Chapter 15 Self-test questions

Macroeconomic issues and measurement

Quiz Content

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An economy is made up of three firms. Firm A mines a raw material, it pays £200 to its workers and it sells £200 worth of output to firm B and £300 worth to firm C (it has no other sales or costs). Firm B makes a consumer good and sells £400 worth, paying £200 to its workers. Firm C also makes a consumer good, selling £600 worth and paying its workers £200. There are no transactions between firms B and C. What is the value of GDP?

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The income-based measure of GDP at market prices is made up of:

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The following are all macroeconomic issues except

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A difference between microeconomics and macroeconomics is ____________

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In the UK, the two standard measures of the price level are _______

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A budget deficit implies ____________.

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During recessions; deficits usually ____________.

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When interest rates are high, ____________

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Productivity growth indicates ____________

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Actual GDP minus Potential GDP gives

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