NAME: ______________________________________ STUDENT NUMBER: ___________________________

SCORE:

QUIZ BY GROUP 1 (1 point each)

1. What is the title of the book by John Maynard Keynes? _______________ INTEREST, and ________________

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________________ ________________ of _________________,

2. What are the two Major Elements of Macroeconomics? a. _________________________ b. _________________________

3. Who was the president who implemented the Expansionary Policies? A. Barack OBAMA B. Franklin ROOSEVELT C. John KENNEDY D. Calvin COOLIDGE

4. The three OBJECTIVES OF MACROECONOMICS are: ______________________, __________________________________, __________________________

5. Which of the following is NOT an aimed output in AGGREGATE DEMAND AND SUPPLY? A. Prices and Inflation B. Technology C. Foreign Trades D. Government Expenditures

6. When was the growth century of US? A. 1800 1900 B. 1900 - 2000 C. 2000 2100 D. 1700 - 1800

7. What was the unnoticed reason of the growth century? A. Improvement of management techniques B. Improvement in Efficiency C. Contribution to Living Standards D. Growth in Scale of Production E. Improved Services

8. The neutral stance of fiscal policy is when A. Government spending is greater than the tax revenue B. Government spending is less than the tax revenue C. The central bank no longer controls the monetary supply D. The economy is balanced, with large tax revenue E. None of the above

9. Trade policies A. Cause fiscal straitjackets B. Cause recession when too severe C. Cause recession when too lenient D. Ultimately improve living standards

CHOICES FOR 10 and 11: A. AS CURVES B. AD CURVES C. SS CURVES D. DD CURVES

10. Represents the Qty. of total spending at diff. price levels with other factors held constant ______

BONUS QUESTIONS:

11. Shows what firms will produce and sell at diff. price levels, other things equal. ______

12. What do you call the event when there is LOW ECONOMIC GROWTH and HIGH INFLATION? __________________________________

EXTRA BONUS (LOL): 13. Last week, what do you call the DIAGRAM that was drawn on the left side of the whiteboard? Clue: Ms. Monica Ponce discussed it. Also, Maam Legaspi further discussed the diagram.

_________________________ Diagram.

END

ANSWER KEY: 1. The General Theory of Employment, Interest, and Money 2. A. Business Cycle B. Economic Growth 3. C 4. Output growth, Price Stability, High Employment 5. B. 6. B 7. C 8. D 9. B 10. B 11. A 12. STAGFLATION 13. Scissors Diagram