Macroeconomics trivia

160 Macroeconomics trivia questions, no sign-in. Review your misses in the LoreUp app.

• What does a central bank commonly do when the economy is weak?Monetary policy and central banks
• Which central bank runs monetary policy for the euro, shared by several EU countries?Monetary policy and central banks
• South Korea's highest-denomination banknote is the 100,000-won note.Monetary policy and central banks
• In its 1962 currency reform, South Korea changed its unit from the won to the hwan.Monetary policy and central banks
• What do we call the trade method of importing raw materials, processing them and exporting the products?Trade and the balance of payments
• Which resource does Korea depend on imports for almost entirely?Trade and the balance of payments
• What is the procedure of declaring imported goods to customs and paying duties before bringing them into the country?Trade and the balance of payments
• The Bank of Korea's Monetary Policy Board sets the base rate twelve times a year.Interest rates
• What generally follows when a central bank raises its base rate?Interest rates
• What standardized large steel box holds trade cargo and can be moved straight between ships, trains and trucks?Trade and the balance of payments
• Tariffs on goods imported into Korea are collected by the government of the exporting country.Trade and the balance of payments
• The first country South Korea signed a free trade agreement with was the United States.Trade and the balance of payments
• What do we call people's expectations of how much prices will rise in the future?Prices and inflation
• When prices rise too fast, what does a central bank mainly raise to bring inflation down?Prices and inflation
• The Bank of Korea's inflation target is consumer price growth of 5% a year.Prices and inflation
• A rise in the price of just one or two items, such as a bowl of noodles, already counts as inflation.Prices and inflation
• Korea's consumer price index includes rents but not house prices themselves.Prices and inflation
• The South Korean government's fiscal year begins on April 1.Fiscal policy and taxation
• Most of the money the government spends comes from taxes paid by people and businesses.Fiscal policy and taxation
• What do we call the state in which the government's revenue and spending for a year are equal?Fiscal policy and taxation
• What is the biggest reason the amount you actually receive when exchanging money differs from place to place?Exchange rates
• What changes for someone travelling abroad when the exchange rate has risen sharply?Exchange rates
• What generally happens to exporting firms when the exchange rate rises?Exchange rates
• What generally happens to import prices when the exchange rate rises?Exchange rates
• The unit of money used in Japan is the yuan.Exchange rates
• If the won-dollar exchange rate has risen from 1,300 won to 1,400 won, what has happened to the value of the won?Exchange rates
• Which system sets the exchange rate by supply and demand in the foreign exchange market?Exchange rates
• Which phrase names South Korea's rapid industrialization and growth from the 1960s?Economic history and crises
• In the past, objects such as shells or salt sometimes served as money.Economic history and crises
• Around the 1997 currency crisis, the won–dollar exchange rate fell sharply.Economic history and crises
• Which American policy created jobs through large government spending against the Great Depression?Economic history and crises
• What do we call a period of brisk production and consumption in which jobs also increase?Cycles, growth and jobs
• What does a high unemployment rate mean?Cycles, growth and jobs
• Which business-cycle indicator moves together with the current state of the economy?Cycles, growth and jobs
• What do we call a bank's earnings from the gap between the rate it charges to lend and the rate it pays to hold deposits?Interest rates
• Which does not belong among a central bank's monetary policy tools?Monetary policy and central banks
• Which measure is an example of fiscal policy?Fiscal policy and taxation
• Monetary policy tries to steady the economy by adjusting the amount of money in circulation or the interest rate.Monetary policy and central banks
• Which policy tries to steady the economy by adjusting the amount of money in circulation or the interest rate?Monetary policy and central banks
• As a rule the lending rate is higher than the deposit rate.Interest rates
• What do we call the rate of interest attached to borrowing money or leaving it on deposit?Interest rates
• An FTA is an agreement between countries to lower or remove tariffs on each other.Trade and the balance of payments
• What do we call selling a country's goods abroad?Trade and the balance of payments
• An interest rate means the rate of interest attached to borrowing money or leaving it on deposit.Interest rates
• Which body surveys and publishes the consumer price index in Korea?Prices and inflation
• Which ministry draws up the government budget proposal in Korea?Fiscal policy and taxation
• What do we call the ratio at which one country's money is traded for another's?Exchange rates
• What do we call swapping your own money for another country's money?Exchange rates
• What do we call the movement in which the economy improves and worsens in turn?Cycles, growth and jobs
• Which lists the four phases of the business cycle in the right order?Cycles, growth and jobs
• The business cycle is commonly divided into recovery, boom, contraction, and slump.Cycles, growth and jobs
• The reserve requirement makes a bank hold back a set share of the deposits it takes in rather than lending it out.Monetary policy and central banks
• Whether rates rise or fall, the interest burden on a loan stays exactly as set when the contract was signed.Interest rates
• The rate applied when borrowing from a bank is the same for everyone.Interest rates
• Deflation makes things cheaper, so it is good for the economy.Prices and inflation
• The fee for exchanging currency is set by law, so it is the same wherever you change it.Exchange rates
• Under a fixed exchange rate system, the central bank holds the rate without intervening in the foreign exchange market.Exchange rates
• What do we call the document the government submits to the National Assembly setting out its spending plan for the year?Fiscal policy and taxation
• Which money measure covers cash and demand deposits along with time deposits and other assets that turn into cash fairly easily?Monetary policy and central banks
• Which body issues currency in South Korea?Monetary policy and central banks