Milestone 1 Unit 1 Macro

Microeconomics - This document contains all challenges and milestones for the entire class.

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Macroeconomics -ALL CHALLENGES AND MILESTONES

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UNIT 1 MILESTONE 1

Sophia Learning

1

Which of the statements below is false?

 Sometimes, GDP can shrink quite a bit.

 A recession cannot usually be seen in GDP.

 A recession is a significant decline in economic activity.

 The NBER provides data regarding when recessions start and end.

2

Select the statement below that is true of only GDP.

 This includes production by people outside of a country’s borders.

 This is known as a lagging indicator.

 This is not a true indicator of quality of life, but does indicate

consumption.

 This does not measure domestic investment in foreign countries.

3

Select the statement below that is FALSE regarding labor force

participation by gender.

 Labor force participation rates are not a good indicator of a country's

economic health.

 The employment of women in living-wage occupations raises the

standard of living for families.

 The employment of women in living-wage occupations leads to lower

birth rates.

 GDP indirectly accounts for labor force participation.

4

College tuition for 1 year cost $2,500 in 1976 and $11,000 in 2007.

By what factor have the prices increased?

 -4.

 44

 4.

5

According to this circular flow diagram, which of the following do

households purchase from businesses?

 Final goods and services

 Wages and interest

 Taxes and subsidies

 Factors of production

6

Which statement below regarding economic indicators is true?

 Economic indicators provide a view of the economy over an extended

period of time.

 Employed individuals, excluding those not in the labor force

10

The president gives his annual State of the Union Address on television

and discusses the loss of manufacturing jobs to China and the need for

the United States to create more jobs in order to make up for this.

Which of the following types of unemployment does this describe?

 Seasonal

 Structural

 Frictional

 Cyclical

11

Which of the following reflects price changes for goods in various

stages of production, from raw to intermediate to final goods?

 PPI

 Nonfarm payroll

 Consumer confidence

 CPI

12

Which of the following is NOT true about economics?

 Economics addresses decision-making.

 Economics can accurately predict what the national economy will do in

six months to a year.

 Economics is a social science.

 Other fields have influenced the ever-evolving development of

economics.

13

Which of the following terms is the sum of the amount of resources

used to produce goods and services?

 Income approach

 GDP per capita

 Expenditure approach

 GDP growth

14

The government intentionally influences markets by __________.

 awarding large business contracts

 changing the tax rate

 operating stock markets

 balancing company budgets

15

Which statement below regarding reasons for studying

macroeconomics is false?

 Macroeconomics is the basis for discussions of economics in the media.

 Macroeconomics can help you understand the limitations of monetary

and fiscal policy, but not individual decision-making.

 Macroeconomics helps us understand the economic situation of the

United States but has little application for other countries.

 Understanding macroeconomics helps one become a better citizen.

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Milestone 1 Unit 1 Macro

Course : Macroeconomics (ECON1001)

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University : Sophia Learning

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UNIT 1 MILESTONE 1

Sophia Learning

Which of the statements below is false?

 Sometimes, GDP can shrink quite a bit.

 A recession cannot usually be seen in GDP.

 A recession is a significant decline in economic a ctivity.

 The NBER provides data regarding when recessions start and end.

Select the statement below that is true of only GDP.

 This includes production by people outside of a country’s borders.

 This is known as a lagging indicator.

 This is not a true indicator of (quality of life, but does indicate

consumption.

 This does not measure domestic investment in foreign countries.

Select the statement below that is FALSE regarding labor force

participation by gender.

 Labor force participation rates are not a good indicator of a country's

economic health.

 The employment of women in living-wage occupations raises the

standard of living for families.

 The employment of women in living-wage occupations leads to lower

birth rates.

 GDP indirectly accounts for labor force participation.