3-Macroeconomics

Multiple Choice

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

• Peak

• Contraction/Recession

• Trough

• Expansion/Growth/Recovery

Open Ended

How do we know if America’s economy is better or worse than other countries? What would you measure?

Multiple Choice

Which of the following is NOT one of the major economic goals of the United States?

• Economic growth

• Price stability

• Full employment

• Trade surplus

Multiple Choice

Based on the 2022 global GDP chart, which country had the largest economy, and what was its GDP?

• China, $19.9T

• United States, $25.3T

• Japan, $4.9T

• Germany, $4.3T

Multiple Select

Which of the following are components included in the calculation of GDP?

• Consumption

• Investment

• Government Spending

• Net Exports

Multiple Choice

Which of the following is NOT a component used in calculating GDP?

• Consumer spending

• Investment

• Government spending

• Personal savings

Open Ended

Explain the difference between real GDP and nominal GDP, and why it is important to distinguish between the two when measuring economic growth.

Open Ended

What has happened to McDonalds Prices? Why?

Multiple Select

Which factors can cause fluctuations in the inflation rate as shown in the chart? Select all that apply.

• Changes in consumer demand

• Government policies

• Natural disasters

• Technological advancements

Fill in the Blanks

A measure of the average change over time in the prices paid by urban consumers for a specific market basket of consumer goods and services is called

.

Fill in the Blanks

Inflation is measured as a percentage change in a broad price level index, such as the

.

Multiple Choice

Which of the following best describes deflation?

• A decrease in the overall price level

• An increase in the overall price level

• A decrease in the value of money

• An increase in the value of exports

Multiple Choice

Which of the following statements about disinflation is correct?

• Disinflation means prices are falling rapidly.

• Disinflation is less common than deflation.

• Disinflation refers to a slower rate of price increase.

• Disinflation is targeted at 0% inflation rate in the U.S.

Open Ended

Compare and contrast deflation and disinflation. How do their impacts on the economy differ?

Fill in the Blanks

What economic force is causing the trend in the chart?

Multiple Select

Which of the following are components used to calculate GDP?

• Consumption

• Investment

• Government spending

• Net exports

Open Ended

What does GDP and CPI measure?

Open Ended

What is the cartoonist suggesting about unemployment vs unemployment rates?

Multiple Choice

Which of the following groups is NOT considered part of the labor force?

• People currently working

• People actively seeking work

• Active military personnel

• People not working but seeking work

Multiple Choice

According to economists, what is the estimated range for the U.S. unemployment rate when the economy is considered to be at full employment?

• 0% to 1%

• 2% to 3%

• 3.5% to 4.5%

• 5% to 6%

Multiple Select

Which of the following are criteria for someone to be counted as unemployed?

• Actively seeking a job

• Not in the military

• Currently working

• Not institutionalized

Fill in the Blanks

Fill in the blank: To be counted as unemployed, a person must be at least

years old.

Open Ended

Explain how cyclical unemployment can affect workers during an economic downturn, using the example of the coronavirus pandemic.

Multiple Choice

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

• Peak

• Contraction/Recession

• Trough

• Expansion/Growth/Recovery

Multiple Choice

GDP declines during a(an)

• peak

• contraction

• expansion

Open Ended

Reflecting on today's lesson, what is one question you still have about macroeconomics or a topic you would like to explore further?

Multiple Choice

Which of the following best describes how economic activity is measured in macroeconomics?

• By analyzing the role of the Federal Reserve System

• By calculating indicators such as GDP, unemployment rate, and inflation

• By studying the effects of fiscal policy on national debt

• By examining microeconomic market structures