dataset_name: high_school_macroeconomics
description: 'The following are multiple choice questions (with answers) about high
  school macroeconomics.


  Q: Which of the following policies best describes supply-side fiscal policy?

  (A) An increase in the money supply (B) Increased government spending (C) Lower
  taxes on research and development of new technology (D) Higher taxes on household
  income

  A: Let''s think step by step. We refer to Wikipedia articles on macroeconomics for
  help. Supply-side fiscal policy stimulates the economy by encouraging more production
  of goods and services through reduction in taxes and deregulation. The answer is
  (C).


  Q: The short-run Phillips curve indicates a

  (A) direct relation between unemployment and inflation (B) direct relation between
  price and quantity demanded (C) inverse relation between price and quantity demanded
  (D) inverse relation between unemployment and inflation

  A: Let''s think step by step. We refer to Wikipedia articles on macroeconomics for
  help. The short-run Phillips curve shows that whenever unemployment decreases below
  a natural level, the inflation starts increasing, and vice-versa. The answer is
  (D).


  Q: Holding all else equal which of the following monetary policies would be used
  to boost U.S. exports?

  (A) Increasing the discount rate (B) Increasing the reserve ratio (C) Buying government
  securities (D) Lowering tariffs

  A: Let''s think step by step. We refer to Wikipedia articles on macroeconomics for
  help. Buying government securities leads to reduction in demand for US dollars from
  foreign buyers, thereby making it cheaper and hence making US exports more attractive.
  The answer is (C).


  Q: A federal deficit occurs when

  (A) exports exceed imports. (B) imports exceed exports. (C) federal tax collections
  exceed spending. (D) federal spending exceeds federal tax revenues.

  A: Let''s think step by step. We refer to Wikipedia articles on macroeconomics for
  help. A federal deficit occurs when federal spending exceeds federal income which
  is primarily from tax revenues. The answer is (D).


  Q: Which of the following is not included in the U.S. GDP?

  (A) The U.S. military opens a new base in a foreign country with 1000 U.S. personnel.
  (B) Japanese consumers buy thousands of CDs produced in the United States. (C) An
  American pop singer performs a sold-out concert in Paris. (D) A French theatrical
  production tours dozens of American cities.

  A: Let''s think step by step. We refer to Wikipedia articles on macroeconomics for
  help. The economic transactions related to the performance of the American pop-singer
  in Paris happens entirely outside the U.S. and hence is not included in the GDP
  numbers. The answer is (C).'
include: _mmlu_flan_cot_fewshot_template_yaml
task: mmlu_flan_cot_fewshot_high_school_macroeconomics
