good that is produced is primarily
decided by the interaction o
fA. all consumers.
B. buyers and sellers.
C. producers and input suppliers.
D. producers and government planning committees - CORRECT ANSWER ✔✔✔✔✔
b
14. Which of the following statements most likely lies within the realm of
macroeconomics
A. An increase in the price of automobiles will lead to a decrease in the quantity of
automobiles demanded.
B. Due to process innovations in computer chip manufacturing, the market supply of
computers increased.
C. Due to an economic recession, manufacturing firms began implementing layoffs of
their workforces.---
