Practice Quiz

CLEP Principles of Macroeconomics Exam Prep - Question List

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1. In 2007, the nominal Gross Domestic Product (GDP) of a small Asian country was 5% and the real GDP growth was 2%. What was the rate of inflation for this country?
  1. -3%
  2. 10%
  3. 3%
  4. 7%
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2. Economics is the study of how people:
  1. Allocate societal resources by purchasing goods and services
  2. Gain access to local and foreign markets
  3. Produce goods and services at the lowest production costs
  4. Make profits and reduce unemployment
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3. What is the system in the United States in which only a portion of total deposits is reserved and the rest is lent out?
  1. Liquidity
  2. Fractional reserve banking system
  3. Central bank policy
  4. Open market operations
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4. In a free-market economy, the price of rice following a surplus is likely to:
  1. Increase
  2. Decrease
  3. Remain unchanged
  4. Require intervention
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5. All of the following are approaches to calculate a country’s GDP except:
  1. Product
  2. Income
  3. Expenditure
  4. Imports
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