SHS Economics · Year 1
Economic Systems and Macroeconomic Variables practice questions
Ghana's and other countries' approaches to allocating resources, and macroeconomic variables such as GDP, inflation, unemployment and the exchange rate.
20 questions in this topic: 7 recall, 6 applying skills and concepts, 5 strategic thinking and 2 extended thinking. Every one carries a written explanation.
Sample questions
3 of 20 questions in this topic. Sign up to answer them and see the explanations.
- Question 1Strategic thinking
Which combination of features correctly describes the mixed economic system?
- aResources partly owned by the state and partly by private individuals, with decisions made through both the price mechanism and government bodies
- bAll resources owned by private individuals, with prices set only by the market
- cAll resources owned and controlled entirely by the state, with no role for private firms
- dNo taxation of any kind, with government playing no role in the economy
- Question 2Recall
Macroeconomics is best defined as the branch of Economics that studies
- athe behaviour, performance and structure of an entire economy
- bthe buying decisions of a single household
- cthe pricing strategy of one specific firm
- dthe utility a single consumer gets from one product
- Question 3Recall
In a capitalist economic system, what mainly determines all production decisions?
- aConsumer demand, expressed through the market forces of supply and demand (the price mechanism)
- bA Board of Directors acting on behalf of the state
- cEqual decision-making shared between the state and private individuals
- dForeign governments setting production targets
Answer these and 17 more on Economic Systems and Macroeconomic Variables
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Start practising freeMore Economics Year 1 topics
- Introduction to Economics
- Market
- Market and Demand
- Money and Financial Institutions
- Price
- Production
- Supply
- Utility