Macroeconomics Theory and Practice by

Michelle M. Esperal

Final Quiz 1
Completed on Tuesday, 8 August 2023, 3:44 PM
Grade 10.00 out of 10.00 (100%)
Question 1

Question text
Aggregate real GDP is of limited use because it does reveal whether the residents of a given
country are better or worse off.

Question 1Select one:

True
False

Question 2
Question text
Production is a function of the economy's use of capital, K, labor, L, and a multifactor
productivity index, A.

Question 2Select one:

a.
None of the above

b.
Y

c.
Y

d.
Y
e.
A * f(K, L )

f.
A+f+K+L

g.
A+f/K+L

Question 3
Question text
Investment is equal to the change in the capital stock plus depreciation.

Question 3Select one:

True
False

Question 4
Question text
____________ is a condition of constant rates of growth in economic measures. With no
technological change and is represented by identical constant growth rates in the labor
force, total output, and the level of capital.

Question 4Select one:

a.
Steady State

b.
None of the choices

c.
Elasticity

d.
Growth

Question 5
Question text
Condition that savings is equal to investment

Question 5Select one:

a.
Steady State

b.
Real GDP

c.
Total Real Output

d.
None of the choices

Question 6
Question text
____________ is the change in the quantity of total output resulting from a unit change in a
variable input, keeping all other inputs unchanged.

Question 6Select one:

a.
Marginal Product

b.
None of the choices

c.
Growth accounting

d.
Technological

Question 7
Question text
The best available economic measure of quantity is ____________.

Question 7Select one:

a.
Real GDP

b.
Total Output

c.
Total Population
d.
Total GDP

Question 8
Question text
Production is a function of the economy's use of capital, K, labor, L, and a productivity index,
A.

Question 8Select one:

a.
Growth accounting equation

b.
None of the choices

c.
Constant returns and elasticities equation

d.
Elasticity and Income share equation

Question 9
Question text
Contribution of increase in labor to the growth in output is the most important.

Question 9Select one:

True
False

Question 10
Question text
Floating means that exchange rate is steady or constant in day to day basis according to the
market.

Question 10Select one:

True
False