5 Questions
Define macroeconomics.
Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole.
Explain the difference between microeconomics and macroeconomics.
Microeconomics studies the behavior of individual economic agents like households and firms, while macroeconomics looks at the economy as a whole.
What is GDP and how is it calculated?
GDP stands for Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period. It can be calculated by adding up consumption, investment, government spending, and net exports.
Describe the Phillips Curve.
The Phillips Curve shows the relationship between inflation and unemployment; it suggests that there is a trade-off between the two, meaning that policymakers must choose between lower inflation and lower unemployment.
What is the difference between fiscal policy and monetary policy?
Fiscal policy refers to government decisions on taxing and spending to influence the economy, while monetary policy involves central bank decisions on interest rates and money supply.
Test your knowledge of macroeconomics with questions covering topics such as the definition of macroeconomics, the difference between microeconomics and macroeconomics, GDP calculation, the Phillips Curve, and the distinctions between fiscal policy and monetary policy.
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