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CSET Business - Macroeconomics: General Concepts Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. The real interest rate for a consumer loan is 5%, and the expected inflation rate is 3%. What is the nominal interest rate on this consumer loan?

Question 2 2. How is real GDP calculated?

Question 3 3. Which of the following is NOT a determinant of the productivity of a nation?

Question 4 4. What is a progressive tax code?

Question 5 5. Which model of economic growth more accurately describes economic growth in the long-run?

Page 2

Question 6 6. How is labor productivity, measured as output per worker, affected by economic drivers?

Question 7 7. Which of the following would NOT be included in consumption?

Question 8 8. Economists recognize that the economy doesn't grow smoothly, but in regular patterns. Which of these terms best describes this?

Question 9 9. If the consumer price index is equal to 100 in year 1, and 103 in year 2, what does this mean?

Question 10 10. Which of the following are the two phases and the two turning points of the business cycle?

Page 3

Question 11 11. Which of the following is not true regarding productivity?

Question 12 12. The economy is at the full employment level of real GDP. If wages and prices are flexible, how would a decline in aggregate demand affect GDP and prices in the short run and long run?

Question 13 13. In order to adjust a nominal interest rate for inflation, which of the following formula should be used?

Question 14 14. Which of the following is true of wages and prices in the Keynesian Model?

Question 15 15. How is nominal GDP calculated?

Page 4

Question 16 16. This image shows two aggregate supply curves, AS1 and AS2. Which of the following statements accurately describes the two curves?

Question 17 17. What is the major drawback of using nominal GDP to measure the economic output of a nation?

Question 18 18. What happens to economic output as measured by GDP during a recession?

Question 19 19. What is the benefit of using Real GDP?

Question 20 20. Human capital refers to which of the following?

Page 5

Question 21 21. What is the value of using real GDP?

Question 22 22. Which of the following will most likely occur as a result of an increase in labor productivity?

Question 23 23. Economists call the equipment and structures used to produce goods and services:

Question 24 24. If the nominal GDP is $5 trillion in year 1, and the real GDP is $4.5 trillion, what is the GDP deflator?

Question 25 25. Which of the following is considered the best measure of changes in prices by economists?

Page 6

Question 26 26. In the Classical model, what shape is the aggregate supply curve?

Question 27 27. What does the GDP deflator represent?

Question 28 28. What did Keynes believe?

Question 29 29. What is the point at which aggregate supply and aggregate demand intersect?

Question 30 30. Keynesian economics believe that insufficient aggregate demand can result in:

CSET Business - Macroeconomics: General Concepts Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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