Macroeconomics Unit

Front

Which government agency is NOT tasked with measuring data related to the three big macroeconomic goals? Options: Department of Education, Federal Reserve Bank, Bureau of Economic Analysis, Bureau of Labor Statistics

Back

Department of Education

Front

The most common number used to measure economic growth is

Back

Gross Domestic Product

Front

The Consumer Price Index is used to help measure the amount of ____ in the U.S. to better help achieve the goal of ______.

Back

inflation, price stability

Front

Which economic measure is the total value of all goods and services produced within a country's borders adjusted for inflation?

Back

Real GDP

Front

Which action causes US GDP to increase? Options: Japan buys US Government Bonds, Japan sells Japanese bonds to US, The US exports machinery to Japan, The US imports Japanese cars

Back

The US exports machinery to Japan

Front

When there is inflation in an economy which is ALWAYS true?

Back

the consumer price index has increased

Front

An economist is presented with information about the prices of a selection of goods over several years. This information would be MOST useful for which purpose?

Back

To compile a price index to measure inflation

Front

In October, Bill is laid off from his job as a Halloween costume maker solely because of a slow Halloween season. Which statement is true?

Back

Bill is cyclically unemployed

Front

Which person below would be considered frictionally unemployed? Jill, who quit her job to become a full time student, Jake, who has recently entered the labor force , Jennifer, whose skills are no longer needed, Jimmy, whose parents shut down the family farm.

Back

Jake, who has recently entered the labor force

Front

If an economy is currently experiencing a contraction or recession, which stage of the business cycle will they experience next?

Back

trough