Unit 3 - Macroeconomics '24

Front

Which letter identifies a peak in the business cycle?

Back

A

Front

Which of the following is NOT one of the three main macro economic goals? full employment, stable prices, economic growth, social equality

Back

social equality

Front

Comparing real GDP between two consecutive years is most useful in determining which economic measurement? Options: exchange rate, equilibrium price, equity, economic growth

Back

economic growth

Front

Unemployment will be highest at the peak of the business cycle.

Back

False

Front

An example of cyclical unemployment is a(n): geologist who is permanently laid off from an oil company due to a new technological advance, real estate agent who leaves a job in Texas and searches for a similar, higher paying job in California., ski instructor who stops working at the ski resort in the spring when the snow melts., autoworker who is laid off from an automobile company due to a decline in sales caused by a recession.

Back

autoworker who is laid off from an automobile company due to a decline in sales caused by a recession.

Front

Real GDP is nominal GDP adjusted for:

Back

inflation

Front

The ups and downs (rising and falling/expansion/contraction) a nation’s economy goes through is referred to as the:

Back

business cycle

Front

Which one of the following transactions is included in a current year's GDP as investment spending? Ronnie bought a new BMW., Maggie bought a play-gym set for her day-care business., Melanie bought a new washing machine for her condominium., Anton purchased his friend's condo.

Back

Maggie bought a play-gym set for her day-care business.

Front

The Consumer Price Index (CPI) is best used to determine...

Back

the rate of inflation or deflation

Front

Gross domestic product or GDP is:

Back

the total dollar value of final goods and services produced in the economy in a given time period.