ECON 203 winter 2025 Midterm 1 Mock Exam
Study Guide
Introduction to Macroeconomics (Concordia University)
, CONCORDIA UNIVERSITY
ECON 203 Study Group
Midterm 1 Mock Exam
1. Macroeconomics is mainly concerned with the study of
A) individual households and how they deal with problems like inflation and unemployment.
B) large economic units such as General Motors or Molson Breweries.
C) fluctuations and trends in disaggregated data.
D) fluctuations and trends in aggregated data.
E) governments and their intervention in individual markets.
2. The economic problems studied in macroeconomics include:
I. the level of economic activity;
II. competition policy;
III. the rate of unemployment.
A) I only
B) II only
C) III only
D) I and II
E) I and III
3. A nation's real national income in a given year measures the
A) current-dollar national income earned in the economy.
B) value of output produced by the economy, measured in constant dollars.
C) level of national income that is subject to taxation by the federal government.
D) market value of national output produced by the economy.
E) opportunity cost of the economy's national output.
4. Which of the following is an accurate statement about real national income?
A) It always equals nominal national income.
B) It changes by the same amount and in the same direction as does nominal national income.
C) It changes only when the underlying quantities of output change.
D) It refers to national income with no adjustment for changes in prices.
E) It refers to national wealth but is not an indicator of current production.
5. A change in the Consumer Price Index measures
A) a change in a specific absolute price.
B) a change in quantities of commodities sold.
C) a change in relative prices.
D) a change in a broad average price over some particular time span.
E) the change in gross domestic product.
6. A worker is considered unemployed if that worker has no job, is legally eligible to work,
Study Guide
Introduction to Macroeconomics (Concordia University)
, CONCORDIA UNIVERSITY
ECON 203 Study Group
Midterm 1 Mock Exam
1. Macroeconomics is mainly concerned with the study of
A) individual households and how they deal with problems like inflation and unemployment.
B) large economic units such as General Motors or Molson Breweries.
C) fluctuations and trends in disaggregated data.
D) fluctuations and trends in aggregated data.
E) governments and their intervention in individual markets.
2. The economic problems studied in macroeconomics include:
I. the level of economic activity;
II. competition policy;
III. the rate of unemployment.
A) I only
B) II only
C) III only
D) I and II
E) I and III
3. A nation's real national income in a given year measures the
A) current-dollar national income earned in the economy.
B) value of output produced by the economy, measured in constant dollars.
C) level of national income that is subject to taxation by the federal government.
D) market value of national output produced by the economy.
E) opportunity cost of the economy's national output.
4. Which of the following is an accurate statement about real national income?
A) It always equals nominal national income.
B) It changes by the same amount and in the same direction as does nominal national income.
C) It changes only when the underlying quantities of output change.
D) It refers to national income with no adjustment for changes in prices.
E) It refers to national wealth but is not an indicator of current production.
5. A change in the Consumer Price Index measures
A) a change in a specific absolute price.
B) a change in quantities of commodities sold.
C) a change in relative prices.
D) a change in a broad average price over some particular time span.
E) the change in gross domestic product.
6. A worker is considered unemployed if that worker has no job, is legally eligible to work,
