EC 3200 Principles of Macroeconomics MIDTERM EXAM Questions and Answers

EC 3200 Principles of Macroeconomics MIDTERM EXAM Questions and Answers

1. Which of the following components is not included in the
calculation of Gross Domestic Product (GDP)?
 - A) Consumer Spending
 - B) Business Investments
 - C) Net Exports
 - D) Transfer Payments
 - Answer: D) Transfer Payments
 Rationale: Transfer payments like pensions or unemployment
benefits are not part of GDP as they do not involve the purchase of
goods or services.
2. What is the primary goal of contractionary monetary policy?
 - A) Increase inflation
 - B) Decrease inflation
 - C) Reduce unemployment
 - D) Encourage borrowing
 - Answer: B) Decrease inflation
 Rationale: Contractionary monetary policy is aimed at reducing
money supply to control high inflation.

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