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1. _____________ Economics deals with the study of firms.

Macro
Micro

Financial
None of the above
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2. GDP acronym is used for ________________.

Gross Domestic Product

Gross National Product

Gross domicile product
Gross Deteriorated product
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3. ___________ cycle refers to economy-wide fluctuations in production, trade and

economic activity.

Business

Product

Life cycle
All of the above
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4. During periods of recession, an economy usually experiences a relatively

___________ unemployment rate.
Low
Constant
High

None of the above

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5. Inflation reflects a __________ in the purchasing power per unit of money.

Rise
Saturation

Fall

All of the above

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6. ___________ depicts the total output of goods and services which households,
firms and government are willing to buy at various price levels.
Aggregate supply
Aggregate demand

Inflation

All of the above

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7. ________occurs when people are without work and actively seeking work.
Unemployment

Employment
Prosperity

None of the above

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8. One of the following is a macro-economic concern:

Cost of production of a firm
Inflation

Variable labour charges of the firm

None of the above
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9. Ratio of GDP to population refers to _______.

GNP Per capita
GDP Per capita

National Income
None of the above
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10. Net export of a nation represents the difference between_____.

Domestic output and input
Nations investment exceeding its savings
Autonomous investment being less than induced investment

Total export and import