UMUC ECON201 Quiz 1 and 2 (Perfect Answer)$ 33.00

Question

Question 1 1 / 1 point

Macroeconomic topics do not usually include:

a) the profit maximizing decisions of an individual manufacturer.

b) economic growth.

c) the rate of inflation.

d) the rate of unemployment.

Question 2 1 / 1 point

When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:

a) low inflation

b) balanced budget

c) prudent monetary policy

d) assuring competition between firms

Question 3 1 / 1 point

If macroeconomics looks at the economy as a whole, it focuses on which of the following?

a) the division of labor

b) households

c) business firms

d) unemployed people

Question 4 0 / 1 point

In the ______________, households receive goods and services and pay firms for them.

a) goods and services market

b) labor market

c) financial capital market

d) savings market

Question 5 1 / 1 point

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. Farkle buys a used lawn mower from his neighbor, Mr. Sparkle.

Question 6 1 / 1 point

_______________, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country.

a) Inflation

b) Trade balance

c) Economic growth

d) Education

Question 7 1 / 1 point

GDP does not directly include:

a) the value of final goods and services produced, but not sold, during a period.

b) the value of services rendered during a period.

c) the value of intermediate goods sold during a period.

d) the value of goods produced domestic