Practice Quiz

CLEP Principles of Macroeconomics Exam Prep - Question List

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26. Imagine that the consumer price index rises from 125 to 250. What can be concluded from this information?
  1. Consumer incomes are all doubled
  2. Consumer incomes are cut in half
  3. All prices in the average consumer’s market basket are doubled
  4. All prices in the given economy are doubled
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27.

Look at the following data set:

Total population = 60 million

Persons of proper working age (16-65) = 30 million

Persons employed = 20 million

Persons actively looking for work = 2 million

What is the size of the labor force for this economy?

  1. 60 million
  2. 52 million
  3. 22 million
  4. 50 million
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28. If the dollar appreciates relative to the Philippine peso, then which of the following is true?
  1. Goods from the United States sold in the Philippines would become cheaper
  2. There would be no change in the price of United States goods sold in the Philippines
  3. Goods from the Philippines sold in the United States would become more expensive
  4. Goods from the United States sold in the Philippines would become more expensive
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29. Why does the PPC slope downward?
  1. Increasing opportunity costs
  2. Scarcity
  3. A rising unemployment rate
  4. The PPC does not slope downward
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30. Which of the following is the term for the economic indicator that measures change in price over time, using a fixed market basket of average services and goods?
  1. Phillip’s Curve
  2. CPI
  3. MPC
  4. GDP
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