Quiz Questions with 100% Correct Answers:
1. The two frameworks conventional economists generally use to analyze macroeconomic issues are…..
2. The relationship between real and nominal interest rate can be expressed by….
3. Which of the following economic activities would be included in the U.S. domestic gross product (GDP)?
4. Cyclical unemployment is defined as unemployment that results from….
5. The longest business cycle expansion in U.S. history occurred in the 10 years from
6. Economics is the study of how….
7. Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to….
Answers
1. The two frameworks conventional economists generally use to analyze macroeconomic issues are…..
Answer: the short-run and the long-run frameworks
2. The relationship between real and nominal interest rate can be expressed by….
Answer: real interest rate = nominal interest rate - inflation
3. Which of the following economic activities would be included in the U.S. domestic gross product (GDP)? Answer: Pure services, such as haircuts
4. Cyclical unemployment is defined as unemployment that results from….
Answer: fluctuations in economic activity
5. The longest business cycle expansion in U.S. history occurred in the 10 years from…. Answer: 1991 until 2001
6. Economics is the study of how….
Answer: human beings coordinate their wants and desires
7. Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to….
Answer: increase the demand for diesel cars
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