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Macroeconomics (Grade 7)

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What are the three main areas of macroeconomics?

Output is all of what a country produces in a period of time.
  1. True
  2. False
The value in money in the output of goods and services of a country is called what?
  1. gross domestic product
  2. purchasing power parity
  3. gross national income
  4. gross national product
A drop in output is called a recession.
  1. True
  2. False
Which of the following is not true about the unemployment rate?
  1. It does not count the retired.
  2. It does not include students.
  3. It does not include the disabled.
  4. It does not include people actively seeking work.
A rise in output usually causes a drop in unemployment.
  1. True
  2. False
Price increases over time is called what?

What is deflation?

Price indices are used to measure the amount of money in the economy at a given point in time.
  1. True
  2. False
The aggregate demand–aggregate supply model is based on the work of which economist?
  1. Adam Smith
  2. John Maynard Keynes
  3. Alfred Marshel
  4. John Stewart Mill
According to the aggregate demand–aggregate supply model, lower prices should lead to higher demand.
  1. True
  2. False
The investment–saving/liquidity preference–money supply model can be used to show the amount of demand for goods at different price levels.
  1. True
  2. False
A central bank can use quantitative easing to take money out of the market if needed.
  1. True
  2. False
A government using tools such as taxes and debt to help control the economy is called                    policy.

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