ECO 202 ECO202 Quiz 3 Answers / Principles of Macroeconomics
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ECO 202 Principles of Macroeconomics Quiz 3 Answers (UNC Greensboro)
1. The four essential economic activities are ...
2. Which one of the following is NOT one of the four essential economic activities?
3. The normal boundary of the “macroeconomy” is ...
4. Which one of the following is a positive statement?
5. According to the text, the three major macroeconomic goals are ...
6. The total value of global production, measured as the sum of all nations’ GDP, increased by about what factor between 1960 and 2006?
7. The term used to refer to fluctuations in the level of national production is ...
8. Making sure that a country’s currently favorable macroeconomic environment will continue into the future would be part of which macroeconomic goal?
9. The precautionary principle states that ...
10. Which one of the following statements is FALSE?
11. Who was the most famous Classical economist?
12. Classical economics is best characterized with which statement below?
13. The term “laissezfaire” would be applied to which type of economy?
14. What is Say’s Law?
15. Which one of the following statements is NOT associated with Classical economics?
16. Keynesian economics argues that the main way to get an economy out of a slump is to ...
17. Keynesian economics originated during what period?
18. Which one of the following statements is FALSE?
19. Monetarist economists argued that the government should primarily focus on ...
20. In the synthesis of Classical and Keynesian thought that developed by the 1970s, it was argued that Keynesian economic principles apply in the short run because ...
21. Macroeconomics emphasizes the economic activities and interactions of individuals and particular organizations.
22. “Economic growth in Spain was 4% last year” is an example of a positive statement.
23. The term “wellbeing” refers to the broad goal of promoting the sustenance and flourishing of life.
24. Economic growth has traditionally been measured within a country by its inflation rate.
25. Living standards growth is possible even in the absence of economic growth.
26. The business (or trade) cycle refers to fluctuations in the level of national economic production.
Question 33:
The economic synthesis that resulted after the 1970s states that the use of fiscal and monetary policy can only be effective in the long run.
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