Econ Macroeconomics Review

Front

Gross domestic product is best described as a measure of

Back

current final output produced by an economy

Front

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

Back

the consumer price index has increased.

Front

The formula for GDP is:

Back

C + I + G + Xn

Front

You own a factory and pay for two of your workers to obtain master's degrees in chemical engineering. Which part of the GDP formula would be affected?

Back

Investment

Front

What do economists calculate to adjust GDP growth for price increases?

Back

Real GDP

Front

The GDP is the:

Back

monetary value of all final goods and services produced within a nation in a particular year.

Front

Net exports refers to:

Back

Exports - Imports

Front

What type of unemployment occurs when Toyota shuts down all of its American factories to cut costs due to third quarter losses?

Back

Cyclical unemployment

Front

How is the national debt different from government deficits?

Back

The national debt is the sum of all past deficits plus interest.

Front

Which fiscal policy helps fight inflation?

Back

raise taxes