Macro TOTD

The study of the entire economy, focusing on business cycles, inflation aggregate production and demand, and unemployment

• Microeconomics
• Macroeconomics
• Macaroni
• Marconi

Which of the following is NOT one of the three ECONOMIC GOALS?

• Unemployment rate of 10%
• Full Employment
• Economic Growth
• Stability

Which best describes GDP?

• Monetary value of all final goods and services produced within a country’s borders in a year
• Personal income and expenses each day
• It is a cycle of things and stuff
• Products shipped from one country to another for purchase

Which indicator would you most likely use to measure ECONOMIC GROWTH?

• CPI
• GDP
• Structural unemployment
• Monetary Policy

Which is the correct formula for the expenditures approach to GDP?

• C + I+ G + (X-M)
• C + T + C + Xn
• I + L + G + X

Which of the following economic indicators would be used to measure INFLATION?

• GDP
• CPI
• Unemployment Rate
• Fiscal Policy

We use Real GDP instead of nominal GDP in examining economic growth over time because...

• Real GDP is adjusted for unemployment
• Real GDP is adjusted for inflation
• Real GDP shows large amounts of stagflation
• Stagflation adjusts for inflation

What unemployment rate number would an economist consider to be "full employment"?

• 8%
• 5%
• 10%
• 15%

The Consumer Price Index (CPI) is computed by creating a ____  _____ of goods in a baseline year and then comparing it to later years.

• grocery cart
• market basket
• varied collection
• economic staples

This has a long run and short run curve.  Total quantity of final goods and services producers in an economy are willing and able to supply at each price level.

• Aggregate demand
• Aggregate Supply
• Business cycle