Macroeconomics Quiz

James, William, and Mason are discussing about different types of economics. James is curious to know, what is the study of large-scale economies called?

• Microeconomics

• Macroeconomics

• Command economy

• Market economy

Imagine Benjamin, Oliver, and Aiden are playing a game of 'World Leaders'. In this game, they are leaders of different countries. If Oliver's country operates under an economic system where major economic decisions are made by the central government, what kind of economy is he running?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

In a local farmer's market, the pricing of the fruits sold by Zoe, Hannah, and Maya are guided by:

• The decisions of Zoe, Hannah, and Maya and their customers

• The central government

• Custom or habit

• Supply and demand

What is the total monetary or market value of all finished goods and services produced within a country's borders called?

• Gross Domestic Product (GDP)

• Consumer Price Index (CPI)

• Equilibrium price

• Trade-off

the study of the behaviors and decisions made by individuals, households, and firms; economic decisions of individuals and firms/ producers and consumers

• Microeconomics

• Macroeconomics

• Command Economies

• Gross Domestic Product

economic system that has characteristics of both a market and command economy

• Market

• Command

• Traditional

• Mixed

one of the various statistical measures that show the relative stability of an economic system

• GDP

• Income Taxes

• Indicators

• Supply

the act of giving up one thing of value to gain another thing of value when both cannot be had at the same time

• Opportunity Cost

• Trade Off

• Unemployment

• Goal

the forgone benefit that would have been derived from an option not chosen

• Opportunity Cost

• Trade Off

• Supply

• unemployment

the price at which supply and demand are balanced

• Supply Price

• Demand Price

• Equilibrium Price

• Sale Price