Macroeconomic Flashcard

Front

What is the primary focus of the macroeconomic perspective?

Back

Overall aspects of a national economy

Front

Which of the following is NOT one of the major goals of a national economy? Options: Stable prices, Low unemployment, High inflation, Economic growth

Back

High inflation

Front

What does GDP stand for?

Back

Gross Domestic Product

Front

Which statistic indicates the percentage of the labor force that is unemployed?

Back

Unemployment Rate

Front

What economic challenge was highlighted as a significant issue in the United States?

Back

High personal and national debt

Front

In January 2010, how many jobs did employment decline by?

Back

800,000

Front

What is the ideal unemployment rate for a country?

Back

4%

Front

What does a decrease in GDP indicate about an economy?

Back

Decline in production

Front

Why is understanding macroeconomic trends important for businesses?

Back

To be responsive to the competitive environment

Front

How can understanding macroeconomic trends benefit households and consumers?

Back

By making informed decisions about personal finance