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Micro & Macro Economics Quiz

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Micro & Macro Economics Quiz

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Tests core econ ideas

Created by

Jenny
Jenny
Timor-Leste

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Micro & Macro Economics Quiz
 

Micro & Macro Economics QuizOnline version

Tests core econ ideas

by Jenny
1

What is the study of individual markets and decision-makers called in economics?

2

Which measure reflects overall price levels and inflation in an economy?

3

What does GDP stand for in macroeconomics?

4

Which curve typically slopes downward as price falls and quantity demanded rises?

5

What is fiscal policy primarily concerned with?

6

Which concept explains the total value of all final goods and services an economy can produce at full employment?

7

Which market structure has a single seller and significant barriers?

8

What is the term for a sustained rise in the general price level?

9

Which macro variable measures unemployment relative to the labor force?

10

In microeconomics, which principle explains that buyers and sellers reach equilibrium at a certain price?

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Microeconomics focuses on individuals, firms, and markets, not the whole economy.

Price level/inflation shows changes in the average price of goods over time.

GDP sums the market value of all final goods/services produced domestically.

The law of demand states higher price lowers quantity demanded, giving a downward slope.

Fiscal policy uses spending and taxes to influence aggregate demand.

Potential output represents sustainable long-run productive capacity.

A monopoly has one firm controlling the market with high barriers to entry.

Inflation is the rate at which price levels rise; deflation is the opposite.

Unemployment rate = unemployed / labor force, a key macro indicator.

Market equilibrium occurs when quantity supplied equals quantity demanded.

 
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