InThinking Revision Sites

INTHINKING REVISION SITES

Own your learning

Why not also try our independent learning self-study & revision websites for students?

We currenly offer the following DP Sites: Biology, Chemistry, English A Lang & Lit, Maths A&A, Maths A&I, Physics, Spanish B

"The site is great for revising the basic understandings of each topic quickly. Especially since you are able to test yourself at the end of each page and easily see where yo need to improve."

"It is life saving... I am passing IB because of this site!"

Basic (limited access) subscriptions are FREE. Check them out at:

www.StudyIB.net

Unit 3.3: Macroeconomic indicators revision quiz

1. Many economists believe that governments should be primarily concerned with increasing the growth potential of the economy, because achieving this objective is likely to

 

2. Price stability is a key government objective, primarily because it

 

3. Governments are keen to see higher levels of employment because this enables

 

4. A central bank raises interest rates, ceteris parabus this is likely to cause the following:

 

5. Conflict can arise between the various government objectives, at least in the short-run; when attempting to achieve economic growth through reduced interest rates, this can lead to

 

6. Conflict can arise between government economic objectives, at least in the short-run; when attempting to achieve a reduction in the unemployment rate by implementing quantitative easing, this will lead to

 

7. Which one of the following combinations of the government's economic objectives is most likely to result from the following two policies: an increase in the rate of interest and a rise in government expenditure?

 

8. Which one of the following combinations of the government’s economic objectives is more likely to result from the following policies identified: Quantitative easing and lower tax rates?

 

9. Gross Domestic Product is defined as

 

10. A country's per capita GDP is a useful measure of economic welfare because

 

11. The table below shows the consumer price index (RPI) of the UK between October 2021 and September 2022.  Which one of the following can be deduced from the data?

January 2021April 2021July 2021October 2021January 2022April 2022July 2022October 2022
1.5%1.2%3.5%4.9%7.5%9.0%11.4%11.2%

 

12. The government uses the monthly RPI figure to increase state pensions by 3.5%in July 2021, which increases payments to $144.47 per week. How much would this pension have been worth prior to this increase, to the nearest pence?

 

13. Using the same measure, what will be the new level of state pension rise to in July 2022?

 

14. Unemployment is an important measure of economic performance because

 

15. One measurement of economic performance is

 

16. Macroeconomists make extensive use of index numbers because it can help them to

 

17. The values of the consumer prices of two baskets of goods is 250 (year 2021) and 300 (year 2022)

Which one of the following gives the index value for the price of the basket of goods in 2022, taking 2021 as the base year?

 

18. The following data was collected for the purpose of constructing a price index.

Category of goodWeightingPrice rise 
Food202%
Housing254%
Transport205%
Other goods351%

If the price Index was 100 in year 1, then in year 2 it would stand at

 

19. The table below shows the index of Singapore house prices between November 2021 and August 2022.

Time periodHousing price index
Q3 2021107.11
Q4 2021107.76
Q1 2022109.46
Q2 2022112.86
Q3 2022114.85

Which of the following can be deduced from the data?

 

20. In June 2022 the population of Singapore stood at 5,850,342, of which 3,250,550 were classed as economically active.  The official unemployment rate of the nation was 3.57%.  According to this data how many people in Singapore were unemployed?

 

 

Total Score:

This quiz can be accessed at:  Measuring economic performance