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    Muhammad Yasir Iqbal
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    This document contains a 10 question quiz on principles of macroeconomics. The questions cover topics such as the components of GDP, the difference between real and nominal GDP, the GDP deflator, inflation rate, and the Consumer Price Index. The quiz is identifying the key definitions and concepts in macroeconomics.

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    This document contains a 10 question quiz on principles of macroeconomics. The questions cover topics such as the components of GDP, the difference between real and nominal GDP, the GDP deflator, inflation rate, and the Consumer Price Index. The quiz is identifying the key definitions and concepts in macroeconomics.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    22 views2 pages

    Macro 1st Quiz

    Uploaded by

    Muhammad Yasir Iqbal
    This document contains a 10 question quiz on principles of macroeconomics. The questions cover topics such as the components of GDP, the difference between real and nominal GDP, the GDP deflator, inflation rate, and the Consumer Price Index. The quiz is identifying the key definitions and concepts in macroeconomics.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    Principles of Macroeconomics Quiz No.

    1
    Name:
    Roll No.
    Select the most appropriate answer. Mark your answers in the space provided below.
    Max Marks: 10
    Question No. Answers
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10

    1. For the economy as a whole
    A. expenditure exceeds income because of taxes.
    B. income must equal expenditure.
    C. income exceeds expenditure because of saving.
    D. expenditure exceeds income because of the government budget deficit.

    2. Gross Domestic Product is defined as the market value of
    A. all final goods and services produced by a countrys citizens in a given period of time.
    B. every good and service produced within a country in a given period of time.
    C. all final goods and services produced within a country in a given period of time.
    D. all goods and services produced by a countrys citizens in a given period of time.

    3. Goods and services produced and sold illegally are
    A. excluded from GDP.
    B. included in GDP.
    C. included in GDP only if income from the sales is reported on income tax returns.
    D. included in GDP to the extent that they can be measured.

    4. The value of intermediate goods that are sold is
    A. not added to GDP.
    B. added to GDP if they were produced in a previous year.
    C. added to GDP if they were produced and sold in the current year.
    D. added to GDP unless they are sold at a loss.

    5. The four components of GDP are consumption,
    A. money supply, government purchases, and exports.
    B. investment, transfer payments, and imports.
    C. investment, government purchases, and net exports.
    D. investment, government purchases, and foreign exchange.

    6. If exports are smaller than imports, net exports
    A. are positive.
    B. are negative.
    C. will increase GDP.
    D. are larger than imports.

    7. The best measure of a countrys production of goods and services is
    A. real GDP.
    B. real NNP.
    C. nominal GDP.
    D. nominal GNP.

    8. The GDP deflator is the ratio of
    A. nominal GDP to real GDP.
    B. real GDP to nominal GDP.
    C. nominal GDP to real GDP multiplied by 100.
    D. real GDP to nominal GDP multiplied by 100.

    9. The inflation rate is defined as the
    A. cost of inflation.
    B. cost of borrowing.
    C. percentage change in real GDP from the previous period.
    D. percentage change in the price level from the previous period.

    10. The CPI is a measure of the overall cost of
    A. producer inputs.
    B. personal imports.
    C. goods and services bought by a typical consumer.
    D. goods and services produced in the economy.

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