Practice Quiz

CLEP Principles of Macroeconomics Exam Prep - Question List

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11. How do economists compare how rich or poor different nations are?
  1. By measuring per capita GDP
  2. By measuring GNP
  3. By looking at the total GDP
  4. By dividing GDP by the nation’s area in square miles
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12. What does MPC stand for?
  1. Multiplier of personal consumption
  2. Mean of personal contributions
  3. Monies due to private contractors
  4. Marginal propensity to consume
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13. When calculating unemployment figures in a given population, economists count those:
  1. Looking for paid work
  2. Early retirees seeking extra income
  3. Discouraged after long searches
  4. Incarcerated in prisons
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14. From an economist’s standpoint, which of the following would be a resource?
  1. Labor
  2. Entrepreneurship
  3. Land
  4. All of the above
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15. Sweden is considered to be a country with a low inflation rate, while the Congo has a high inflation rate. According to the quantity theory of money, describe the nature of the positive relationship between inflation and money supply growth for Sweden and the Congo, respectively.
  1. Strong; strong
  2. Strong; weak
  3. Weak; strong
  4. Weak; weak
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