Macro Economics Review

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Importing more than exporting is

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trade deficit

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Prices at which currencies are traded is called...

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Exchange Rate

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The value of all the final goods and services produced within a nation in a given year.

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Gross Domestic Product

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A product that one country SELLS to another.

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export

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What is GDP per capita?

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GDP divided by the population

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Which of the following is NOT a consequence of economic growth: Less employment, Pollution, Increased incomes, Improved living standards

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Less employment

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Unemployment occurs when: Someone is able and willing to work but can't find a job

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Someone is able and willing to work but can't find a job

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During the recession more businesses shut down, causing unemployment. This type of unemployment is:

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Cyclical

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the impact of an externality is

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either positive or negative

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There is only one way of calculating GDP.

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False