1) Which of the following is NOT a major macroeconomic goal of nearly every society?

achieving self-sufficiency in the production of food and energy

maintaining stability of prices

achieving high rates of economic growth

maintaining high levels of employment

2) Which of the following best describes the impact of the implementation of a new technology in the economy?

It causes a substantial hardship on the whole labour force.

It gets rid of structural unemployment.

It creates economic growth, and therefore job growth.

3) Which of the following statements best describes output per capita?

It is measured by GDP per capita.

It is total output (GDP) divided by the number of persons among who contributed to production.

It is total output (GDP) divided by the labour force.

It is one measure of the marginal level of economic well-being in a country.It causes considerable job losses.

4) What happens to the price level and real output during the self-correction process after a fall in aggregate demand?

The price level decreases and real output decreases.

The price level decreases and real output increases.

The price level increases and real output decreases.

The price level increases and real output increases.

5) What impact will a permanent increase in the supply of a major input have on real output?

It will decrease real output in both the short run and the long run.

It will increase real output in the short run but NOT in the long run.

It will increase real output in both the short run and the long run.

It will decrease real output in the short run but NOT in the long run.

6) Which of the following does NOT affect growth in real GDP per capita?

the production of final services in the economy

the distribution of income

the total production of final goods in the economy

the population