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Macroeconomics Practice Test
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Macroeconomics Practice Test
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25 Questions

1. If the world price of copper exceeds the domestic (U.S.) price of copper, we would expect
2. Suppose smartphones are a normal good and are exchanged in a competitive market. All else equal, an increase in household income will
3. Which of the following statements is true of these production possibilities?
4. If a bank has $1,000 in checking deposits and the bank is required to reserve $250, what is the reserve ratio? How much does the bank have in excess reserves? What is the size of the money multiplier?
5. Suppose smartphones are a normal good and are exchanged in a competitive market. All else equal, an increase in household income will
6. Which of the following monetary policies would lessen the effectiveness of expansionary fiscal policy?
7. Which of the following statements is true of these production possibilities?
8. Suppose the reserve ratio is 10 percent and the Fed buys $1 million in Treasury securities from commercial banks. If money demand is perfectly elastic, which of the following is likely to occur?
9. If the economy is operating below full employment, which of the following will have the greatest positive impact on real gross domestic product?
10. The Phillips curve represents the relationship between
11. An American firm moves a manufacturing plant from the United States to Brazil. How will this affect gross domestic product (GDP) in the United States and in Brazil?
12. Using Figure D.1, which of the following movements would be described as economic growth? Figure D.1
13. In a recession, expansionary monetary policy is designed to
14. Which of the following monetary policies would lessen the effectiveness of expansionary fiscal policy?
15. When government uses expansionary fiscal policy, the spending multiplier is often smaller than predicted because of
16. Which of the following is an accurate statement of the money supply in the United States?
17. For years you work as a grocery checker at a supermarket, and one day you are replaced by self-serve checkout stations. What type of unemployment is this?
18. Of the following choices, the one most likely to be preferred by supply-side economists would be
19. "Which of the following is an example of capital as an economic resource?"
20. If the economy is experiencing a recession, how will a plan to decrease taxes for consumers and increase spending on government purchases affect real gross domestic product (GDP) and the price level?
21. When government uses expansionary fiscal policy, the spending multiplier is often smaller than predicted because of
22. The “crowding-out” effect is the result of
23. If the world price of copper exceeds the domestic (U.S.) price of copper, we would expect
24. If the economy is operating below full employment, which of the following will have the greatest positive impact on real gross domestic product?
25. The Phillips curve represents the relationship between

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