Introduction to Macroeconomics Quiz

What is one of the main differences between microeconomics and macroeconomics?

• Microeconomics focuses on individual markets, while macroeconomics looks at the economy as a whole.

• Microeconomics studies government policies, while macroeconomics studies consumer behavior.

• Microeconomics is only concerned with international trade, while macroeconomics is not.

• Microeconomics deals with weather patterns, while macroeconomics deals with climate change.

Which of the following is a key objective that governments aim to achieve in macroeconomics?

• Achieving economic growth and stability

• Increasing the number of small businesses only

• Reducing the number of banks

• Promoting only international trade

How do macroeconomic decisions impact the economy?

• They affect households, firms, and the wider economy.

• They only affect government employees.

• They only impact the stock market.

• They have no effect on businesses or individuals.

Which scenario is an example of microeconomics?

• A family budgeting for groceries

• A government managing inflation

• A country setting interest rates

• The global oil market changing prices

Which scenario is an example of macroeconomics?

• A family budgeting for groceries

• A government managing inflation

• A student saving for college

• A company deciding on product prices

What does "Micro" refer to in economics?

• The whole economy

• Individual households/firms

• Government policies

• International trade

Which of the following is a macroeconomic objective?

• Increasing individual savings

• Economic growth

• Setting product prices

• Improving customer service

What is meant by "Macro" in economics?

• The study of individual markets

• The whole economy

• The behavior of a single firm

• The analysis of consumer choices

Which of the following is NOT listed as a macroeconomic objective?

• Low unemployment

• Low and stable inflation

• Product innovation

• Balance of payments stability

Which macroeconomic objective focuses on fairness and the environment?

• Economic growth

• Redistribution of income/environmental sustainability

• Low unemployment

• Balance of payments stability