MJ Unit 3 - Macroeconomics Certification Flashcard: Economic health

Front

The study of large-scale economic factors dealing with the economy of a nation, region, or of the world as a whole is called:

Back

Macroeconomics

Front

No single economic measure is sufficient to diagnose the health of an economy:

Back

True

Front

GDP is a macroeconomic tool which measures:

Back

The dollar value of all final goods and services produced within a country’s borders in a given year

Front

GDP stands for:

Back

gross domestic product

Front

The GDP of the United States is the __________ in the entire world at roughly $27.2 trillion.

Back

highest

Front

Which one of these is NOT a limitation of GDP as an economic health measure? Nonmarket activity, Underground economy, Quality of life

Back

Government spending

Front

Which of the following factors would be an indicator of a healthy economy? GDP growth at 3.5%, Unemployment at 10%, Wages stagnating, Stock prices declining

Back

GDP growth at 3.5%.

Front

This economic model is called:

Back

The Business Cycle

Front

Points 1 and 4 represent

Back

Peaks and expansion

Front

Point 2 represents

Back

Contraction