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AP Intermediate 1st Year Macroeconomics: Income, Budget & Banking — practice questions — page 2

Explore 42 free Macroeconomics: Income, Budget & Banking questions in AP Intermediate 1st Year Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Macroeconomics: Income, Budget & Banking questions and exercises with answers

Showing questions 31–42 of 42.

Economics bingoRead the answer and worked solution →An economy in which the government owns the means of production and takes the major economic decisions is a:Read the answer and worked solution →The basic economic agents whose decisions economics studies include:Read the answer and worked solution →In a capitalist economy, the central economic decisions are guided primarily by:Read the answer and worked solution →The fundamental economic problem that gives rise to all economic activity is:Read the answer and worked solution →In a centrally planned economy, the question of what and how much to produce is decided by:Read the answer and worked solution →Modern macroeconomics emerged largely from the work of the economist:Read the answer and worked solution →The economist whose work 'The Wealth of Nations' makes him widely regarded as the father of economics is:Read the answer and worked solution →Spot the odd one outRead the answer and worked solution →Economics is broadly studied under the two branches of:Read the answer and worked solution →An economy that combines features of both market and government decision-making is a:Read the answer and worked solution →Micro or macro?Read the answer and worked solution →

Worked practice questions

Economics bingo

Read exercise and reference answers
Clues and terms
  1. Clue
    Study of individual buyers, sellers and markets.
    Item
    Microeconomics
  2. Clue
    Study of the economy taken as a whole.
    Item
    Macroeconomics
  3. Clue
    Anyone who takes an economic decision.
    Item
    Economic agent
  4. Clue
    Agent deciding what and how much to consume.
    Item
    Consumer
  5. Clue
    Agent deciding what and how much to produce.
    Item
    Producer
  6. Clue
    Agent deciding what interest rate to charge.
    Item
    Bank
  7. Clue
    Agent deciding how much to spend.
    Item
    Government
  8. Clue
    Macro phenomenon of rising prices.
    Item
    Inflation
  9. Clue
    Macro phenomenon of people without work.
    Item
    Unemployment
Instructions
Read each clue and tap the term it describes.
_Source: syllabus Introductory Macroeconomics, Ch 1 'Introduction'_

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An economy in which the government owns the means of production and takes the major economic decisions is a:

  1. mixed economy only
  2. socialist (centrally planned) economy
  3. capitalist economy
  4. market economy
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Correct answer: B. socialist (centrally planned) economy

A socialist economy has state ownership and central planning.

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The basic economic agents whose decisions economics studies include:

  1. only the central bank
  2. only the stock market
  3. consumers, firms and the government
  4. only foreign traders
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Correct answer: C. consumers, firms and the government

Economics studies consumers, firms and the government as key agents.

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