Final Macroeconomics quiz

Trade between two countries can be useful if cost ratios of goods are:

• Undetermined

• Decreasing

• Equal

• Different

A tariff is:

• A tax on domestic goods and services

• A limit on the number of foreign goods leaving a county

• A tax on foreign goods and services

• A limit on the number of foreign goods entering a country

The socially optimal rate of growth is:

• Where the marginal social benefit = the marginal social cost

• Total social costs are minimized

• Negative

• Zero

If the quantity of a good produced is not the same as the socially optimal quantity, there will be

• deadweight loss

• fines imposed by the government

• no equilibrium

• both a positive and negative externality

Unions can lead to different wages in a business because:

Which of the following is another term for the Net National Product at factor cost?

• Personal Income

• Gross National Product

• Net Domestic Product

• National Income

Which of the following term is opposite to Inflation?

• Deflation

• Desolation

• Hyperinflation

• Stagflation

Which one of the following services are included in the Secondary Sector?

Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.

• Entrepreneurs

• Resources

• Services

• Human Resources

A budget in which the receipts of the government exceed its expenditure is called-

• Surplus budget;

• Balanced budget;

• None of the above.

• Deficit budget;